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Table 1.

Proxy variables of digital financial inclusion.

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Table 2.

Results of principal components analysis.

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Table 3.

Results of descriptive, pair-wise correlation and VIE analyses.

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Table 4.

Results of CD and SH test.

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Table 5.

Results from integration and cointegration tests.

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Table 6.

Results of empirical model estimation with DCE and DCE-IV.

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Table 7.

Robustness estimation with the proxy of digital financial inclusion.

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Table 8.

Country-specific assessment: Dynamic OLS.

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