Financial development and the end-use of migrants' remittances

IZA Journal of Labor & Development

Table 12 IV probit first-stage estimates; dependant variable: branches per 10 k residents

	(1)	(2)	(3)
	Assets	Production	Consumption
Log (avg. monthly remit.)	-0.026	-0.025	-0.032
	(0.017)	(0.017)	(0.024)
Urban area	0.381**	0.381**	0.348**
	(0.151)	(0.155)	(0.153)
Children in household	-0.076	-0.085	-0.046
	(0.083)	(0.084)	(0.096)
Education 6 to 8 years	-0.031	-0.030	-0.041
	(0.043)	(0.043)	(0.041)
Education 9 to 11 years	-0.249**	-0.243**	-0.280**
	(0.114)	(0.113)	(0.142)
Education > 11 years	-0.135	-0.120	-0.166
	(0.108)	(0.101)	(0.142)
Age of household head	-0.008**	-0.008**	-0.008**
	(0.004)	(0.004)	(0.004)
Household size	-0.042**	-0.041**	-0.047**
	(0.020)	(0.020)	(0.020)
# of employed HH members	-0.042	-0.046	-0.035
	(0.039)	(0.041)	(0.035)
GDP 2000	0.000	0.000**	0.000
	(0.000)	(0.000)	(0.000)
Pop. density	0.000***	0.000***	0.000**
	(0.000)	(0.000)	(0.000)
Indigenous pop. share	-1.184*	-1.225*	-1.146*
	(0.655)	(0.629)	(0.696)
Avg. yrs. of schooling	0.088	0.084	0.152
	(0.126)	(0.125)	(0.156)
Share receiving remittances	0.074***	0.075***	0.079***
	(0.023)	(0.023)	(0.022)
Distance to Mexico City	-0.001*	-0.001**	-0.001**
	(0.000)	(0.000)	(0.000)
Distance to modern rail system	0.002***	0.002***	0.002***
	(0.001)	(0.001)	(0.001)
Distance to 1920 rail	-0.000	-0.000	-0.000
	(0.000)	(0.000)	(0.000)
Constant	0.176	0.142	0.132
	(0.892)	(0.904)	(0.823)

Standard errors clustered at community level in parentheses.
*p < 0.10, **p < 0.05, ***p < 0.01.
Education coefficients relative to baseline group with less than 6 years education.