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Table 11 Consumer credits and formal employment probability by education

From: Overlooked benefits of consumer credit growth: impact on formal employment

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
  1. (1) Robust standard errors are clustered at the household and Nuts2 levels, and ***, **, and * refer to 1, 5, and 10% significance levels. (2) Consumer credits are expressed in real per capita terms and are in logs. (3) Regional controls include real GDP per capita (in logs.), average real monthly earnings (in logs.) unemployment rate, average education, average firm size, net migration rate, and urban population (%) at Nuts2 level. (4) Individual controls include experience, experience squared, dummy variables for gender, education, age, civil status, part-time versus full-time employment status, temporary versus permanent employment status, firm size, urban-rural, sector (Nace Rev2.), and occupations (Isco 88). (5) Population weights are used