(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Rich countries GBP p.c. | Poor countries GBP p.c. | Equal countries GINI coefficient | Unequal countries GINI coefficient | Stable countries Political Stability Index. | Unstable countries Political Stability Index. | |||||||
IV | IV | IV | IV | IV | IV | IV | IV | IV | IV | IV | IV | |
Corruption | 0.482 | 0.424* | 0.438*** | 0.269** | 0.148 | 0.103 | 0.396*** | 0.254** | 0.300** | 0.315*** | 0.745* | -0.234 |
(0.552) | (0.253) | (0.116) | (0.116) | (0.438) | (0.065) | (0.091) | (0.104) | (0.140) | (0.072) | (0.445) | (0.344) | |
0.203 | 0.053 | 0.062*** | 0.057** | -0.146 | 0.010 | 0.055*** | 0.057*** | -0.146 | 0.010 | 0.055*** | 0.057*** | |
(0.216) | (0.041) | (0.021) | (0.024) | (0.161) | (0.012) | (0.017) | (0.021) | (0.161) | (0.012) | (0.017) | (0.021) | |
First stage | -0.001 | -0.034** | -0.135*** | -0.037*** | 0.002 | -0.069*** | -0.092*** | -0.027*** | -0.011* | -0.059*** | -0.068* | -0.018* |
(0.005) | (0.017) | (0.033) | (0.008) | (0.007) | (0.009) | (0.025) | (0.010) | (0.006) | (0.011) | (0.039) | (0.010) | |
Kl-Pa LM | 1.332 | 7.681 | 15.634 | 18.775 | 0.876 | 18.826 | 25.283 | 20.878 | 10.191 | 38.655 | 2.715 | 2.957 |
Kl-Pa F | 0.657 | 4.244 | 9.238 | 18.176 | 0.430 | 30.401 | 28.929 | 30.344 | 8.034 | 34.053 | 1.550 | 1.954 |
A-RF | 0.681 | 2.389 | 11.220 | 5.031 | 0.111 | 1.230 | 11.725 | 3.053 | 1.379 | 10.065 | 7.501 | 3.241 |
Adj. R2 | 0.067 | 0.069 | 0.096 | 0.107 | 0.088 | 0.089 | 0.093 | 0.098 | 0.099 | 0.098 | 0.025 | 0.083 |
Observations | 110638 | 110638 | 171743 | 171743 | 150571 | 150571 | 131810 | 131810 | 151850 | 151850 | 130531 | 130531 |
OLS | IV: Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | IV: Value/GDP IV value: log monetary value of cashless payments relative to GDP. | |||||
---|---|---|---|---|---|---|---|
2nd stage | 1st stage | 2nd stage | 1st stage | ||||
(1) | (2) | (3) | (4a) | (4b) | (5a) | (5b) | |
Corruption V-Dem Political corruption index. | 0.162*** (0.038) | 0.167*** (0.036) | 0.143*** (0.035) | 0.370** (0.164) | 0.167* (0.093) | ||
IV: accounts and | −0.012* | −0.037*** | |||||
value | (0.007) | (0.008) | |||||
IV: corruption 1950 | 0.146*** | 0.196*** | |||||
(0.048) | (0.045) | ||||||
Corruption | 0.056*** | 0.050*** | 0.018*** | 0.056*** | 0.016** | ||
perception | (0.004) | (0.005) | (0.007) | (0.005) | (0.007) | ||
Disagree w/work | 0.067*** | 0.062*** | 0.026*** | 0.067*** | 0.015** | ||
hard,… | (0.005) | (0.007) | (0.008) | (0.006) | (0.007) | ||
GDP p.c. (log) | −0.033** | −0.036** | −0.033** | −0.022 | −0.035 | −0.032** | −0.025 |
(0.014) | (0.014) | (0.014) | (0.018) | (0.026) | (0.015) | (0.023) | |
GINI | 0.210*** | 0.106* | 0.159*** | 0.160*** | 0.014 | 0.159*** | 0.134 |
(0.054) | (0.054) | (0.055) | (0.057) | (0.106) | (0.054) | (0.110) | |
Financial | −0.156*** | −0.086** | −0.072** | −0.013 | −0.244*** | −0.066 | −0.144* |
development | (0.038) | (0.037) | (0.036) | (0.058) | (0.073) | (0.041) | (0.076) |
Political stability | −0.016 | −0.012 | −0.006 | 0.007 | −0.042* | −0.005 | −0.050** |
(0.014) | (0.014) | (0.014) | (0.017) | (0.024) | (0.014) | (0.024) | |
Conflict (>25 BRD) | −0.076*** | −0.078*** | −0.074*** | −0.077** | 0.021 | −0.074*** | 0.003 |
(0.026) | (0.027) | (0.026) | (0.030) | (0.041) | (0.026) | (0.042) | |
Human Freedom | 0.090*** | 0.094*** | 0.083*** | 0.115*** | −0.137*** | 0.086*** | −0.144*** |
Index | (0.012) | (0.012) | (0.011) | (0.025) | (0.025) | (0.017) | (0.024) |
Female | −0.029*** | −0.031*** | −0.031*** | −0.000 | −0.031*** | −0.000 | |
(0.003) | (0.003) | (0.003) | (0.001) | (0.003) | (0.001) | ||
Age | −0.004*** | −0.004*** | −0.004*** | −0.000*** | −0.004*** | −0.000*** | |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||
Medium educ. | 0.012** | 0.009 | 0.009 | 0.008 | 0.009 | −0.001 | |
( | (0.006) | (0.006) | (0.006) | (0.007) | (0.006) | (0.006) | |
High education | 0.017*** | 0.017*** | 0.017** | 0.012 | 0.017*** | 0.004 | |
( | (0.006) | (0.006) | (0.006) | (0.008) | (0.006) | (0.007) | |
Single | 0.044*** | 0.046*** | 0.051*** | −0.024*** | 0.047*** | −0.021*** | |
(0.005) | (0.005) | (0.007) | (0.006) | (0.006) | (0.005) | ||
No children | 0.000 | −0.004 | −0.006* | 0.010*** | −0.004 | 0.005 | |
(0.003) | (0.003) | (0.003) | (0.004) | (0.003) | (0.003) | ||
Urban location | 0.028*** | 0.029*** | 0.033*** | −0.022*** | 0.029*** | −0.015** | |
(0.004) | (0.004) | (0.006) | (0.008) | (0.004) | (0.007) | ||
2nd inc. quint. | −0.006* | −0.006 | −0.006* | 0.003 | −0.006 | 0.002 | |
( | (0.003) | (0.003) | (0.003) | (0.002) | (0.003) | (0.002) | |
3rd inc. quint. | −0.011*** | −0.009** | −0.009** | −0.002 | −0.009** | −0.001 | |
( | (0.004) | (0.004) | (0.004) | (0.002) | (0.004) | (0.002) | |
4th inc. quint. | −0.016*** | −0.013*** | −0.013*** | 0.001 | −0.013*** | 0.001 | |
( | (0.004) | (0.004) | (0.004) | (0.002) | (0.004) | (0.002) | |
Richest inc. quint. | −0.021*** | −0.016*** | −0.017*** | 0.003 | −0.016*** | 0.004 | |
( | (0.005) | (0.005) | (0.005) | (0.003) | (0.005) | (0.003) | |
Know someone | 0.091*** | 0.093*** | 0.089*** | 0.011* | 0.092*** | 0.014** | |
abroad | (0.005) | (0.005) | (0.006) | (0.006) | (0.005) | (0.006) | |
Constant | −0.205 | −0.064 | −0.083 | −0.545 | 1.810*** | −0.132 | 1.619*** |
(0.175) | (0.175) | (0.177) | (0.366) | (0.233) | (0.254) | (0.225) | |
Kleibergen-Paap LM | 9.220 | 30.326 | |||||
Kleibergen-Paap F | 5.361 | 26.680 | |||||
Anderson-Rubin F | 2.164 | 2.055 | |||||
Adjusted R2 | 0.029 | 0.086 | 0.095 | 0.087 | 0.095 | ||
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
OLS | IV: Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | IV: Value/GDP IV value: log monetary value of cashless payments relative to GDP. | |||||
---|---|---|---|---|---|---|---|
2nd stage | 1st stage | 2nd stage | 1st stage | ||||
(1) | (2) | (3) | (4a) | (4b) | (5a) | (5b) | |
Corruption V-Dem Political corruption index. | 0.027** | 0.024** | 0.013 | 0.098*** | 0.077*** | ||
(0.012) | (0.011) | (0.011) | (0.032) | (0.026) | |||
IV: accounts and | −0.008* | −0.020*** | |||||
value | (0.005) | (0.004) | |||||
IV: corruption 1950 | 0.160*** | 0.187*** | |||||
(0.023) | (0.023) | ||||||
Corruption | 0.006*** | 0.002 | 0.043*** | 0.003* | 0.042*** | ||
perception | (0.001) | (0.002) | (0.004) | (0.002) | (0.004) | ||
Disagree w/work | 0.008*** | 0.007*** | 0.025*** | 0.007*** | 0.018*** | ||
hard,… | (0.001) | (0.001) | (0.005) | (0.001) | (0.004) | ||
GDP p.c. (log) | −0.009* | −0.011** | −0.011** | −0.008 | −0.015 | −0.009 | −0.010 |
(0.005) | (0.005) | (0.005) | (0.006) | (0.015) | (0.005) | (0.015) | |
GINI | 0.032*** | 0.015 | 0.022** | 0.017 | 0.080 | 0.018 | 0.145** |
(0.010) | (0.010) | (0.010) | (0.012) | (0.060) | (0.011) | (0.065) | |
Financial | −0.021*** | −0.001 | −0.003 | 0.027* | −0.341*** | 0.019 | −0.289*** |
development | (0.008) | (0.008) | (0.007) | (0.016) | (0.039) | (0.014) | (0.040) |
Political stability | −0.000 | 0.001 | 0.001 | 0.007** | −0.058*** | 0.006* | −0.063*** |
(0.003) | (0.003) | (0.003) | (0.004) | (0.013) | (0.003) | (0.014) | |
Conflict (>25 BRD) | −0.004 | −0.004 | −0.005 | 0.000 | −0.047** | −0.001 | −0.057** |
(0.004) | (0.004) | (0.004) | (0.005) | (0.023) | (0.005) | (0.024) | |
Human Freedom | 0.014*** | 0.011*** | 0.010*** | 0.016*** | −0.067*** | 0.014*** | −0.071*** |
Index | (0.002) | (0.002) | (0.002) | (0.003) | (0.011) | (0.003) | (0.011) |
Female | −0.006*** | −0.006*** | −0.006*** | 0.001** | −0.006*** | 0.001** | |
(0.001) | (0.001) | (0.001) | (0.000) | (0.001) | (0.000) | ||
Age | −0.000*** | −0.000*** | −0.000*** | −0.000 | −0.000*** | −0.000 | |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||
Medium educ. | 0.001 | 0.001 | 0.001 | 0.008** | 0.001 | 0.003 | |
( | (0.001) | (0.001) | (0.001) | (0.004) | (0.001) | (0.004) | |
High education | 0.006*** | 0.006*** | 0.006*** | 0.011** | 0.006*** | 0.007 | |
( | (0.002) | (0.002) | (0.002) | (0.005) | (0.002) | (0.004) | |
Single | 0.007*** | 0.007*** | 0.007*** | −0.004 | 0.007*** | −0.002 | |
(0.001) | (0.001) | (0.002) | (0.003) | (0.002) | (0.003) | ||
No children | 0.003*** | 0.003*** | 0.002** | 0.010*** | 0.002** | 0.007*** | |
(0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | ||
Urban location | 0.007*** | 0.007*** | 0.008*** | −0.011** | 0.008*** | −0.007* | |
(0.001) | (0.001) | (0.001) | (0.004) | (0.001) | (0.004) | ||
2nd inc. quint. | −0.002* | −0.002* | −0.002* | 0.001 | −0.002* | 0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
3rd inc. quint. | −0.004*** | −0.004*** | −0.004*** | −0.000 | −0.004*** | 0.000 | |
( | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
4th inc. quint. | −0.005*** | −0.005*** | −0.005*** | −0.002 | −0.005*** | −0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Richest inc. quint. | −0.002 | −0.001 | −0.001 | −0.002 | −0.001 | −0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | |
Know someone | 0.030*** | 0.031*** | 0.030*** | 0.003 | 0.030*** | 0.005 | |
abroad | (0.002) | (0.002) | (0.002) | (0.004) | (0.002) | (0.004) | |
Constant | −0.010 | 0.029 | 0.037 | −0.083 | 1.192*** | −0.054 | 1.091*** |
(0.052) | (0.051) | (0.052) | (0.063) | (0.142) | (0.056) | (0.150) | |
Kleibergen-Paap LM | 30.816 | 35.904 | |||||
Kleibergen-Paap F | 25.340 | 36.128 | |||||
Anderson-Rubin F | 5.789 | 5.408 | |||||
Adjusted R2 | 0.007 | 0.023 | 0.025 | 0.021 | 0.023 | ||
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
OLS | IV: Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | IV: Value/GDP IV value: log monetary value of cashless payments relative to GDP. | |||||
---|---|---|---|---|---|---|---|
2nd stage | 1st stage | 2nd stage | 1st stage | ||||
(1) | (2) | (3) | (4a) | (4b) | (5a) | (5b) | |
Corruption V-Dem Political corruption index. | 0.154*** | 0.150*** | 0.050 | 0.343** | 0.212* | ||
(0.050) | (0.048) | (0.049) | (0.168) | (0.110) | |||
IV: accounts and | −0.009* | −0.028*** | |||||
value | (0.005) | (0.005) | |||||
IV: corruption 1950 | 0.158*** | 0.196*** | |||||
(0.024) | (0.023) | ||||||
Corruption | 0.057*** | 0.043*** | 0.043*** | 0.049*** | 0.041*** | ||
perception | (0.004) | (0.009) | (0.004) | (0.007) | (0.004) | ||
Disagree w/work | 0.069*** | 0.061*** | 0.030*** | 0.065*** | 0.021*** | ||
hard,… | (0.006) | (0.007) | (0.005) | (0.007) | (0.004) | ||
GDP p.c. (log) | −0.038*** | −0.040*** | −0.039*** | −0.032** | −0.010 | −0.035** | −0.002 |
(0.014) | (0.014) | (0.015) | (0.016) | (0.015) | (0.015) | (0.014) | |
0.200*** | 0.097* | 0.155*** | 0.136** | 0.081 | 0.145** | 0.172** | |
(0.057) | (0.058) | (0.058) | (0.063) | (0.063) | (0.059) | (0.067) | |
Financial | −0.139*** | −0.072* | −0.091** | 0.022 | −0.372*** | −0.029 | −0.295*** |
development | (0.043) | (0.042) | (0.041) | (0.072) | (0.041) | (0.054) | (0.041) |
Political stability | −0.014 | −0.010 | −0.011 | 0.011 | −0.057*** | 0.001 | −0.063*** |
(0.015) | (0.015) | (0.015) | (0.020) | (0.013) | (0.016) | (0.013) | |
Conflict (>25 BRD) | −0.066** | −0.069*** | −0.070*** | −0.057* | −0.036 | −0.063** | −0.050** |
(0.026) | (0.027) | (0.026) | (0.030) | (0.024) | (0.028) | (0.025) | |
0.081*** | 0.084*** | 0.067*** | 0.094*** | −0.085*** | 0.082*** | −0.091*** | |
(0.012) | (0.012) | (0.011) | (0.017) | (0.012) | (0.015) | (0.011) | |
Female | −0.029*** | −0.031*** | −0.031*** | 0.001** | −0.031*** | 0.001** | |
(0.003) | (0.003) | (0.003) | (0.001) | (0.003) | (0.000) | ||
Age | −0.004*** | −0.004*** | −0.004*** | −0.000 | −0.004*** | −0.000 | |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||
Medium educ. | 0.012** | 0.010 | 0.008 | 0.010** | 0.009 | 0.003 | |
( | (0.006) | (0.006) | (0.006) | (0.004) | (0.006) | (0.004) | |
High education | 0.017*** | 0.017*** | 0.017*** | 0.012** | 0.017*** | 0.006 | |
( | (0.006) | (0.006) | (0.006) | (0.005) | (0.006) | (0.004) | |
Single | 0.041*** | 0.043*** | 0.045*** | −0.007* | 0.044*** | −0.004 | |
(0.005) | (0.005) | (0.006) | (0.003) | (0.005) | (0.003) | ||
No children | 0.000 | −0.004 | −0.006* | 0.011*** | −0.005 | 0.007*** | |
(0.003) | (0.003) | (0.004) | (0.002) | (0.003) | (0.002) | ||
Urban location | 0.026*** | 0.026*** | 0.029*** | −0.012*** | 0.028*** | −0.007* | |
(0.004) | (0.004) | (0.005) | (0.004) | (0.004) | (0.004) | ||
2nd inc. quint. | −0.005 | −0.005 | −0.005 | 0.001 | −0.005 | 0.000 | |
( | (0.003) | (0.003) | (0.001) | (0.001) | (0.003) | (0.001) | |
3rd inc. quint. | −0.011*** | −0.009** | −0.009** | −0.001 | −0.009** | −0.001 | |
( | (0.004) | (0.004) | (0.004) | (0.001) | (0.004) | (0.001) | |
4th inc. quint. | −0.015*** | −0.012*** | −0.012*** | −0.002** | −0.012*** | −0.002* | |
( | (0.004) | (0.004) | (0.004) | (0.001) | (0.004) | (0.001) | |
Richest inc. quint. | −0.020*** | −0.016*** | −0.015*** | −0.002 | −0.015*** | −0.001 | |
( | (0.005) | (0.005) | (0.005) | (0.002) | (0.005) | (0.002) | |
Know someone | 0.091*** | 0.094*** | 0.089*** | 0.010** | 0.092*** | 0.013*** | |
abroad | (0.005) | (0.005) | (0.006) | (0.004) | (0.005) | (0.004) | |
Constant | −0.112 | 0.045 | 0.132 | −0.312 | 1.283*** | −0.113 | 1.138*** |
(0.179) | (0.180) | (0.183) | (0.300) | (0.148) | (0.241) | v | |
Kleibergen-Paap LM | 29.981 | 46.425 | |||||
Kleibergen-Paap F | 23.560 | 51.876 | |||||
Anderson-Rubin F | 2.164 | 2.055 | |||||
Adjusted R2 | 0.026 | 0.083 | 0.092 | 0.087 | 0.091 | ||
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
OLS | IV: Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | IV: Value/GDP IV value: log monetary value of cashless payments relative to GDP. | |||||
---|---|---|---|---|---|---|---|
2nd stage | 1st stage | 2nd stage | 1st stage | ||||
(1) | (2) | (3) | (4a) | (4b) | (5a) | (5b) | |
Corruption V-Dem Political corruption index. | 0.093* | 0.097** | −0.005 | 0.338* | 0.257** | ||
(0.049) | (0.047) | (0.048) | (0.173) | (0.131) | |||
IV: accounts and | −0.008* | −0.020*** | |||||
value | (0.005) | (0.004) | |||||
IV: corruption 1950 | 0.160*** | 0.187*** | |||||
(0.023) | (0.023) | ||||||
Corruption | 0.060*** | 0.043*** | 0.043*** | 0.047*** | 0.042*** | ||
perception | (0.004) | (0.010) | (0.004) | (0.008) | (0.004) | ||
Disagree w/work | 0.071*** | 0.063*** | 0.025*** | 0.065*** | 0.018*** | ||
hard,… | (0.006) | (0.007) | (0.005) | (0.006) | (0.004) | ||
GDP p.c. (log) | −0.039*** | −0.041*** | −0.040*** | −0.031* | −0.015 | −0.033** | −0.010 |
(0.014) | (0.015) | (0.014) | (0.018) | (0.015) | (0.017) | (0.015) | |
GINI | 0.201*** | 0.098* | 0.158*** | 0.137** | 0.080 | 0.142** | 0.145** |
(0.057) | (0.059) | (0.058) | (0.064) | (0.060) | (0.061) | (0.065) | |
Financial | −0.167*** | −0.096** | −0.112*** | 0.008 | −0.341*** | −0.020 | −0.289*** |
development | (0.044) | (0.043) | (0.042) | (0.070) | (0.039) | (0.057) | (0.040) |
Political stability | −0.018 | −0.014 | −0.016 | 0.011 | −0.058*** | 0.005 | −0.063*** |
(0.016) | (0.016) | (0.015) | (0.021) | (0.013) | (0.017) | (0.014) | |
Conflict (>25 BRD) | −0.068*** | −0.071*** | −0.073*** | −0.053* | −0.047** | −0.058** | −0.057** |
(0.026) | (0.026) | (0.025) | (0.031) | (0.023) | (0.029) | (0.024) | |
Human Freedom | 0.074*** | 0.077*** | 0.062*** | 0.087*** | −0.067*** | 0.082*** | −0.071*** |
Index | (0.012) | (0.011) | (0.011) | (0.016) | (0.011) | (0.015) | (0.011) |
Female | −0.029*** | −0.031*** | −0.031*** | 0.001** | −0.031*** | 0.001** | |
(0.003) | (0.003) | (0.003) | (0.000) | (0.003) | (0.000) | ||
Age | −0.004*** | −0.004*** | −0.004*** | −0.000 | −0.004*** | −0.000 | |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||
Medium educ. | 0.012** | 0.010 | 0.009 | 0.008** | 0.009 | 0.003 | |
( | (0.006) | (0.006) | (0.006) | (0.004) | (0.006) | (0.004) | |
High education | 0.017*** | 0.017*** | 0.017*** | 0.011** | 0.017*** | 0.007 | |
( | (0.007) | (0.007) | (0.007) | (0.005) | (0.006) | (0.004) | |
Single | 0.040*** | 0.043*** | 0.044*** | −0.004 | 0.043*** | −0.002 | |
(0.005) | (0.005) | (0.005) | (0.003) | (0.005) | (0.003) | ||
No children | 0.001 | −0.003 | −0.006* | 0.010*** | −0.005 | 0.007*** | |
(0.003) | (0.003) | (0.004) | (0.002) | (0.003) | (0.002) | ||
Urban location | 0.026*** | 0.026*** | 0.029*** | −0.011** | 0.028*** | −0.007* | |
(0.004) | (0.004) | (0.005) | (0.004) | (0.004) | (0.004) | ||
2nd inc. quint. | −0.006 | −0.005 | −0.005 | 0.001 | −0.005 | 0.001 | |
( | (0.003) | (0.003) | (0.003) | (0.001) | (0.003) | (0.001) | |
3rd inc. quint. | −0.011*** | −0.009** | −0.010*** | −0.000 | −0.010*** | 0.000 | |
( | (0.004) | (0.004) | (0.004) | (0.001) | (0.004) | (0.001) | |
4th inc. quint. | −0.015*** | −0.012*** | −0.012*** | −0.002 | −0.012*** | −0.001 | |
( | (0.004) | (0.004) | (0.004) | (0.001) | (0.004) | (0.001) | |
Richest inc. quint. | −0.020*** | −0.016*** | −0.015*** | −0.002 | −0.015*** | −0.001 | |
( | (0.005) | (0.005) | (0.005) | (0.002) | (0.005) | (0.002) | |
Know someone | 0.093*** | 0.095*** | 0.092*** | 0.003 | 0.093*** | 0.005 | |
abroad | (0.005) | (0.005) | (0.005) | (0.004) | (0.005) | (0.004) | |
Constant | −0.010 | 0.138 | 0.214 | −0.273 | 1.192*** | −0.158 | 1.091*** |
(0.175) | (0.175) | (0.174) | (0.302) | (0.142) | (0.262) | (0.150) | |
Kleibergen-Paap LM | 30.816 | 35.904 | |||||
Kleibergen-Paap F | 25.340 | 36.128 | |||||
Anderson-Rubin F | 2.164 | 2.055 | |||||
Adjusted R2 | 0.025 | 0.082 | 0.092 | 0.086 | 0.088 | ||
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
Country | Desire | Plans | Country | Desire | Plans |
---|---|---|---|---|---|
Albania | 0.444 | 0.045 | Liberia | 0.533 | 0.141 |
Angola | 0.287 | 0.012 | Lithuania | 0.207 | 0.030 |
Argentina | 0.129 | 0.007 | Luxembourg | 0.148 | 0.010 |
Armenia | 0.409 | 0.055 | Malaysia | 0.106 | 0.014 |
Australia | 0.068 | 0.005 | Moldova | 0.331 | 0.037 |
Austria | 0.086 | 0.005 | Morocco | 0.271 | 0.021 |
Azerbaijan | 0.168 | 0.012 | Mozambique | 0.189 | 0.008 |
Bangladesh | 0.245 | 0.012 | Netherlands | 0.198 | 0.007 |
Bolivia | 0.255 | 0.039 | Nigeria | 0.458 | 0.063 |
Brazil | 0.108 | 0.006 | Norway | 0.149 | 0.007 |
Bulgaria | 0.221 | 0.027 | Pakistan | 0.142 | 0.012 |
Chile | 0.217 | 0.015 | Peru | 0.294 | 0.028 |
Colombia | 0.262 | 0.033 | Philippines | 0.160 | 0.017 |
Costa Rica | 0.203 | 0.020 | Poland | 0.190 | 0.019 |
Croatia | 0.190 | 0.013 | Portugal | 0.236 | 0.020 |
Cyprus | 0.279 | 0.025 | Romania | 0.242 | 0.023 |
Dominican Republic | 0.496 | 0.052 | Singapore | 0.156 | 0.010 |
Ecuador | 0.140 | 0.015 | Slovenia | 0.208 | 0.008 |
Estonia | 0.225 | 0.025 | South Africa | 0.150 | 0.014 |
Ethiopia | 0.328 | 0.040 | Spain | 0.150 | 0.020 |
Finland | 0.109 | 0.009 | Sri Lanka | 0.154 | 0.010 |
France | 0.196 | 0.011 | Sweden | 0.139 | 0.006 |
Georgia | 0.150 | 0.009 | Switzerland | 0.085 | 0.002 |
Germany | 0.159 | 0.004 | Thailand | 0.025 | 0.001 |
Greece | 0.216 | 0.030 | Trinidad and Tobago | 0.158 | 0.015 |
Guatemala | 0.302 | 0.043 | Tunisia | 0.262 | 0.033 |
Honduras | 0.450 | 0.064 | Turkey | 0.119 | 0.008 |
Hungary | 0.194 | 0.024 | United Arab Emirates | 0.065 | 0.004 |
Ireland | 0.200 | 0.016 | United Kingdom | 0.261 | 0.008 |
Israel | 0.150 | 0.008 | United States | 0.086 | 0.003 |
Jamaica | 0.415 | 0.080 | Uruguay | 0.122 | 0.013 |
Japan | 0.188 | 0.001 | Vietnam | 0.081 | 0.006 |
Kazakhstan | 0.142 | 0.008 | Zambia | 0.270 | 0.028 |
Latvia | 0.204 | 0.029 |
OLS | IV | ||||
---|---|---|---|---|---|
Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | Value/GDP IV value: log monetary value of cashless payments relative to GDP. | ||||
OLS | (1) | (2) | (3) | (4) | (5) |
Corruption V-Dem Political corruption index. | 0.162*** (0.038) | 0.167*** (0.036) | 0.143*** (0.035) | 0.370** (0.164) | 0.167* (0.093) |
Corruption perception | 0.056*** (0.004) | 0.050*** (0.005) | 0.056*** (0.005) | ||
Disagree: hard work pays off | 0.067*** (0.005) | 0.062*** (0.007) | 0.067*** (0.006) | ||
Individual covariates | No | Yes | Yes | Yes | Yes |
Country covariates | Yes | Yes | Yes | Yes | Yes |
Adjusted R2 | 0.029 | 0.086 | 0.095 | 0.087 | 0.095 |
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
Accounts/value | −0.012* (0.007) | −0.037*** (0.008) | |||
Level of corruption 1950 V-Dem Political corruption index. | 0.146*** (0.048) | 0.196*** (0.045) | |||
Kleibergen-Paap F statistic | 9.220 | 30.326 | |||
Kleibergen-Paap LM stat. | 5.361 | 26.680 | |||
Anderson-F statistic Rubin | 2.164 | 2.055 |
OLS | IV | ||||
---|---|---|---|---|---|
Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | Value/GDP IV value: log monetary value of cashless payments relative to GDP. | ||||
OLS | (1) | (2) | (3) | (4) | (5) |
Corruption V-Dem Political corruption index. | 0.020** (0.009) | 0.019** (0.008) | 0.016** (0.008) | 0.105** (0.041) | 0.050** (0.020) |
Corruption perception | 0.006*** (0.001) | 0.004*** (0.001) | 0.006*** (0.001) | ||
Disagree: hard work | 0.008*** (0.001) | 0.006*** (0.002) | 0.008*** (0.001) | ||
pays off | |||||
Individual covariates | No | Yes | Yes | Yes | Yes |
Country covariates | Yes | Yes | Yes | Yes | Yes |
Adjusted R2 | 0.005 | 0.023 | 0.025 | 0.018 | 0.022 |
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
Accounts/value | −0.012* (0.007) | −0.037*** (0.008) | |||
Level of corruption 1950 V-Dem Political corruption index. | 0.146*** (0.048) | 0.196*** (0.045) | |||
Kleibergen-Paap F | 9.220 | 30.326 | |||
statistic | |||||
Kleibergen-Paap LM stat. | 5.361 | 26.680 | |||
Anderson-Rubin | 5.789 | ||||
F statistic | 5.408 |
OLS | IV: Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | IV: Value/GDP IV value: log monetary value of cashless payments relative to GDP. | |||||
---|---|---|---|---|---|---|---|
2nd stage | 1st stage | 2nd stage | 1st stage | ||||
(1) | (2) | (3) | (4a) | (4b) | (5a) | (5b) | |
Corruption V-Dem Political corruption index. | 0.039*** | 0.034*** | 0.023** | 0.099*** | 0.064*** | ||
(0.010) | (0.010) | (0.010) | (0.031) | (0.022) | |||
IV: accounts and | −0.009* | −0.028*** | |||||
value | (0.005) | (0.005) | |||||
IV: corruption 1950 | 0.158*** | 0.196*** | |||||
(0.024) | (0.023) | ||||||
Corruption | 0.006*** | 0.002 | 0.043*** | 0.004** | 0.041*** | ||
perception | (0.001) | (0.002) | (0.004) | (0.001) | (0.004) | ||
Disagree w/work | 0.008*** | 0.006*** | 0.030*** | 0.007*** | 0.021*** | ||
hard,… | (0.001) | (0.001) | (0.005) | (0.001) | (0.004) | ||
GDP p.c. (log) | −0.009* | −0.011** | −0.010** | −0.009* | −0.010 | −0.010* | −0.002 |
(0.005) | (0.005) | (0.005) | (0.005) | (0.015) | (0.005) | (0.014) | |
GINI | 0.032*** | 0.015 | 0.022** | 0.017 | 0.081 | 0.019* | 0.172** |
(0.010) | (0.010) | (0.010) | (0.012) | (0.063) | (0.011) | (0.067) | |
Financial | −0.015* | 0.003 | 0.001 | 0.030* | −0.372*** | 0.017 | −0.295*** |
development | (0.008) | (0.008) | (0.008) | (0.016) | (0.041) | (0.013) | (0.041) |
Political stability | 0.001 | 0.002 | 0.002 | 0.007** | −0.057*** | 0.005 | −0.063*** |
(0.003) | (0.003) | (0.003) | (0.004) | (0.013) | (0.003) | (0.013) | |
Conflict (>25 BRD) | −0.003 | −0.004 | −0.004 | −0.001 | −0.036 | −0.002 | −0.050** |
(0.004) | (0.004) | (0.004) | (0.005) | (0.024) | (0.005) | (0.025) | |
Human Freedom | 0.015*** | 0.013*** | 0.011*** | 0.018*** | −0.085*** | 0.014*** | −0.091*** |
Index | (0.003) | (0.003) | (0.003) | (0.003) | (0.012) | (0.003) | (0.011) |
Female | −0.006*** | −0.006*** | −0.006*** | 0.001** | −0.006*** | 0.001** | |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.000) | ||
Age | −0.000*** | −0.000*** | −0.000*** | −0.000 | −0.000*** | −0.000 | |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||
Medium educ. | 0.001 | 0.001 | 0.001 | 0.010** | 0.001 | 0.003 | |
( | (0.001) | (0.001) | (0.001) | (0.004) | (0.001) | (0.004) | |
High education | 0.006*** | 0.006*** | 0.006*** | 0.012** | 0.006*** | 0.006 | |
( | (0.002) | (0.002) | (0.002) | (0.005) | (0.002) | (0.004) | |
Single | 0.007*** | 0.007*** | 0.008*** | −0.007* | 0.007*** | −0.004 | |
(0.001) | (0.001) | (0.002) | (0.003) | (0.002) | (0.003) | ||
No children | 0.003*** | 0.003*** | 0.002* | 0.011*** | 0.002** | 0.007*** | |
(0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | ||
Urban location | 0.007*** | 0.007*** | 0.008*** | −0.012*** | 0.008*** | −0.007* | |
(0.001) | (0.001) | (0.001) | (0.004) | (0.001) | (0.004) | ||
2nd inc. quint. | −0.002* | −0.002* | −0.002* | 0.001 | −0.002* | 0.000 | |
( | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
3rd inc. quint. | −0.004*** | −0.004*** | −0.004*** | −0.001 | −0.004*** | −0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
4th inc. quint. | −0.005*** | −0.005*** | −0.005*** | −0.002** | −0.005*** | −0.002* | |
( | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Richest inc. quint. | −0.002 | −0.001 | −0.001 | −0.002 | −0.001 | −0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | |
Know someone | 0.030*** | 0.030*** | 0.029*** | 0.010** | 0.030*** | 0.013*** | |
abroad | (0.002) | (0.002) | (0.002) | (0.004) | (0.002) | (0.004) | |
Constant | −0.031 | 0.012 | 0.021 | −0.093 | 1.283*** | −0.040 | 1.138*** |
(0.048) | (0.048) | (0.048) | (0.062) | (0.148) | (0.051) | (0.146) | |
Kleibergen-Paap LM | 29.981 | 46.425 | |||||
Kleibergen-Paap F | 23.560 | 51.876 | |||||
Anderson-Rubin F | 5.789 | 5.408 | |||||
Adjusted R2 | 0.007 | 0.024 | 0.025 | 0.022 | 0.024 | ||
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |
Mean | SD | Min | Max | Source | Definition | |
---|---|---|---|---|---|---|
Emigration desire | 0.21 | 0.41 | 0.00 | 1.00 | GWP | “Ideally, if you had the opportunity, would you like to move permanently to another country, or would you prefer to continue living in this country?” |
Emigration plans | 0.02 | 0.14 | 0.00 | 1.00 | GWP | “Are you planning to move permanently to another country in the next 12 months, or not?” |
Level of corruption (V-Dem) | 0.40 | 0.31 | 0.00 | 1.00 | V-Dem | Index of regime corruption (executive embezzlement, executive bribes, legislative corruption, and judicial corruption) |
Initial corruption (1950, V-Dem) | 0.37 | 0.27 | 0.00 | 1.00 | V-Dem | Corruption index from the year 1950. |
Inverse of corrup- tion control WGI | 0.51 | 0.25 | 0.00 | 1.00 | WB | Inverse of the World Bank Governance Indicator’s assessment of corruption control. |
Inverse of corrup- tion control CPI | 0.52 | 0.23 | 0.00 | 1.00 | TI | Index of perceived level of public sector corruption. |
Corruption perception | 0.68 | 0.47 | 0.00 | 1.00 | GWP | “Is corruption widespread throughout the government in this country, or not?” and “Is corruption widespread within businesses located in this country, or not?” |
Disagree with “ | 0.27 | 0.44 | 0.00 | 1.00 | GWP | “Can people get ahead in this country by working hard or not?” |
Female | 0.55 | 0.50 | 0.00 | 1.00 | GWP | Gender |
Age | 43.68 | 17.81 | 15.00 | 99.00 | GWP | Age in years |
0.26 | 0.44 | 0.00 | 1.00 | GWP | Three-level educational attainment measure. | |
0.56 | 0.50 | 0.00 | 1.00 | GWP | Three-level educational attainment measure. | |
0.18 | 0.39 | 0.00 | 1.00 | GWP | Three-level educational attainment measure. | |
Single | 0.28 | 0.45 | 0.00 | 1.00 | GWP | Person is unmarried. |
No children | 0.56 | 0.50 | 0.00 | 1.00 | GWP | Person does not have minor children. |
Urban location | 0.43 | 0.50 | 0.00 | 1.00 | GWP | Urban area of residence. |
0.18 | 0.38 | 0.00 | 1.00 | GWP | Household income per population quintile. | |
0.18 | 0.39 | 0.00 | 1.00 | GWP | Household income per population quintile. | |
0.20 | 0.40 | 0.00 | 1.00 | GWP | Household income per population quintile. | |
0.21 | 0.41 | 0.00 | 1.00 | GWP | Household income per population quintile. | |
0.23 | 0.42 | 0.00 | 1.00 | GWP | Household income per population quintile. | |
Know family/friends abroad | 0.31 | 0.46 | 0.00 | 1.00 | GWP | “Do you have relatives or someone whom you can rely on living in another country?” |
Political Stability | 0.03 | 0.90 | −2.80 | 1.00 | WB | Index of perceptions of the likelihood of political instability and/or politically-motivated violence, including terrorism |
Human Freedom Index | 7.40 | 0.92 | 5.1 | 9 | Cato | Index of personal, civil, and economic freedom. Human freedom, understood as the absence of coercive constraint. |
Conflict (>25 BRD) | 0.13 | 0.33 | 0.00 | 1.00 | UCDP | Was the country involved in an armed conflict with more than 25 battle-related deaths in a given year? |
GDP per capita (log) | 9.69 | 0.89 | 6.50 | 11.00 | WB | GDP per capita. |
Gini index | 0.47 | 0.09 | 0.30 | 1.00 | GWP | GINI coefficient calculated from GWP household income per capita. |
Financial development | 0.45 | 0.23 | 0.10 | 1.00 | WB | Index (financial depth, access, efficiency, and stability for the financial institutions and financial markets) |
IV cashless accounts p.c. (log) | 1.20 | 1.16 | 0.00 | 12.00 | WB | Number of cashless transactions per capita. |
IV value of payments/GDP (log) | −0.62 | 1.40 | −6.30 | 2.00 | WB | Value of cashless payments by GDP per capita. |
Observations | 282,381 |
OLS | IV: Accounts IV accounts: log no. of debit/credit/e-money accounts per capita. | IV: Value/GDP IV value: log monetary value of cashless payments relative to GDP. | |||||
---|---|---|---|---|---|---|---|
2nd stage | 1st stage | 2nd stage | 1st stage | ||||
(1) | (2) | (3) | (4a) | (4b) | (5a) | (5b) | |
Corruption V-Dem Political corruption index. | 0.020** | 0.019** | 0.016** | 0.105** | 0.050** | ||
(0.009) | (0.008) | (0.008) | (0.041) | (0.020) | |||
IV: accounts and | −0.012* | −0.037*** | |||||
value | (0.007) | (0.008) | |||||
IV: corruption 1950 | 0.146*** | 0.196*** | |||||
(0.048) | (0.045) | ||||||
Corruption | 0.006*** | 0.004*** | 0.018*** | 0.006*** | 0.016** | ||
perception | (0.001) | (0.001) | (0.007) | (0.001) | (0.007) | ||
Disagree w/work | 0.008*** | 0.006*** | 0.026*** | 0.008*** | 0.015** | ||
hard,… | (0.001) | (0.002) | (0.008) | (0.001) | (0.007) | ||
GDP p.c. (log) | −0.009* | −0.010** | −0.010** | −0.006 | −0.035 | −0.009* | −0.025 |
(0.005) | (0.005) | (0.005) | (0.006) | (0.026) | (0.005) | (0.023) | |
GINI | 0.034*** | 0.017 | 0.023** | 0.023 | 0.014 | 0.023** | 0.134 |
(0.010) | (0.010) | (0.010) | (0.015) | (0.106) | (0.011) | (0.110) | |
Financial | −0.025*** | −0.005 | −0.003 | 0.020 | −0.244*** | 0.005 | −0.144* |
development | (0.009) | (0.009) | (0.009) | (0.016) | (0.073) | (0.011) | (0.076) |
Political stability | −0.001 | 0.000 | 0.001 | 0.006 | −0.042* | 0.003 | −0.050** |
(0.003) | (0.003) | (0.003) | (0.004) | (0.024) | (0.003) | (0.024) | |
Conflict (>25 BRD) | −0.006 | −0.006 | −0.006 | −0.007 | 0.021 | −0.006 | 0.003 |
(0.004) | (0.004) | (0.004) | (0.006) | (0.041) | (0.005) | (0.042) | |
Human Freedom | 0.014*** | 0.012*** | 0.011*** | 0.023*** | −0.137*** | 0.016*** | −0.144*** |
Index | (0.003) | (0.003) | (0.003) | (0.006) | (0.025) | (0.004) | (0.024) |
Female | −0.006*** | −0.006*** | −0.006*** | −0.000 | −0.006*** | −0.000 | |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | ||
Age | −0.000*** | −0.000*** | −0.000*** | −0.000*** | −0.000*** | −0.000*** | |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ||
Medium educ. | 0.001 | 0.001 | 0.001 | 0.008 | 0.001 | −0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.007) | (0.001) | (0.006) | |
High education | 0.006*** | 0.006*** | 0.006*** | 0.012 | 0.006*** | 0.004 | |
( | (0.002) | (0.002) | (0.002) | (0.008) | (0.002) | (0.007) | |
Single | 0.007*** | 0.007*** | 0.009*** | −0.024*** | 0.008*** | −0.021*** | |
(0.001) | (0.001) | (0.002) | (0.006) | (0.002) | (0.005) | ||
No children | 0.003*** | 0.003*** | 0.002* | 0.010*** | 0.002** | 0.005 | |
(0.001) | (0.001) | (0.001) | (0.004) | (0.001) | (0.003) | ||
Urban location | 0.007*** | 0.008*** | 0.009*** | −0.022*** | 0.008*** | −0.015** | |
(0.001) | (0.001) | (0.002) | (0.008) | (0.001) | (0.007) | ||
2nd inc. quint. | −0.002* | −0.002* | −0.002** | 0.003 | −0.002** | 0.002 | |
( | (0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | |
3rd inc. quint. | −0.004*** | −0.004*** | −0.004*** | −0.002 | −0.004*** | −0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | |
4th inc. quint. | −0.005*** | −0.005*** | −0.005*** | 0.001 | −0.005*** | 0.001 | |
( | (0.001) | (0.001) | (0.001) | (0.002) | (0.001) | (0.002) | |
Richest inc. quint. | −0.002 | −0.002 | −0.002 | 0.003 | −0.002 | 0.004 | |
( | (0.001) | (0.001) | (0.003) | (0.003) | (0.001) | (0.003) | |
Know someone | 0.030*** | 0.031*** | 0.029*** | 0.011* | 0.030*** | 0.014** | |
abroad | (0.002) | (0.002) | (0.002) | (0.006) | (0.002) | (0.006) | |
Constant | −0.011 | 0.025 | 0.023 | −0.156* | 1.810*** | −0.045 | 1.619*** |
(0.046) | (0.045) | (0.045) | (0.092) | (0.233) | (0.055) | (0.225) | |
Kleibergen-Paap LM | 9.220 | 30.326 | |||||
Kleibergen-Paap F | 5.361 | 26.680 | |||||
Anderson-Rubin F statistic | 5.789 | 5.408 | |||||
Adjusted R2 | 0.007 | 0.024 | 0.025 | 0.015 | 0.023 | ||
Observations | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 | 282,381 |