Financial Development Dynamics ICT-driven Information Sharing Control Variables Financial Depth Fin. Efficency Fin. Activity Fin. Size ICT-driven PCR ICT-driven PCB
M2 Fdgdp BcBd FcFd Prcb Pcrbof Dbacba MobPCR IntPCR MobPCB IntPCB GDPg Inflation PubIvt NODA Trade
1.000 0.974 0.015 0.047 0.758 0.624 0.355 0.477 0.692 0.488 0.706 -0.103 -0.069 0.042 -0.170 0.145 M2
1.000 0.054 0.150 0.846 0.733 0.410 0.516 0.699 0.528 0.712 -0.088 -0.051 0.059 -0.195 0.157 Fdgdp
1.000 0.872 0.482 0.474 0.321 0.118 0.126 0.120 0.129 -0.001 -0.035 -0.191 -0.109 -0.141 Bcbd
1.000 0.567 0.710 0.275 0.176 0.122 0.176 0.122 -0.071 -0.073 -0.169 -0.126 -0.209 FcFd
1.000 0.927 0.466 0.502 0.647 0.509 0.655 -0.097 -0.068 -0.067 -0.212 0.074 Pcrb
1.000 0.405 0.472 0.512 0.478 0.520 -0.094 -0.058 -0.062 -0.203 0.012 Pcrbof
1.000 0.424 0.350 0.423 0.349 -0.049 -0.115 0.220 -0.493 0.108 Dbacba
1.000 0.670 1.000 0.673 -0.137 -0.051 0.062 -0.314 0.257 MobPCR
1.000 0.673 1.000 -0.077 0.022 -0.048 -0.262 0.166 IntPCR
1.000 0.674 -0.138 -0.051 0.061 -0.312 0.264 MobPCB
1.000 -0.086 0.023 -0.051 -0.257 0.179 IntPCB
1.000 -0.110 0.157 0.147 0.100 GDPg
1.000 -0.082 0.0006 0.006 Inflation 1.000 -0.078 0.062 PubIvt
1.000 -0.011 NODA 1.000 Trade M2: Money Supply. Fdgdp: Financial deposits(liquid liabilities). BcBd: Bank credit on bank deposits. FcFd: Financial credit on Financial deposits. Pcrb: Private domestic credit from deposit banks.
Pcrbof: Private domestic credit from deposit banks and other financial institutions. Dbacba: Deposit bank assets on central bank assets plus deposit bank assets. Info: Information. PCR: Public Credit Registries. PCB: Private Credit Bureaus. ICT: Information and Communication Technology. MobPCR: ‘Mobile Phone’-driven PCR. IntPCR: Internet-driven PCR. MobPCB: ‘Mobile Phone’-driven PCB. IntPCB: Internet-driven PCB. GDPg: GDP growth. Popg: Population growth. PubIvt: Public Investment. NODA: Net Official Development Assistance. Fin: Financial.
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