Table 9.

Test on the impact mechanism of financial literacy on relative poverty (2SLS estimation).

Variable	Commercial insurance participation	Vulnerability	Formal loan channels	Vulnerability
	(1)	(2)	(3)	(4)
Financial literacy	0.2467***		0.1437***
	(0.0421)		(0.0246)
Commercial insurance participation		−0.3146***
		(0.0148)
Formal loan channels				−0.0328***
				(0.0273)
Controls	Yes	Yes	Yes	Yes
Province fixed effect	Yes	Yes	Yes	Yes
Observations	9,736	9,736	9,736	9,736

*** denote significant at 1% levels. The standard error of clustering at the provincial level is in parentheses.