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

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

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
  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 and credit card debts 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