# **Table 5 –** Pairwise correlations

<!-- Start of picture text --> SME credit/GDP 1.000<br>GNI per capita (2007) 0.4477* 1.000<br>SME credit/GDP GNI per capital (2007) GDP growth (2007) Inflation (2007) Interest spread (2007) Lending rate (2007) real interest rate (2007) Share of rural population (2007) Expected real growth (2009) GDP growth (average 2002‐ 2007) Domestic Credit/GDP growth (avg 2002‐2007) Domestic credit/ GDP 92007) Legal rights index (2007) Credit information index (2007) Closing business ‐ days (2007) Contract enforcement ‐ procedures (2007) Contract enforcement ‐ time (2007) Starting a business ‐ time (2007) Market cpaitalization/ GDP (2007) Self‐employed % (2007) SME definition max number of employees Fuels and minim/ GDP (2007) foreign owned banks, share of assets Government owned banks , share of assets Banking concentration Branches per 100,000 adults Overhead costs/total assets (avg, 2002‐2007) Net interest margin (avg, 2002‐2007) Bank Cost/Income (avg 2002‐2007)<br><!-- End of picture text --> SME credit/GDP GNI per capita (2007) GDP growth (2007) Inflation (2007) Interest spread (2007) Lending rate (2007) real interest rate (2007) Share of rural population (2007) Expected real growth (2009) GDP growth (average 2002‐2007) Dom.Credit/GDP, growth (avg 2002‐2007) Domestic credit/ GDP (2007) Legal rights index (2007) Credit information index (2007) Closing business ‐ days (2007) Contract enforcement ‐ procedures (2007) Contract enforcement ‐ time (2007) Starting a business ‐ time (2007) Market cpaitalization/ GDP (2007) Self‐employed % (2007) SME definition max number of employees Fuels and minig/ GDP (2007) foreign owned banks, share of assets Government owned banks , share of assets Banking concentration Branches per 100,000 adults Overhead costs/total assets (avg, 2002‐2007) Net interest margin (avg 2002‐2007) Bank Cost/Income (avg 2002‐2007)

- ‐0.5858* ‐0.5121* 1.000

- ‐0.3307* ‐0.4732* 0.3899* 1.000

‐0.3980* ‐0.3943* 0.174 0.095 1.000 ‐0.3938* ‐0.5276* 0.2965* 0.3211* 0.8630* 1.000 ‐0.180 ‐0.101 0.071 ‐0.2967* 0.7382* 0.6148* 1.000 ‐0.093 ‐0.7485* 0.3647* 0.3618* 0.184 0.2675* 0.073 1.000 ‐0.3655* ‐0.4872* 0.5119* 0.2361* 0.050 0.105 0.034 0.3379* 1.000 ‐0.4414* ‐0.2551* 0.6603* 0.5670* ‐0.010 0.191 ‐0.154 0.114 0.1735* 1.000 ‐0.131 ‐0.137 0.2097* 0.3258* 0.075 0.2100* ‐0.005 0.123 ‐0.038 0.4108* 1.000 0.6726* 0.7463* ‐0.5310* ‐0.4120* ‐0.3836* ‐0.5499* ‐0.057 ‐0.4703* ‐0.3052* ‐0.3940* ‐0.152 1.000 0.152 0.3844* ‐0.2406* ‐0.072 ‐0.2554* ‐0.2759* ‐0.088 ‐0.150 ‐0.2913* ‐0.070 0.046 0.4133* 1.000 0.182 0.5494* ‐0.2024* ‐0.2667* ‐0.107 ‐0.172 ‐0.047 ‐0.5635* ‐0.2743* ‐0.018 ‐0.137 0.3325* 0.1658* 1.000 ‐0.3864* ‐0.5864* 0.5184* 0.3009* 0.209 0.3067* 0.027 0.3067* 0.2610* 0.3284* 0.105 ‐0.6066* ‐0.4010* ‐0.2549* 1.000 ‐0.3435* ‐0.4750* 0.3417* 0.1922* 0.2714* 0.199 0.204 0.3811* 0.2747* 0.1941* 0.062 ‐0.4967* ‐0.3396* ‐0.3567* 0.4880* 1.000 ‐0.159 ‐0.2720* 0.088 ‐0.075 0.165 0.140 0.127 0.1888* 0.2523* ‐0.050 ‐0.104 ‐0.2964* ‐0.2829* ‐0.125 0.2703* 0.3680* 1.000 ‐0.3061* ‐0.3956* 0.3048* 0.1758* 0.2200* 0.2146* ‐0.005 0.3198* 0.158 0.141 ‐0.046 ‐0.4188* ‐0.2995* ‐0.2262* 0.4297* 0.3260* 0.2791* 1.000 0.059 0.3836* ‐0.167 ‐0.3795* ‐0.179 ‐0.3489* 0.010 ‐0.3426* 0.165 ‐0.3751* ‐0.5083* 0.4734* 0.100 ‐0.054 ‐0.2564* ‐0.188 0.051 ‐0.062 1.000 ‐0.348 ‐0.7127* 0.5374* 0.5578* 0.4921* 0.6282* 0.193 0.3924* 0.4776* 0.5568* 0.021 ‐0.5624* ‐0.4859* ‐0.144 0.4598* 0.4387* 0.2804* 0.3881* ‐0.224 1.000 0.144 0.3185* ‐0.175 ‐0.4992* 0.107 0.038 0.240 ‐0.131 ‐0.200 ‐0.233 ‐0.012 0.177 0.026 0.2805* ‐0.2693* ‐0.152 ‐0.035 0.006 0.142 ‐0.4288* 1.000 ‐0.045 0.012 0.167 0.158 ‐0.170 ‐0.101 ‐0.3251* ‐0.1783* 0.101 0.1799* ‐0.046 ‐0.2703* ‐0.2108* ‐0.094 0.183 0.149 ‐0.046 0.132 0.012 0.163 ‐0.217 1.000 ‐0.112 ‐0.059 ‐0.052 0.091 0.004 0.058 0.083 0.067 ‐0.2164* 0.042 0.2324* ‐0.215 0.202 ‐0.104 0.114 ‐0.124 ‐0.147 ‐0.060 ‐0.3323* ‐0.085 ‐0.244 ‐0.079 1.000 ‐0.193 ‐0.2346* 0.3634* 0.171 0.167 0.185 0.005 0.091 0.3529* 0.2787* ‐0.053 ‐0.3071* ‐0.2843* ‐0.079 0.3416* 0.3379* 0.2700* 0.2768* ‐0.121 0.4546* 0.103 0.036 ‐0.2916* 1.000 0.002 ‐0.168 ‐0.009 0.107 ‐0.012 0.004 0.018 0.2191* 0.2052* ‐0.042 ‐0.021 ‐0.117 ‐0.109 ‐0.3717* ‐0.049 0.039 ‐0.117 ‐0.050 ‐0.033 ‐0.139 ‐0.2899* 0.173 0.184 ‐0.195 1.000 0.3114* 0.7711* ‐0.3565* ‐0.3971* ‐0.3210* ‐0.4164* ‐0.076 ‐0.5961* ‐0.3949* ‐0.2329* ‐0.090 0.5722* 0.3065* 0.4886* ‐0.3190* ‐0.2896* ‐0.145 ‐0.3323* 0.103 ‐0.3495* 0.181 ‐0.106 ‐0.028 ‐0.158 ‐0.147 1.000 ‐0.4401* ‐0.4484* 0.3156* 0.176 0.4501* 0.4725* 0.2763* 0.2545* 0.1978* 0.061 0.122 ‐0.5310* ‐0.2015* ‐0.1834* 0.2229* 0.120 0.011 0.3021* ‐0.2647* 0.3743* ‐0.136 ‐0.067 0.073 0.043 0.083 ‐0.3835* 1.000 ‐0.5338* ‐0.5774* 0.3939* 0.3446* 0.5836* 0.6576* 0.3187* 0.3215* 0.2274* 0.019 ‐0.005 ‐0.6349* ‐0.140 ‐0.2776* 0.2988* 0.1842* 0.013 0.3405* ‐0.3051* 0.5906* ‐0.2964* 0.2099* 0.085 0.050 0.145 ‐0.4564* 0.7402* 1.000 ‐0.186 ‐0.095 ‐0.009 ‐0.1853* 0.074 0.015 0.135 0.039 0.088 ‐0.095 0.079 ‐0.2240* ‐0.2169* 0.011 0.014 0.082 0.104 0.038 ‐0.093 0.042 0.181 ‐0.4244* 0.162 ‐0.036 0.000 ‐0.079 0.4514* 0.088 1.000

* significant at 5percent

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