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Table 12 Consumer credits and formal employment probability by sectors

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

  (OLS) (IV) Observations
  Consumer credits Consumer credits First stage: F-stat  
Manufacturing 0.130* 0.147* − 3.580*** 42.6 N = 88,422
  (0.0727) (0.0754) (0.549)   
Construction − 0.0572 0.131 − 3.806*** 36.9 N = 32,668
  (0.0857) (0.162) (0.626)   
Retail, food, and 0.142** 0.193** − 3.756*** 66.2 N = 70,599
accommodation (0.0719) (0.0757) (0.462)   
Transportation 0.0490 0.229* − 3.825*** 77.7 N = 21,656
and communication (0.0864) (0.121) (0.434)   
Financial services 0.224*** 0.304*** − 3.872*** 87.3 N = 33,166
and admin. support (0.0568) (0.0994) (0.414)   
Social services − 0.0205 − 0.00137 − 3.628*** 43.58 N = 105,434
  (0.0517) (0.0582) (0.550)   
Region FE Yes Yes    
Year FE Yes Yes    
Individual controls Yes Yes    
Regional controls Yes Yes    
  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