| Model 1 | Model 2 | Model 3 |
Stock Market Development, mcr | 1 | 1 | 1 |
Economic Growth, gdp | 0.14507* [1.65445] | 0.846471*** [2.84109] | 0.02741* [1.79501] |
Banking Development, dctps | 0.37744* [1.65363] | 0.557385* [1.75811] | 0.89635** [2.39218] |
Stock Market Liquidity, tvtsr | 0.45551*** [2.71946] | 1.4171*** [7.15448] | 0.60543*** [3.84115] |
Savings, gds | −1.72887*** [4.86793] |
| −1.85013*** [−5.71500] |
Investment, gfcf |
| 2.14311* [1.69928] |
|
Inflation, inf |
|
| −0.94963*** [−3.62064] |
C | −2.78045 | −30.0119 | −9.07428 |