Institutional quality and financial deepening

We employ panel data from World Governance Indicators and World Development Indicators to analyse the influence of institutional quality on credit to the private sector by banks as a proxy of financial deepening in 50 African countries over two decades (2000-2019). The dependent variable: domestic credit to private sector by banks as a percentage of GDP (credit); Explanatory variables: rule of law (rul), regulatory quality (reg), government effectiveness (gov), voice and accountability (dem), control of corruption (cor) and political stability (pol). Control variables: GDP per capita (gdppc), trade openness (trade), inflation (inf) and mobile phone subscription for 100 inhabitants (mob).本研究采用面板数据（panel data），数据来源于世界治理指标（World Governance Indicators）与世界发展指标（World Development Indicators），针对2000至2019年共二十年的50个非洲国家，分析制度质量对以银行对私营部门信贷作为金融深化代理变量的影响。其中，因变量为银行提供的私营部门国内信贷占GDP比重（简称credit）；解释变量包含法治（rule of law，rul）、监管质量（regulatory quality，reg）、政府效能（government effectiveness，gov）、话语权与问责制（voice and accountability，dem）、腐败控制（control of corruption，cor）与政治稳定性（political stability，pol）；控制变量涵盖人均GDP（gdppc）、贸易开放度（trade）、通货膨胀（inf）以及每百人移动电话订阅量（mob）。