# Table (E4) Impacts of the Program on Financial Participation

|**Outcomes**|**Treatment**|**(se)**|**FDR**<br>**q-values**|**Control**<br>**mean**|**(sd)**|**N**|
|---|---|---|---|---|---|---|
|At least 30 JD (95 USD PPP) in savings (=1)|0.14***|(0.05)|[0.02]|0.12|(0.32)|1,422|
|Loans Received (Annual, USD PPP)|30.76|(187.32)|[0.94]|364.33|(1,186.27)|1,422|
|Interest Rate on Last Loan Taken (percent/month)|82.01|(61.82)|[0.69]|14.13|(86.95)|242|
|Weighted Interest Rate on Last Loan Given (percent/month)|72.94|(59.93)|[0.69]|14.42|(71.21)|242|
|Loans Given (Annual, USD PPP)|5.71|(4.46)|[0.69]|1.24|(23.93)|1,422|
|Last Loan in Default|-0.07|(0.13)|[0.94]|0.70|(0.46)|254|
|Applied for Loan (=1)|0.11*|(0.07)|[0.56]|0.17|(0.37)|1,422|
|Applied and Took Loan (=1)|0.06|(0.07)|[0.94]|0.16|(0.36)|1,422|
|Applied but Did Not Take Loan (=1)|0.06***|(0.02)|[0.00]|0.01|(0.10)|1,422|

**_Notes_** :

- The table shows the regression results on pre-specified financial participation outcomes using the 2021 in-person data. Each row is its own dependent variable.

- The outcomes that require definitions are: 30 JD Saved? reports an indicator for whether the focus respondent had at least 30 JD in personal savings to draw from in case of an emergency, regardless of whether it is in a bank. Loans received reports the total quantity of formal and informal loans received by the FR in the past year. Interest rate on last loan taken reflects the self reported interest rate on the FR’s most recent loan in the past 12 months. FRs were allowed to report interest as dinars/[day/week/month/year] or percent/[day/week/month/year] or as a flat rate (common in Islamic finance). Interest reported in dinars was translated to percent using the most recent loan principal. Interest reported as a flat rate was translated to percent by calculating<sup>_<u>f</u>latinterestrate_</sup> _principal_ /loan period. The loan period is calculated as repayment date of the loan minus the survey date. (Note that this is not ideal since we do not have the start date of the loan.) The loan period for individuals in default or those with a negative implied loan period is imputed using the median period among non-zero loan periods corresponding to non-defaulted, flat interest rate loans. Loan had flat rate interest (=1) is an indicator for taking a loan with a flat rate interest amount, and all else (including taking no loans) is zero. Loans Given reports the total quantity of formal and informal loans loaned to others by the FR in the past year. Last Loan in Default =1 the last loan the FR took is in default, and 0 is the FR has taken a loan in the past 12 months and the most recent loan is not in default. Applied for Loan = 1 if the FR applied for a loan in the past 12 months, and 0 otherwise. Applied and Took Loan = 1 if the FR applied for a loan in the past 12 months and took out a loan, and 0 otherwise. Applied but did not Take Loan = 1 if the FR applied for a loan in the past 12 months but did not take a loan, and 0 otherwise. This table departs from the PAP in several ways. First, we removed all questions about community savings groups from the survey since these are not common in this setting. Second, we added a question asking whether respondents have at least 30 JD. Applied for Loan and Applied and Took Loan were also not included in the PAP. Finally, we exclude quantity of bank transfers and interest charged on loans from the focus respondent to other individuals from the table since they are both identically zero in the sample population.

- The independent variable of interest is the TOT treatment indicator, which is the predicted value from a first-stage regression of treatment implementation on treatment assignment.

- The regressions also have assessment month-by-year fixed effects, enumerator fixed effects, community-level controls (Irbid/Mafraq governorate and population quartile), and household-level controls (vulnerability-assessment quartile, shelter program, baseline number of children, baseline number of children plus adults, respondent gender, and respondent age). In the parentheses are robust standard errors clustered at the locality level. Regressions are weighted by the number of people interviewed in each household. Statistical significance represented by * (10%), ** (5%), and *** (1%). Q-values are calculated per Anderson (2008) and correspond to Family 3 in the preanalysis plan.

17