TABLE 8.
Robust test by considering subitem of financial literacy.
| Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|
|
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| BA | SM | VM | SMI | CHI | PP | CC | LA | |
| Panel A: Current effect | ||||||||
| FL1 | 0.0407*** (7.1957) |
0.0311*** (6.6478) |
0.0335*** (7.0232) |
0.0034 (0.8343) |
0.0149*** (3.2609) |
0.0205*** (3.4569) |
0.0186*** (3.3256) |
0.0640*** (9.2947) |
| FL2 | 0.0085 (1.2107) |
0.0223*** (4.2003) |
0.0204*** (3.6165) |
0.0034 (0.7234) |
−0.0044 (−0.8048) |
0.0022 (0.3303) |
0.0158** (2.3226) |
0.0764*** (9.4628) |
| FL3 | 0.0192*** (2.6322) |
−0.0043 (−0.6320) |
0.0179** (2.3841) |
0.0066 (1.2672) |
0.0257*** (3.7606) |
−0.0038 (−0.4442) |
0.0426*** (5.2364) |
0.0744*** (7.7420) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 20,557 | 20,557 | 20,557 | 20,557 | 20,557 | 20,557 | 20,557 | 20,557 |
| Pseudo R2 | 0.1289 | 0.2697 | 0.2705 | 0.0526 | 0.1107 | 0.1306 | 0.2438 | 0.1069 |
| Panel B: Long-term effect | ||||||||
| FL1 | 0.0119*** (2.6360) |
0.0236*** (4.6066) |
0.0292*** (5.3943) |
0.0023 (0.5055) |
0.0205*** (4.2037) |
0.0511*** (8.0388) |
0.0214*** (2.9879) |
0.0498*** (6.1282) |
| FL2 | −0.0036 (−0.6747) |
0.0284*** (4.6233) |
0.0298*** (4.5163) |
−0.0004 (−0.0859) |
0.0064 (1.0900) |
0.0767*** (9.8933) |
0.0037 (0.4655) |
0.0182* (1.8151) |
| FL3 | 0.0059 (1.1087) |
−0.0149** (−2.0858) |
−0.0020 (−0.2534) |
0.0006 (0.1189) |
0.0325*** (4.0489) |
−0.0058 (−0.7398) |
0.0283*** (2.9655) |
0.0434*** (3.9421) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 | 13,869 |
| Pseudo R2 | 0.0792 | 0.2290 | 0.2355 | 0.0225 | 0.0852 | 0.1371 | 0.1944 | 0.0754 |
| Panel C: Dynamic effect | ||||||||
| FL1 | 0.1153*** (4.4512) |
−0.0250 (−0.7815) |
−0.0246 (−0.8332) |
−0.0004 (−0.0122) |
−0.0189 (−0.6713) |
0.0953*** (3.5402) |
−0.0057 (−0.2160) |
0.0663*** (3.0079) |
| FL2 | 0.0494 (1.3914) |
0.0652 (1.3161) |
0.0884* (1.9468) |
−0.0101 (−0.2465) |
0.0970** (2.3525) |
0.2750*** (7.8896) |
0.0200 (0.5421) |
0.0038 (0.1209) |
| FL3 | 0.0579* (1.6790) |
−0.0174 (−0.5175) |
0.0513* (1.6579) |
−0.0370 (−0.9908) |
0.0511* (1.6527) |
−0.0091 (−0.2776) |
0.0046 (0.1667) |
0.0487* (1.9506) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 13,065 | 13,065 | 13,065 | 13,065 | 13,065 | 13,065 | 13,065 | 13,065 |
| Pseudo R2 | 0.0476 | 0.0216 | 0.0175 | 0.0061 | 0.0099 | 0.0227 | 0.0040 | 0.0067 |
This table presents regression results for the robust test by considering the subitem of financial literacy. The dependent variable is shown above each column. Controls include GENDER, AGE, AGE2, EDU, MAR, HEALTH, FL, OLD, CHILD, FS, RL, RA, HO, OH, TA, TI. Standard errors are single-clustered by community level and Z-statistics, which are shown in parentheses. Variable definitions are presented in Supplementary Table 1. *, **, and *** indicate significance at the 10, 5, and 1% levels, respectively.