Table 8 Credits and formal employment probability of men aged between 30 and 64

Panel A: paid employment, unconditional

(OLS)

(IV)

(OLS)

(IV)

Consumer credits

0.0417

0.123**

(0.0427)

(0.0554)

Credit cards

0.0333

0.0757**

(0.0272)

(0.0356)

2011 dummy

0.0113

− 0.0216

0.0111

− 0.00261

(0.0246)

(0.0302)

(0.0179)

(0.0214)

Region FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Individual controls

Yes

Yes

Yes

Yes

Regional controls

Yes

Yes

Yes

Yes

Observations

184,432

184,432

184,432

184,432

First stage

− 3.766***

− 5.984***

(0.493)

(0.813)

F-stat

58.3

54.2

Panel B: paid employment, conditional on looking for a job 1 year ago

(OLS)

(IV)

(OLS)

(IV)

Consumer credits

0.299**

0.522***

(0.130)

(0.182)

Credit cards

0.242***

0.324***

(0.0841)

(0.116)

2011 dummy

− 0.0234

− 0.112

0.0269

0.00154

(0.0662)

(0.0851)

(0.0576)

(0.0648)

Region FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Individual controls

Yes

Yes

Yes

Yes

Regional controls

Yes

Yes

Yes

Yes

Observations

13,045

13,045

13,045

13,045

First stage

− 3.874***

− 6.018***

(0.594)

(0.913)

F-stat

42.5

43.5