Table 11 Consumer credits and formal employment probability by education

Panel A: paid employment, whole sample

Low skilled

High school degree

College degree

(OLS)

(IV)

(OLS)

(IV)

(OLS)

(IV)

Consumer credits

0.0707

0.120*

0.0930*

0.169***

− 0.0202

− 0.0430

(0.0517)

(0.0687)

(0.0480)

(0.0545)

(0.0226)

(0.0317)

Region FE

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Individual controls

Yes

Yes

Yes

Yes

Yes

Yes

Regional controls

Yes

Yes

Yes

Yes

Yes

Yes

Observations

177,534

177,534

90,969

90,969

89,977

89,977

First stage

− 3.780***

− 3.686***

− 3.824***

(0.505)

(0.487)

(0.422)

F-stat

55.9

57.25

82.25

Panel B: paid employment, men aged 30–64

Low skilled

High school degree

College degree

Consumer credits

0.0443

0.179**

0.107**

0.162***

− 0.0560**

− 0.0908*

(0.0589)

(0.0902)

(0.0519)

(0.0486)

(0.0254)

(0.0490)

2011 dummy

0.0402

− 0.0139

− 0.0334*

− 0.0550***

0.0301**

0.0442**

(0.0377)

(0.0508)

(0.0189)

(0.0195)

(0.0135)

(0.0183)

Region FE

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Individual controls

Yes

Yes

Yes

Yes

Yes

Yes

Regional controls

Yes

Yes

Yes

Yes

Yes

Yes

Observations

99,719

99,719

43,474

43,474

41,239

41,239

First stage

− 3.775***

− 3.686***

− 3.847***

(0.514)

(0.494)

(0.442)

F-stat

53.9

55.7

75.8