**Table A.6: Housing Finance Determinants (Sensitivity and Robustness Check)**

|**Mo**<br>|**del A2: Housin**<br>|**g finance det**<br>**F**|**erminants(Sen**<br>**GLS**|**sitivity and rob**|**ustness check)**<br>**G**|**MM**|
|---|---|---|---|---|---|---|
||**HFD**|**HFP**|**HFP**|**HFP**|**HFP**|**HFD**|
|Housing finance depth L1|---|---|---|---|**1.02***<br>**(0.045)**|0.131<br>(0.086)|
|**Market capitalization**|**0.001*****|**0.03****|**0.03*****|0.02|**0.001*****|**0.001*****|
||**(0.00003)**|**(0.012)**|**(0.013)**|(0.12)|**(0.00005)**|**(0.0001)**|
|**Urban population growth**|**0.00008***|**-0.06***|**0.06****|**-0.03***|**0.0002****|0.001|
||**(0.0005)**|**(0.022)**|**(0.023)**|**(0.022)**|**(0.00008)**|(0.002)|
|Conflict dummy t-1|**0.004***|**-2.28***|**-3.42****|**-2.2***|---|---|
||**(0.002)**|**(1.12)**|**(1.23)**|**(1.15)**|||
|Investment stock|0.00009|**1.22****|0.59|**1.11****|-0.002|-0.00003|
||(0.001)|**(0.479)**|(0.53)|**(0.504)**|(0.002)|(0.01)|
|GDP per capita|**-1.0003*****|**-1.58*****|**-2.1*****|**-2.3*****|0.0003|0.0002|
||**(0.002)**|**(0.482)**|**(0.51)**|**(0.512)**|(0.002)|(0.002)|
|GDP growth|**2.15*****|**2.37*****|**2.18*****|**2.5*****|0.0001|0.0001|
||**(0.002)**|**(0.459)**|**(0.485)**|**(0.487)**|(0.002)|(0.002)|
|Political stability|**0.08*****|**0.1*****|**0.1****|**0.1*****|0.00001|-0.0001|
||**(0.023)**|**(0.025)**|**(0.026)**|**(0.026)**|(0.0001)|(0.0004)|
|Domestic credit to private sector|---|-0.035|**-0.06***|-0.035|-0.0002|0.0001|
|||(0.028)|**(0.029)**|(0.028)|(0.0001)|(0.0006)|
|Trade openness|---|-0.006|-0.01|-0.006|-0.00003|-0.00004|
|||(0.01)|(0.01)|(0.01)|(0.00003)|(0.0001)|
|Inflation|---|**0.19****|**0.16****|**0.18****|-0.00001|0.0001|
|||**(0.06)**|**(0.06)**|**(0.063)**|(0.0002)|(0.0003)|
|Interest rate|---|**0.28*****|**0.267*****|**0.28*****|0.0001|0.0001|
|||**(0.04)**|**(0.04)**|**(0.04)**|(0.0001)|(0.0003)|
|Transfers|9.1e-20|3.02e-17|2.14e-17|3e-17|4.9e-20|-5.4e-21|
||(9.8e-20)|(3.4e-17)|(3.33e-17)|(3.4e-17)|(1.1e-19)|(1.3e-19)|
|Kaolegal|---|**0.86****|---|---|**---**|---|
|||**(0.33)**|||||
|Kaosahel|---|---|**0.962****<br>**(0.292)**|---|---|---|
|Kaowealth|---|---|---|0.16<br>(0.266)|---|---|
|Constant|-0.105|-28.4**|-0.913|-26.15*|---|---|
||(0.04)|(14.9)|(16.84)|(15.41)|||
|Auto|na|Na|Na|Na|-1.06|-1.089|
||||||(0.255)|(0.276)|
|Sargan OIR|na|Na|Na|Na|2.052|1.682|
||||||(0.307)|(0.794)|
|Wald|na|Na|Na|Na|12.48*|70.374***|
||||||(0.067)|(0.000)|
|Countries|45|45|45|45|45|45|
|Observations|401|252|252|252|223|206|

_Source_ : Estimation result observation by the authors. _Note_ : HFD (Housing finance depth); HFP (Housing finance penetration); Kaolegal (Financial openness*Legal- _dummy_ : Legal based decomposition); Kaosahel (Financial openness*Sahel- _dummy_ : Sahel based decomposition-); Kaowealth (Financial openness*Wealth- _dummy_ : wealth based decomposition-); Kaotrop (Financial openness*Trade openness-); Kaomac (Financial openness*Market capitalization); Kaofbcf (Financial openness*Investment stock). *,**,**: significance levels of 10%, 5% and 1% respectively. Values in bracket are standard errors. Auto: Autocorrelation test. OIR: Overidentifying Restrictions test. The significance of bold values is twofold. 1) The significance of estimated coefficients and the Wald statistics. 2) The failure to reject the null hypotheses of: a) no autocorrelation in the Auto tests and; b) the validity of the instruments in the Sargan OIR test. P-values in brackets. AR(1): First Order Autoregression. AR(2): Second Order Autoregression. Autoregression is on the Return variables.

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