|**Tabl**<br>|**e 6. Cost and**<br>**Sav**<br>|**Return of Fin**<br>**ings**<br>|**ancial Products**<br>|**offered**<br>|**Cr**<br>|**edit**<br>||
|---|---|---|---|---|---|---|---|
|Total|Yield|Difference i|n Total Yield|Tota<br>|Cost<br>|Difference<br>|n Total Cost<br>|
|No Usage|Usage|No Usage|Usage|On-time<br>repayment|One late<br>payment|On-time<br>repayment|One late<br>payment|
|(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|HL * HI<br>-0.011|-0.002|0.001|-0.001|-0.068|-0.097|-0.008|-0.020|
|(0.011)|(0.011)|(0.003)|(0.006)|(0.052)|(0.071)|(0.029)|(0.040)|
|HL * LI<br>0.010|0.019**|-0.004|-0.008|0.043|0.093|0.006|0.069|
|(0.009)|(0.009)|(0.003)|(0.006)|(0.063)|(0.110)|(0.022)|(0.066)|
|Investment<br>0.045***|0.068***|-0.004*|-0.015***|||||
|(0.007)|(0.007)|(0.002)|(0.005)|||||
|High indebtedness||||-0.038|-0.123|0.013|-0.034|
|||||(0.040)|(0.074)|(0.018)|(0.044)|
|Formal dress<br>-0.008|-0.007|-0.001|0.000|-0.005|0.003|0.027|0.055|
|(0.005)|(0.006)|(0.002)|(0.003)|(0.071)|(0.105)|(0.028)|(0.054)|
|R-squared<br>0.632|0.552|0.133|0.313|0.109|0.093|0.038|0.019|
|**Observations**<br>215|215|215|215|261|261|261|261|
|Peru<br>107|107|107|107|150|150|150|150|
|Mexico<br>78|78|78|78|54|54|54|54|
|Ghana<br>30|30|30|30|57|57|57|57|
|**Means for control auditors**||||||||
|Dep. Variable<br>0.002|-0.068|0.016|0.035|0.748|0.958|0.117|0.174|
|Peru<br>0.012|-0.036|0.003|0.012|0.663|0.803|0.161|0.195|
|Mexico<br>-0.014|-0.050|0.029|0.061|0.983|1.142|0.091|0.125|
|Ghana<br>0.030|-0.233|0.003|0.003|0.692|1.154|0.027|0.176|
|**P-value of test**||||||||
|_HL * HI = HL * LI_<br>0.063|0.058|0.021|0.092|0.173|0.116|0.675|0.195|
|_HL = 0_<br>0.158|0.059|0.056|0.201|0.333|0.217|0.913|0.427|
|**Panel A: Means**||||||||
|Commercial Banks<br>0.016|-0.045|0.015|0.027|0.487|0.605|0.152|0.181|
|Peru<br>0.017|-0.008|0.010|0.016|0.513|0.628|0.168|0.201|
|Mexico<br>-0.011|-0.046|0.035|0.064|0.309|0.327|0.000|0.000|
|Ghana<br>0.064|-0.198|0.001|0.004|0.427|0.608|0.130|0.156|
|Other Financial Inst.<br>0.057|0.006|0.005|0.008|0.823|1.025|0.129|0.206|
|Peru<br>0.028|0.004|0.004|0.005|0.725|0.880|0.143|0.177|
|Mexico<br>0.030|0.022|0.006|0.012|1.323|1.527|0.208|0.317|
|Ghana<br>0.233|-0.039|0.004|0.004|0.708|1.008|0.047|0.196|
|**Panel B: P-values of difference in means**||||||||
|Mexico-Peru<br>0.312|0.575|0.021|0.000|0.001|0.004|0.414|0.966|
|Mexico-Ghana<br>0.000|0.000|0.077|0.004|0.003|0.191|0.138|0.926|
|Peru-Ghana<br>0.000|0.000|0.200|0.051|0.927|0.134|0.006|0.914|
|Commercial Banks - Other Fin. Inst.<br>0.000|0.000|0.000|0.000|0.000|0.000|0.289|0.923|
|_Commercial Banks_||||||||
|Mexico-Peru<br>0.002|0.005|0.003|0.000|0.281|0.189|0.049|0.053|
|Mexico-Ghana<br>0.003|0.000|0.045|0.004|0.120|0.078|0.239|0.244|
|Peru-Ghana<br>0.001|0.000|0.086|0.040|0.498|0.902|0.545|0.552|
|_Other Financial Inst._||||||||
|Mexico-Peru<br>0.667|0.027|0.178|0.002|0.006|0.018|0.758|0.776|
|Mexico-Ghana<br>0.000|0.001|0.606|0.037|0.004|0.227|0.058|0.998|
|Peru-Ghana<br>0.000|0.023|0.850|0.706|0.840|0.275|0.015|0.754|

This table reports the estimation of the following specificaiton: _y ij = β 1 HL i * HI ij + β 2 HL i * LI ij + β 3 INV i + β 4 F ij + β 5 L i + β 6 C i + γ G i + ε ij_ , where _i_ indexes the auditor, _j_ indexes the visiting institution, _HL i_ is an indicator for high literacy or experience, _HI ij_ takes value 1 if auditor _i_ visiting institution _j_ quotes a high interest rate (high competition in case of savings), while _LI ij_ is an indicator for a low interest rate quote (low competition). In addition, _INV i_ is a dummy that takes the value of 1 if auditor _i_ has a preference for an investment account or fix term deposit (0 if transaction account), for credit auditor-branch pairs it is replaced with the dummy _HD i_ that takes the value of 1 if the auditor asked for a loan amounting to 70 percent of its household income (0 if asked for a loan of 20 percent of its household income). The dummy _F ij_ takes value 1 if auditor _i_ visiting institution _j_ was dressed formally. An observation in the regression is an auditor-branch pair, each pair during credit audits could have multiple visits. This table estimates returns and costs for financial products offered during savings and credit audit visits, respectively. Column (1) and (2) report the total yield after one year that would accrue in the savings account under the assumption of "no usage" (column 1) and "usage" (column 2). “No usage” refers to an activity level without deposits or withdrawals for one year. In column 2, “usage” assumes an activity level of 2 account inquiries and 2 cash withdrawals per month, one month inactivity fee and a penalty if the average balance in the account is below the minimum allowed. Columns (5) and (6) report the total cost of credit products with and without a late payment, respectively. Columns (3)-(4) and (7)-(8) report differences in rates between the best (cheapest) product that the institution could have offered and the actual product offered to the auditor. All regressions include country fixed effects, auditor's gender, dummies for visits to commercial institutions and provincial areas. Control auditors were assigned the script without experience (neophyte) and had preference for a transaction account for savings audits or a loan size of 20 percent of household income (low indebtedness) for credit audits. Standard errors are clustered at the auditor level and are reported in parenthesis under coefficient estimates. Levels of significance * p<0.10 ** p<0.05 *** p<0.01.