U-shaped impacts of institutional quality and ICT penetration on economic growth: Evidence from selected emerging countries

Figures & data

Figure 1. Evolution of individuals using the Internet as a proportion of population.

Table 1. Variable definitions and descriptive statistics

Variables	Definition	Unit of measurement	Mean	Median	Std. Dev.	Min	Max	Obs
GDPG	The growth rate of GDP per capita	%	1.380	1.503	0.663	−2.112	2.676	643
IIC	Initial per capita income (GDP is expressed in international dollars)	dollars	9.490	9.507	0.738	7.595	11.538	700
CPS	Domestic credit to private sector as a share of GDP	% GDP	3.899	3.851	0.679	−1.681	5.470	614
TELEPHONE	Fixed telephone lines	per 100 people	2.847	3.040	0.835	0.128	4.137	694
MOBILE	Mobile cellular subscriptions	per 100 people	4.215	4.608	1.026	−1.536	5.665	695
INTERNET	Individuals using the Internet as a share of total population	% of population	3.325	3.727	1.142	−2.171	4.566	681
ICT	ICT goods imports as a share of total good imports	% total goods imports	2.188	2.130	0.753	0.020	3.983	680
IQ	Institutional quality	%	3.937	3.966	0.409	2.721	4.501	665
GC	The ratio of government final consumption expenditure to GDP	% GDP	2.656	2.731	0.320	1.698	3.199	694
TRADE	Total amounts of exports and imports as a share of GDP	% GDP	4.464	4.440	0.611	3.096	6.093	700
INF	Growth rate of consumer price index within 1-year period	%	5.317	3.555	9.696	−4.298	168.620	694

Table 2. Growth effects of financial development, ICT penetration, and institutional quality

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Baseline & Mobile	Crisis effect & Mobile	Baseline & Internet	Crisis effect & Internet	Baseline & Telephone	Crisis effect & Telephone	Baseline & ICT imports	Crisis effect & ICT imports
Lag.GDPG	0.338***	0.414***	0.312***	0.368***	0.346***	0.354***	0.270***	0.314***
	[12.96]	[25.04]	[8.18]	[11.15]	[11.73]	[11.96]	[7.84]	[9.76]
GDPPC	−0.517***	−0.571***	−0.620***	−0.598***	−0.364***	−0.381***	−0.300***	−0.299***
	[−9.35]	[−10.82]	[−5.98]	[−6.20]	[−10.06]	[−9.81]	[−8.58]	[−9.46]
CPS	−0.160*	−0.166*	−0.357***	−0.332***	−0.103*	−0.168***	−0.130*	−0.147***
	[−1.83]	[−1.97]	[−3.57]	[−3.36]	[−1.87]	[−3.00]	[−1.94]	[−2.79]
ICT	0.0535**	0.0763***	0.194***	0.167***	0.0835*	0.0945**	0.104***	0.104***
	[2.06]	[4.00]	[4.30]	[4.66]	[1.81]	[2.20]	[3.28]	[2.89]
IQ	0.465***	0.503***	0.543***	0.535***	0.194*	0.269**	0.222***	0.232***
	[7.93]	[8.38]	[5.32]	[5.84]	[1.97]	[2.48]	[7.32]	[8.32]
GC	−0.151**	−0.0733	−0.221**	−0.233**	−0.228***	−0.261***	−0.198***	−0.191**
	[−2.09]	[−0.78]	[−2.60]	[−2.46]	[−2.98]	[−3.06]	[−2.78]	[−2.71]
TRADE	0.231***	0.245***	0.268***	0.270***	0.130***	0.125***	0.110***	0.109***
	[4.54]	[4.52]	[4.84]	[4.62]	[3.65]	[3.09]	[3.01]	[2.95]
INF	−0.015***	−0.0097***	−0.014***	−0.009***	−0.017***	−0.011**	−0.0099***	−0.005***
	[−5.37]	[−3.60]	[−4.56]	[−3.09]	[−3.48]	[−2.47]	[−4.49]	[−2.79]
CRISIS		−0.403***		−0.448***		−0.402***		−0.381***
		[−8.33]		[−10.20]		[−5.30]		[−7.50]
CONS	3.810***	3.730***	4.818***	4.614***	3.874***	4.094***	3.346***	3.302***
	[14.03]	[11.95]	[10.98]	[9.87]	[11.34]	[12.24]	[15.27]	[14.57]
Countries	35	35	35	35	35	35	35	35
Instruments	31	32	31	32	30	31	33	34
AR(1)	0.002	0.002	0.003	0.002	0.002	0.002	0.003	0.002
AR(2)	0.129	0.906	0.120	0.874	0.149	0.791	0.109	0.703
Hansen Test	0.570	0.473	0.327	0.422	0.213	0.146	0.370	0.354

Note: Model (1), (3), (5), and (7) show the regression results for each case of ICT proxy such as mobile, internet, telephone, and ICT imports, respectively for without controlling global financial crisis while Model (2), (4), (6), and (8) report the corresponding results with accounting for global financial crisis. All detailed variables are defined in Table 1. Diagnostic checks are reported with p-values. The validity of the instrument is tested by the Hansen test while AR(1) and AR(2) tests are to investigate the first- and second-order autocorrelation in error terms. Standard errors are in brackets. *, **, and *** denote the 10%, 5%, and 1% significance levels, respectively.

Table 3. U-shaped relationship between ICT penetration and economic growth

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Baseline & Mobile	Crisis & Mobile	Baseline & Internet	Crisis & Internet	Baseline & Telephone	Crisis & Telephone	Baseline & ICT imports	Crisis & ICT imports
Lag.GDPG	0.315***	0.359***	0.273***	0.279***	0.305***	0.335***	0.249***	0.270***
	[9.21]	[12.09]	[8.74]	[9.33]	[8.22]	[9.43]	[8.92]	[4.52]
GDPPC	−0.324***	−0.480***	−0.274*	−0.331**	−0.292***	−0.296***	−0.343***	−0.313***
	[−3.72]	[−4.69]	[−1.92]	[−2.60]	[−7.27]	[−7.15]	[−9.14]	[−3.07]
CPS	−0.136**	−0.159**	−0.183***	−0.133**	−0.229**	−0.267***	−0.137***	−0.262**
	[−2.40]	[−2.62]	[−4.54]	[−2.70]	[−2.60]	[−3.47]	[−3.19]	[−2.18]
IQ	0.292***	0.415***	0.335***	0.417***	0.254**	0.241**	0.307***	0.292**
	[4.15]	[4.38]	[3.65]	[4.68]	[2.70]	[2.56]	[5.18]	[2.05]
ICT	0.357***	0.370***	0.484***	0.472***	−0.103	0.0104	0.388**	0.838**
	[6.96]	[6.17]	[7.58]	[6.27]	[−0.90]	[0.10]	[2.40]	[2.24]
ICT^2	−0.054***	−0.047***	−0.090***	−0.085***	0.028	0.008	−0.076*	−0.185**
	[−4.36]	[−3.27]	[−6.16]	[−6.32]	[1.53]	[0.49]	[−1.93]	[−2.17]
GC	−0.225***	−0.123	−0.203**	−0.143	−0.354***	−0.357***	−0.254**	−0.330
	[−3.02]	[−1.48]	[−2.45]	[−1.53]	[−4.09]	[−4.31]	[−2.49]	[−1.61]
TRADE	0.166***	0.215***	0.181***	0.131**	0.151**	0.182***	0.193***	0.268**
	[3.62]	[3.59]	[3.79]	[2.30]	[2.39]	[2.94]	[3.55]	[2.23]
INF	−0.017***	−0.014***	−0.018***	−0.009***	−0.015***	−0.014***	−0.010***	−0.012
	[−4.89]	[−4.18]	[−6.29]	[−3.34]	[−3.02]	[−3.58]	[−3.99]	[−1.43]
CRISIS		−0.281***		−0.389***		−0.304***		−0.313***
		[−3.89]		[−7.69]		[−3.80]		[−2.85]
CONS	2.822***	3.166***	2.266***	2.319***	3.976***	3.921***	3.017***	2.707***
	[10.09]	[10.80]	[3.57]	[5.22]	[10.03]	[10.42]	[11.77]	[4.56]
Countries	35	35	35	35	35	35	35	35
Instruments	32	33	34	35	30	31	34	23
AR(1)	0.003	0.002	0.003	0.003	0.002	0.002	0.002	0.001
AR(2)	0.113	0.537	0.188	0.546	0.120	0.527	0.182	0.243
Hansen Test	0.498	0.499	0.522	0.662	0.351	0.265	0.562	0.295

Note: Model (1), (3), (5), and (7) show the regression results for each case of ICT proxy such as mobile, internet, telephone, and ICT imports, respectively for without controlling global financial crisis while Model (2), (4), (6), and (8) report the corresponding results with accounting for global financial crisis. Quadratic term, ICT², captures the possible U-shaped relation between ICT diffusion and growth. All detailed variables are defined in Table 1. Diagnostic checks are reported with p-values. The validity of the instrument is tested by the Hansen test while AR(1) and AR(2) tests are to investigate the first- and second-order autocorrelation in error terms. Standard errors are in brackets. *, **, and *** denote the 10%, 5%, and 1% significance levels, respectively.

Table 4. U-shaped relationship between institutional quality and economic growth

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Baseline & Mobile	Crisis & Mobile	Baseline & Internet	Crisis & Internet	Baseline & Telephone	Crisis & Telephone	Baseline & ICT imports	Crisis & ICT imports
Lag.lGDPG	0.314***	0.340***	0.255***	0.297***	0.292***	0.322***	0.309***	0.335***
	[16.81]	[18.36]	[8.96]	[12.53]	[12.66]	[13.96]	[11.46]	[12.74]
GDPPC	−0.375***	−0.414***	−1.003***	−1.100***	−0.379***	−0.381***	−0.321***	−0.327***
	[−5.05]	[−5.11]	[−7.59]	[−7.25]	[−6.00]	[−6.36]	[−5.06]	[−5.78]
CPS	−0.320***	−0.322***	−0.223**	−0.223**	−0.159	−0.196**	−0.0851	−0.123
	[−3.65]	[−3.76]	[−2.33]	[−2.36]	[−1.53]	[−2.18]	[−0.88]	[−1.37]
ICT	0.00789	0.0255	0.338***	0.380***	0.0298	0.0525	−0.123	−0.0677
	[0.19]	[0.55]	[4.81]	[5.05]	[0.64]	[1.14]	[−1.07]	[−0.55]
IQ	−6.079**	−7.938***	−9.827**	−7.404*	−6.279**	−4.966*	−5.459**	−4.813**
	[−2.58]	[−3.59]	[−2.13]	[−1.84]	[−2.13]	[−1.95]	[−2.26]	[−2.12]
IQ^2	0.833**	1.086***	1.374**	1.042*	0.859**	0.688**	0.748**	0.664**
	[2.68]	[3.74]	[2.25]	[1.95]	[2.20]	[2.05]	[2.35]	[2.22]
GC	−0.236***	−0.239***	−0.0012	0.231	−0.280***	−0.292***	−0.352***	−0.289**
	[−3.65]	[−4.34]	[−0.01]	[1.37]	[−3.20]	[−3.30]	[−2.73]	[−2.03]
TRADE	0.209***	0.215***	0.207*	0.275**	0.0950*	0.115**	0.100**	0.119**
	[4.37]	[3.66]	[2.00]	[2.54]	[1.92]	[2.42]	[2.17]	[2.29]
INF	−0.020***	−0.016***	−0.021***	−0.017***	−0.020***	−0.014***	−0.022***	−0.015***
	[−7.10]	[−5.83]	[−3.97]	[−3.77]	[−4.64]	[−3.72]	[−4.52]	[−3.03]
CRISIS		−0.370***		−0.350***		−0.395***		−0.361***
		[−21.07]		[−7.06]		[−7.38]		[−6.80]
CONS	16.38***	19.99***	26.58***	22.04***	16.80***	14.32***	14.96***	13.55***
	[3.43]	[4.40]	[2.96]	[2.81]	[2.92]	[2.90]	[2.99]	[2.88]
Countries	35	35	35	35	35	35	35	35
Instruments	34	35	33	34	31	32	30	31
AR(1)	0.002	0.002	0.003	0.003	0.003	0.003	0.003	0.003
AR(2)	0.159	0.840	0.156	0.734	0.141	0.805	0.194	0.841
Hansen Test	0.256	0.365	0.545	0.490	0.291	0.262	0.236	0.268

Note: Model (1), (3), (5), and (7) show the regression results for each case of ICT proxy such as mobile, internet, telephone, and ICT imports, respectively for without controlling global financial crisis while Model (2), (4), (6), and (8) report the corresponding results with accounting for global financial crisis. Quadratic term, IQ², captures the possible U-shaped relation between institutional quality and growth. All detailed variables are defined in Table 1. Diagnostic checks are reported with p-values. The validity of the instrument is tested by the Hansen test while AR(1) and AR(2) tests are to investigate the first- and second-order autocorrelation in error terms. Standard errors are in brackets. *, **, and *** denote the 10%, 5%, and 1% significance levels, respectively.

Table 5. Interaction terms for ICT penetration—financial development and institutional quality—financial development in driving the economic growth

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Baseline & Internet	Crisis & Internet	Baseline & Mobile	Crisis & Mobile	Baseline & Telephone	Crisis & Telephone	Baseline & ICT imports	Crisis & ICT imports
Lag.lGDPG	0.243***	0.269***	0.138**	0.203***	0.325***	0.369***	0.134***	0.153***
	[7.79]	[8.81]	[2.72]	[4.21]	[12.27]	[13.49]	[3.60]	[4.66]
GDPPC	0.380**	0.308**	0.622***	0.462***	−0.289***	−0.294***	−0.128	−0.169
	[2.61]	[2.25]	[3.82]	[3.46]	[−7.21]	[−6.48]	[−1.15]	[−1.58]
INTERNET	−1.446***	−1.385***	−1.358***	−1.898***	−0.453**	−0.969***	−2.428***	−2.314**
	[−4.31]	[−3.84]	[−3.65]	[−4.48]	[−2.08]	[−3.05]	[−3.23]	[−2.68]
IQ	7.612***	7.144***	12.57***	13.00***	1.706***	2.629***	14.04***	13.03***
	[5.40]	[5.26]	[6.22]	[6.11]	[3.40]	[4.83]	[5.73]	[5.27]
CPS	7.032***	6.590***	12.10***	11.88***	1.247**	1.799***	12.61***	11.57***
	[5.62]	[5.54]	[5.78]	[5.68]	[2.65]	[4.44]	[5.87]	[5.48]
CPS * ICT	0.250***	0.237***	0.237**	0.381***	0.135**	0.269***	0.662***	0.634***
	[3.35]	[3.00]	[2.29]	[3.31]	[2.51]	[3.54]	[3.47]	[2.94]
CPS * IQ	−2.014***	−1.883***	−3.409***	−3.512***	−0.413***	−0.654***	−3.692***	−3.398***
	[−5.36]	[−5.17]	[−6.45]	[−6.61]	[−2.96]	[−4.60]	[−5.92]	[−5.41]
GC	−0.700***	−0.607***	−1.458***	−1.187***	−0.239***	−0.235***	−0.951***	−0.852***
	[−5.46]	[−4.56]	[−3.68]	[−3.32]	[−3.21]	[−3.20]	[−3.49]	[−3.89]
TRADE	0.245	0.269*	0.306	0.524***	0.066	0.091*	0.713***	0.668***
	[1.50]	[1.80]	[1.51]	[2.79]	[1.29]	[1.74]	[3.65]	[3.76]
INF	−0.007**	−0.003	−0.004	0.001	−0.012***	−0.0059	−0.020**	−0.005
	[−2.24]	[−0.74]	[−0.87]	[0.07]	[−3.40]	[−1.56]	[−2.60]	[−0.78]
CRISIS		−0.317***		−0.161*		−0.377***		−0.277***
		[−3.30]		[−1.93]		[−7.24]		[−3.91]
CONS	−26.46***	−24.63***	−44.46***	−44.06***	−1.350	−3.585**	−46.06***	−42.32***
	[−4.97]	[−4.75]	[−6.24]	[−5.92]	[−0.90]	[−2.40]	[−5.48]	[−5.15]
Countries	35	35	35	35	35	35	35	35
Instruments	32	33	32	33	32	33	32	33
AR(1)	0.005	0.004	0.014	0.011	0.002	0.002	0.024	0.017
AR(2)	0.179	0.706	0.262	0.750	0.177	0.920	0.368	0.848
Hansen Test	0.229	0.224	0.186	0.183	0.192	0.189	0.159	0.177

Note: Model (1), (3), (5), and (7) show the regression results for each case of ICT proxy such as mobile, internet, telephone, and ICT imports, respectively for without controlling global financial crisis while Model (2), (4), (6), and (8) report the corresponding results with accounting for global financial crisis. The interaction terms, CPS * ICT and CPS * IQ, capture the union effect of financial development—ICT diffusion and—institutional quality, respectively, on growth. All detailed variables are defined in Table 1. Diagnostic checks are reported with p-values. The validity of the instrument is tested by the Hansen test while AR(1) and AR(2) tests are to investigate the first- and second-order autocorrelation in error terms. Standard errors are in brackets. *, **, and *** denote the 10%, 5%, and 1% significance levels, respectively.

Table 6. ICT index from previous studies

Research	Proxies for ICT diffusion	Single variable/aggregate PCA
Cheng et al. (2021)	Mobile users, the percentage of Internet users, and secure Internet servers per 1 million people.	Single variable
Chien et al. (2020)	Internet users, fixed telephone subscriptions, and mobile cellular subscriptions.	Single variable
Jahanger et al. (2022)	number of mobile telephone subscribers per 100 people, the number of internet users per 100 people, the number of fixed telephone subscribers per 100 people.	Single variable
Alimi and Adediran (2020)	mobile cellular subscription per 100 people, fixed telephone subscription per 100 people, and secure Internet server per 1,000,000 people.	Aggregate PCA
Owoeye et al. (2022)	Mobile cellular subscription per 100 people, fixed telephone subscription per 100 people, fixed broadband subscription per 100 people, Internet users (% of population; Pradhan et al., 2017) and ICT imports (% total imports).	Aggregate PCA
Ofori and Asongu (2021)	Fixed telephone subscription, fixed broadband subscription, and secondary school education gender parity.	Aggregate PCA
Appiah-Otoo and Song (2021)	Internet users (% of population), Mobile cellular subscriptions per 100 people, fixed broadband subscriptions per 100 people.	Aggregate PCA

Figure 2. Scree plot eigenvalues after running principal component analysis.

Table 7. Each component is capturing four proxies for ICT diffusion with eigenvalue and proportion

Component	Eigenvalue	Difference	Proportion	Cumulative
Comp1	2.16771	1.17347	0.5419	0.5419
Comp2	0.994245	0.289337	0.2486	0.7905
Comp3	0.704908	0.571774	0.1762	0.9667
Comp4	0.133134	.	0.0333	1

Table 8. Determinants of growth with an alternative proxy for ICT diffusion

	Coefficients	t-statistics	Coefficients	t-statistics
Lag.GDPG	0.315***	[9.66]	0.386***	[13.74]
GDPPC	−0.589***	[−7.01]	−0.706***	[−7.73]
CPS	−0.272***	[−3.21]	−0.271***	[−2.89]
ICTPCA	0.135***	[5.19]	0.178***	[6.60]
IQ	0.475***	[7.39]	0.508***	[7.37]
GC	−0.348***	[−5.08]	−0.328***	[−3.85]
TRADE	0.202***	[5.40]	0.245***	[6.96]
INF	−0.0151***	[−4.02]	−0.0115***	[−3.38]
CRISIS			−0.498***	[−9.17]
CONS	5.803***	[11.05]	6.456***	[11.46]
Countries	35		35
Instruments	31		32
AR(1)	0.003		0.002
AR(2)	0.114		0.964
Hansen Test	0.301		0.272

Note: ICT_PCA is generated from 04 sub-items of ICT diffusion by employing the principal component analysis.

Table 9. U-shaped form for the ICT diffusion—and institutional quality—EG relations

	Coefficients	t-statistics	Coefficients	t-statistics	Coefficients	t-statistics	Coefficients	t-statistics
Lag.lGDPG	0.298***	[8.36]	0.327***	[9.74]	0.303***	[11.56]	0.313***	[8.72]
GDPPC	−0.468***	[−5.95]	−0.580***	[−6.26]	−0.656***	[−4.83]	−0.815***	[−5.50]
CPS	−0.128***	[−3.45]	−0.0997*	[−1.82]	−0.550***	[−3.52]	−0.562***	[−3.49]
IQ	0.383***	[6.25]	0.488***	[6.87]	−4.789*	[−1.73]	−4.889	[−1.63]
ICTPCA	0.0430	[1.19]	0.0786**	[2.16]	0.277***	[3.81]	0.352***	[4.62]
IQ^2					0.676*	[1.86]	0.702*	[1.80]
ICTPCA^2	−0.0125**	[−2.72]	−0.0117**	[−2.46]
GC	−0.266***	[−3.61]	−0.259***	[−3.65]	−0.519***	[−4.40]	−0.532***	[−4.30]
TRADE	0.138***	[3.62]	0.178***	[4.47]	0.200**	[2.69]	0.209**	[2.50]
INF	−0.0185***	[−6.61]	−0.0102***	[−3.34]	−0.0302***	[−7.98]	−0.0230***	[−6.57]
CRISIS			−0.414***	[−9.70]			−0.420***	[−7.57]
CONS	4.578***	[9.16]	4.887***	[8.25]	18.15***	[3.40]	19.70***	[3.62]
Countries	35		35		35		35
Instruments	34		34		30		31
AR(1)	0.003		0.003		0.004		0.004
AR(2)	0.110		0.741		0.123		0.780
Hansen Test	0.419		0.247		0.335		0.329

Note: ICT_PCA is generated from 04 sub-items of ICT diffusion by employing the principal component analysis. The quadratic variable, ICT_PCA², captures the non-monotonic impact of ICT diffusion on growth. The quadratic variable, IQ², captures the non-monotonic impact of institutional quality on growth.

Table 10. The impact of ICT diffusion and institutional quality on financial development—growth nexus

	Coefficients	t-statistics	Coefficients	t-statistics
Lag.lGDPG	0.252***	[8.51]	0.275***	[8.21]
GDPPC	−0.515***	[−4.48]	−0.646***	[−5.25]
ICTPCA	−1.035***	[−5.85]	−0.578**	[−2.14]
IQ	4.736***	[6.81]	3.135***	[4.12]
CPS	4.312***	[6.10]	2.626***	[3.26]
CPS* ICTPCA	0.278***	[5.87]	0.171**	[2.54]
CPS * IQ	−1.145***	[−6.21]	−0.694***	[−3.22]
GC	−0.264*	[−2.01]	−0.259**	[−2.66]
TRADE	0.311***	[3.96]	0.268***	[3.77]
INF	−0.00833**	[−2.10]	−0.00168	[−0.54]
CRISIS			−0.470***	[−6.29]
CONS	−12.57***	[−4.36]	−5.241	[−1.58]
Countries	35		35
Instruments	34		35
AR(1)	0.004		0.003
AR(2)	0.144		0.838
Hansen Test	0.232		0.242

Note: ICT_PCA is generated from 04 sub-items of ICT diffusion by employing the principal component analysis.

Table A1. List of 35 emerging countries

Albania	China	India	Pakistan	Singapore
Belarus	Colombia	Indonesia	Paraguay	Slovak Republic
Bolivia	Croatia	Korea, Rep.	Peru	Slovenia
Bosnia and Herzegovina	Czech Republic	Latvia	Philippines	Thailand
Brazil	Estonia	Lithuania	Poland	Ukraine
Bulgaria	Hong Kong SAR, China	Malaysia	Romania	Uruguay
Chile	Hungary	Mexico	Serbia	Vietnam

Table B1. Correlation matrix among variables

	GDPG	GDPPC	CPS	TELEPHONE	MOBILE	lINTERNET	ICT	IQ	GC	TRADE	INF
GDPG	1
GDPPC	−0.231***	1
CPS	0.0216	0.389***	1
TELEPHONE	−0.179***	0.706***	0.300***	1
MOBILE	−0.203***	0.648***	0.341***	0.342***	1
INTERNET	−0.229***	0.795***	0.412***	0.507***	0.849***	1
ICT	0.180***	0.254***	0.375***	0.0513	0.0779	0.0678	1
IQ	−0.104*	0.759***	0.338***	0.625***	0.342***	0.532***	0.276***	1
GC	−0.268***	0.329***	−0.0633	0.443***	0.208***	0.320***	−0.301***	0.313***	1
TRADE	−0.0573	0.645***	0.472***	0.484***	0.418***	0.479***	0.324***	0.508***	−0.0216	1
INF	−0.0329	−0.288***	−0.296***	−0.0747	−0.148***	−0.289***	−0.252***	−0.382***	−0.116**	−0.172***	1

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