How Financial Literacy impacts Financial Inclusion among SHGs

in Handicraft sector in India?

By
Nishi Malhotra
Ph.D. (Scholar) – Finance, Accounting and Control, IIM Kozhikode
[email protected]
919873145005

Abstract

India is home to art and art forms of several different categories and these art forms provide
the identity and further cement the regional social context, norms and cultures. Handicraft of
a place is also important for the economy of the place. Social Capital is embedded within the
institute of handiworks and it aims at furthering the positive impact through Value investing
and impact investing. Microfinance has emerged as a missing link between the poor people
and formal finance. In order to combat these challenges, this study aims at exploring the
impact of financial literacy and gender inclusion on performance of the groups. In this study
mixed approach, comprising of both Qualitative and Quantitative methodology have been
used for the purpose of analysis. Quantitative methodology involves the use of Regression
methodology and Qualitative analysis involves the use of Grounded Theory approach. The
analysis of data establishes that literacy leads to increase in the income of the members of the
group and there exists a gender disparity among rural women however more and more rural
women have been financially included. Moreover, the COVID period has a negative impact
on the performance of Handicraft sector in India. This study will be of high relevance to the
policy makers and the bankers in domain of Microfinance.

Keywords: Microfinance, Financial Inclusion, Gender disparity

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1.Introduction

Handicraft is touted to hold promise for the rural economy in terms of financial growth and
economic development. This sector has been instrumental in the growth of rural economy and
is touted to be employment generator for the rural economy. At the core of this sector is a
sustainable business model that provides employment to million of people. According to the
various research studies, this initiative provides employment to 7 to 200 million artisans.
Intervention that has touched the lives of million of people, the small-scale handicraft
industry is supported by approximately 3,000 art forms which include Phulkari and Bagh
textiles of Punjab, Papier mache from Jammu and Kashmir, Chikankari and Zardozi from
Uttar Pradesh, Blue pottery and Block printing from Rajasthan, Ajrak kite in Gujarat, Gond
painting in Madhya Pradesh, Terracotta products and Worli art from Maharashtra. Despite
several Government initiatives the artisans in India face several challenges such as
inaccessibility to funds, low penetration of technology, absence of market and poor
institutional framework and growth. This study aims at analysing the impact of different
measures of financial inclusion on income of artisans involved in handicraft. In order to
overcome these constraints, the Government of India has launched several schemes. This
study aims at studying the challenges facing the handicraft industry in India.

2.Handicraft sector of India

Handicraft was for the first time by the judgement of Honourable Supreme of India in Louis
Shoppe case as anything made by hand and graced with visual appeal in nature of
ornamentation and inlay works. Later on, same definition has been revised as “Item or
product produced through skills that are manual, with or without mechanical or electrical or
other processes, which appeals to the eye, due to the characteristics of being artistic or
aesthetic or creative or ethnic or being representative of cultural or religious or social
symbols or practices, whether traditional or contemporary. These items or products may or
may not have a functional utility and can be used as a decorative item or gift”.

Handicraft of a country is a kaleidoscope that provides glimpse into the life of the people. As
one traverses through the panorama of shades and colours of Indian culture and artifacts,
Indian handicrafts speaks volume of the rich culture of India. India has vast and rich heritage
that percolates down from the several civilizations. From geometrical motifs in primitive art
form found in different states of India to frescoes and building sculptures, that narrate story of

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glorified culture of India. The grand history of such a vast country like India is marred with
several different art forms which include metal, metallurgy, terracotta, animal figurines and
motifs. The culture and language changes within every 3 kilometres in India, and each place
clings on to its past glory tenaciously through its norms, cultures and artifacts. Be it beautiful
intricate Bidri works of Bahamani Sultan or the cane and bamboo work of Tripura, the twist
carpets of Thana Gazi, Indian handicraft has won acclaim from people all over the world.
From coir fibres, door hangings and art of Kerala, soft toys, embroidery of West Bengal,
filigree jewels and engraved works, they showcase to the world the skill and craftsmanship of
Indian artisans. Despite, world acclaim much of the India art is dying and the artisans are
finding it difficult to market their products. Most of these handicraft units are run by the
small group of women, who are often organized as the Self-help groups and these groups are
finding it difficult to sustain themselves due to lack of finance and market linkages.

Handicraft sector in India is an unorganized sector in India and most of the handicraft units in
India are run by the patrons who have been pursuing this art for a long time. Handicraft of a
region is a kaleidoscope that provides glimpse into the lives of the people, there customs and
norms through stories and narratives. India has a rich history that is marred with many
cultural revolutions and reforms. Due to its legacy, most of the handicraft units are run by the
patrons and family members of the people who have been running this business for a long
time. This sector has contributed for a long time to the economic growth and development of
this nation. This sector is touted to hold a great promise for the policy makers and economic
growth of the nation. Culture, art forms change in India at every 2 to 3 Kilometres and this
fact provides a thread of commonality among various cultures. Indian Government in order to
facilitate growth of Indian handicraft industry has introduced the concept of Clustering,
whereby many small units are grouped together in the form of clusters. Besides, the
Government of India has also introduced the concept of Geographic Indications to provide
tags and protection to the heritage and art of India. India has the recognition of owning
approximately more than 1,152 geographic tags and indications. In order to promote
international trade in these small units, the Government of India has introduced Export
Promotion Councils since 1984. Initially, these units and artisan base were not competitive
enough to find adequate market and support. Toward this end, the Government of India has
introduced various market linkages. Initially, this sector lacked adequate infrastructure, but
mesmerized by the success of these groups, the Government of India has introduced various
market linkages and technology-based interfaces to create information symmetry and market

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the products of these small and medium enterprises. With massive amount of social capital
embedded within this intervention, handicraft and handloom industry is at the cusp of great
transformation. In terms of exports, the share of Indian handicrafts sector has increased from
mere 386.57 Crores in 1986-87 to 25,270.14 Crore to 2019-20. Various reports emphasize
that approximately 7 million people are employed in different activities such as handicraft
and allied activities. Country wise the maximum amount of exports are made to USA (United
States of America) then United Kingdom, UAE & Germany.

Many of the reports emphasize that Indian handicraft market is extremely competitive and
made steadfast changes against competitors such as Philippines, Thailand, Taiwan and Korea.
This sector provides a window of opportunity to Indian rural sector and become competitive.
India has also adopted RFID (Radio Identification Factors) tags. Not only handicraft agency
generates more employment and also give push to the Indian talent it also propels economic
growth. Despite all efforts marketing of Indian handicrafts has remained a challenge. Indian
handicrafts and gifts fair has become a major channel for marketing platform for Indian
handicraft. Product wise woodwares, embroidered and crocheted goods constitute a major
portion of total trade, followed by handprinted textiles, art matel wares.

The successful journey of economic development and protection of heritage and the art of
country has been made possible with the development of handicraft sector. The Ministry of
Government of India is responsible for the protection and development of these sectors in
India. As a source of sustainable livelihood this sector has been instrumental in promoting the
growth of this sector. Panorama of Indian handicraft represents a rich diversity and the state
of Uttar Pradesh accounts for 65% of rural handlooms and 46% of rural population of India.

Ambedkar Hast Shilp Vikas Yojana

Handicraft has truly played the role of an enabler in the economic growth in this nation. This
sector is fraught with various challenges such as lack of infrastructure, technology and
capacity. This scheme is launched with the objective of mobilising artisans in the form of
self-help groups and cultural societies to facilitate production in large quantity and ensure
procurement of raw materials at an affordable cost. Social intermediation is a major part in
this scheme which include trainings, design workshops, training on newer schemes and
development of contemporary markets and market linkages.

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Association scheme for Handicrafts (ASHA)

This scheme aims to bring entrepreneur and artisans in the handicraft sector under the ambit
of a single scheme. It aims at providing extensive financial support to the artisans in
handicraft sector and envisages one time support and assistance to the artisans.

Hathkargha Sam Vardhan Sahayata (HSS)

According to this scheme, the Government aims to provide looms/accessories to the weavers
to enhance the income and earnings of the members through enhanced productivity and
quality of handloom product. The Government of India provides support 90% of the cost of
loom/accessory to be borne by the Government of India.

3.Constraints in Handicraft industry in India

Handicraft sector in India has immense potential and economic and social significance for the
Indian economy. Geographic clusters in form of Handicraft clusters have emerged that ensure
the protection of the local art form and the improving the employment scenario in the
economy. Enchanting handicrafts of India, incisive and intricate craftsmanship of the artisans
mesmerize the connoisseurs of art from all over the world. Despite the fame and precious
craftsmanship, many art forms are dying in the hinterlands of India due to lack of
handholding and access to finance. This paper seeks to explore the impact of financial
literacy and gender empowerment on the rural economy and performance of the Handicraft
clusters.

Various constraints facing the handicraft sector are mentioned below:

(1) Lack of access to credit

(2) Lack of empowerment
(3) Inadequate supply of raw material & manpower
(4) Lack of access to markets

Lack of access to credit: The major factor behind the constraint facing handicraft industry is
the lack of access to credit. Experience has demonstrated that poor people in rural India have
to depend on informal sources of finance which include money lenders, friends and relatives.
Biggest thrust of policy makers is to financially include the marginalized poor in order to
promote economic growth and achieve poverty reduction.

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Market Linkages: The demand for the handicrafts depends on the market linkages which
include access to the markets. Poor and marginalized section of society are unable to access
th e markets due to the limited market size. To grapple with this issue there is a need for
better market linkages

High state of decentralization: The other major issue facing the small and unorganized sector
is high state of decentralization. Most of handicraft units are small and unorganized and they
do not have adequate bargaining power or negotiation skills

Lack of adequate manpower and raw materials: In case of small artisans and handicraft units,
there is lack of adequate raw material supply in the market. Dependence on external factors
has led to the issue of unsustainability and financial instability.

4. Research Objectives

The literature lack in terms of sufficient evidence regarding impact of literacy and gender on
financial inclusion. This study aims to empirically validate the findings of the theory of
financial inclusion, Expectancy theory that financial literacy leads to better income and
performance of the handicraft units. It aims to validate that financial literacy and gender leads
to financial inclusion. To expand the frontier of research, study aims to explore the impact of
temporal factors such as month of the year on income of the handicraft units.

5.Theoretical Framework

Expectancy Theory

Expectancy theory proposed by Victor Vroom of Yale School of Management, 1994 stated
that the human behaviour is an outcome of three factors Expectancy, Instrumentality and
Valency. Expectancy as a factor states that a certain type of behaviour leads to a specific
outcome. The theory states that individuals undergo to make choices, which leads to
behaviour. The theory of choice here means the choice undertake literacy or illiteracy. Within
the ambit of this theory, instrumentality refers to the causality between utility preconceived
and the financial performance of the results achieved.

Resource Based View (RBV)

According to this theory, the competitive advantage of a corporate is dependent on tangible

and intangible resources owned by resources. To achieve competitive advantage, the
corporates will have to leverage their intangible resources as well. Financial literacy is a

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capability or knowledge resource that determines the financial behaviour of the corporate.
Financial literacy allows the company to adapt to the changes in the environment and also
impacts the sustainability of the entity. This principle or theory is equally applicable to the
unorganized units. Many researchers argue that people with better financial skills are more
likely to invest in the social organizations.

6. Research Problem

Handicraft sector suffers from various challenges. These challenges include the lack of
financial literacy and adoption of financial inclusion among the members. There is very less
information available about the financial model of handicraft industry. And the reason for the
lack of interest in study of handicraft industry from financial perspective is the lack of
financial data in this domain. With massive social capital embedded in the handicraft
industry, inclusion holds great promise for improving the financial ability of these units.
Without financial sustainability there is little hope that this sector can be promoted and
financial inclusion holds the key for the success of this sector. India has adopted the
achievement of Sustainable development goals such as poverty reduction and employment as
the goals for Indian economy. Handicraft sector can be the mechanism to achieve Sustainable
Development Goal and hence financial inclusion has a great role in achievement of this
objective. Handicraft industry has made an indelible mark in the economic growth of the
country. And it could play a pivtol role in promoting good financial behaviour. This study
aims at understanding the role of financial inclusion on financial behaviour of women
working in the handicraft industry in India.

7. Literature review

(Associations 2017) craft and heritage that took decades to be appreciated as part of an industry
that is ailing and fraught with challenges such as lack of an ecosystem. There is a need for a
more responsive approach for integrating the entire value chain and strengthening the Credit
and Market linkages. Moves toward financial inclusion include developing effective financial
models to achieve sustainability, market linkages, create sufficient differentiation and provide
adequate infrastructure to facilitate ease of doing business, market promotion and capacity
building. As per this report this sector is fraught with challenges such as lack of organized
data on domestic sale of handicrafts, data on artisans, crafts and socio-economic conditions.
(M, Mangaonkar Vaiude P & Joshi 2021) in their study discuss that interwoven by the
threads of social and economic development, this art forms the foundation of Indian heritage

8
has a very dismal contribution to the total trade and exports in India. Handicrafts contribute
less than 2% of international trade whereas Chinese handicraft contributes more than 30% to
the international market. A proven platform for promotion of trade and employment, this
sector is fraught with challenges such as availability of raw materials, correct market value
and market linkages. Drawing an analogy with the dying art of traditional wooden by craft
and Ganjifa cards of Sawant wadi in Konkan in Maharashtra, the paper highlights the need to
preserve this art through market linkages. (Fabeil, et al. 2014) define handicraft as the
products that are made using hands and that basically has cultural and artistic values.
(Rogerson 2010 ) define craft products as products that constitute 80% art by hands and rest
20% constitute of raw materials such as natural fibres, textiles, clay and beads. Related to the
question of sustainability of these units and business organizations, the future of these
organizations is marred by the lack of education and financial literacy. The major weakness
of these initiatives is lack of education among the members of the lending groups. Level of
education is very low and most of the artisans are unable to get benefit due to lower level of
access to credit and markets, (Makhdoom, Shah and Bhatti 2016). From the exposition of
contemporary literature in domain of handicraft and culture, one realizes that most of artisans
working in handicraft sector are women from unorganized sector. Poverty and lack of
education hampers their growth, (Doane 2007 ). Many research studies appreciate the
community initiatives such as Self-help groups to promote handicraft in India, (R, Levaku
2014) in their study appreciate the community initiatives such as Self-help group in India for
promoting Women entrepreneurship and handicrafts. Another major issue with handicraft
industry is that despite increasing thrust on financialization, the members of self-help groups
or handicraft unit are unwilling to take credit, (D Bhanot 2020). And repayment of the credit
remains a challenge for the members of handicraft units in India, (Robinson 2001). Since its
inception, these units suffer from various challenges such as lack of adequate record keeping,
maintenance of savings, loan registers and lack of propensity to borrow and adhere to the
group norms, (Tankha, Ajay 2012). Slipping into theoretical discussion social innovation is
emerging as a factor impacting the growth of small-scale sectors in India. The author
highlights the lack of information and market linkages as the major factor that have been
responsible for lackadaisical growth of this sector.

8. Research Design and Methodology

For the purpose of research mix of Quantitative and Qualitative methods have been used.
Findings of qualitative methods are followed by the quantitative method has been used.

9
Regression analysis has been used for the purpose of analysis. And this is followed by
Grounded Theory approach for the purpose of analysis. Overall explanatory sequential
approach has been used for the purpose of analysis.

Based on the earlier research, the study uses an econometric model using Simple Pooled OLS
was used to measure the impact of gender and literacy on the income of the handicraft units
in India. In the following section the dimensions of financial inclusion, namely literacy,
gender and investment income, for the cross-sectional units which is the members of the
handicraft units has been included.

Table 1: Impact of literacy and gender on wages of the member of handicraft units

wage ( ¿ ) =β 0+ β 1 female . lieracy+ β 2 female+e (¿)

Where wage it = wage for the member i for period t, female i = gender of member i, literacy
it = literacy of member i for period t and gender*literacy (it) = impact of literate female on
wages of member as compared to the illiterate member. The base group of this equation is
male who is illiterate. As compared to the male who is illiterate earns 146.86 units of Indian
rupees extra, female who is illiterate earns 4,458.39 units of Indian rupees extra, male who is
literate earns 11,422.54 units of Indian rupees extra. Female who is literate earns 9,377.40
units of Indian rupees less than the male who are illiterate.

Table 2: Impact of literacy and gender on financial behaviour of the member of handicraft
unit. This financial behaviour includes the investment decision

Dividend (it) = β0 + β1. education + β2. female + β3. female*literacy + β4.age + e (it)

Where Dividend (it) = Dividend for member i for period t, female (it) = gender of member i
for period t, literacy (it) = education for member i for period t, age (i) = age of the member i.
According to the analysis of the data, an illiterate female earns 98.14 units of Indian rupees in
Dividend income more than the illiterate male, illiterate female earns 0.57 units of Indian
rupees less than the illiterate males, age leads to an additional income of 100.22 units of
Indian rupees extra in dividend income.

Table 3: Impact of gender and literacy on financial behaviour of the member in form of
Interest income earned.

Interest (it) = β0 + β1. Literacy + β2. Female + β3. female*literacy + β4.age + ε(it)

10
Where Interest (it) is the interest income for the member for the period t, literacy = interest
income for the male member as compared to the illiterate male member, female = interest
income of the male members who are illiterate, female*literacy = interest income of the
female members who are literate, age = age of the members. According to the analysis, the
female members earn 99.35 units of Indian rupees extra in Interest income as compared to the
males who are illiterate, females who are illiterate earn 0.53 units less as compared to the
illiterate males, males who are literate earn 100.70 units of Indian rupees less than the male
who are illiterate. Age leads to an additional income of 98.62 units of Indian rupees in
Interest income.

Table 4: Impact of time period on the wages of the members of the handicraft community

Wage (it) = β0+ β1. January 2021 +β2. February 2021 + β3. December 2020 + β4. Female
(it) + β5. Literacy (it) + β6. Age (it) + ε(it)

Where Wage (it) is the wage of member i for the period t, January 2021, February 2021,
December 2020 is the time period as compared to the base period of January 2020. According
to the analysis, the members of the household earn 1,867.59 less than the period of January
2020. Females earn 4,639.34 units of Indian rupees less than the wages of the males; literacy
leads to an increase of 12,539.72 units of Indian rupees and age leads to an increase of 7.94
units of Indian rupees in the wages of the member.

In the analysis all the assumptions of Classical Linear Regression are taken care of. The
parameters are linear in regression, mean of the error terms is zero, covariance between
variable and mean term is zero, there is no correlation between the independent terms, there
is no Autocorrelation between the error terms and the minimum least square

Table of analysis have been attached at the end in the form of Appendix in this report

9. Measurement and sources of data

The analysis uses the CMIE Consumer Pyramid dx database in the form of Panel data for the
period January 2014 to January – April 2021. Most of the variables are chosen from the
theory and empirical data. The data is compiled from the CMIE Consumers Pyramid dx and
People dx. The database is comprehensive data compiled from the household pyramids
survey which is a longitudinal survey. The data for this survey is collected in waves across
the households and members of household across different Indian cities.

11
10. Grounded Theory Approach

For the purpose of analysis Constructivist Grounded theory approach has been used. This
methodology involves theorizing through practice. As a part of methodology Open Coding
has been used, (Charmaz 2006). Grounded theory approach, within the ambit of
Constructivist Grounded Theory approach involves Open Coding, Focussed Coding and
Theoretical Coding.

Figure 1: Grounded Theory Approach (Source: George Hadley Qualitative Research)

Coding is defined as the process of naming and labelling observed objects, (Saldana 2015).
Emergent theory is the result of Coding and leads to the generation of the Grounded Theory.

11. Data Collection

While collecting the data, care was taken that the rights of other persons were taken care of. 4
basic tenets of research ethics were considered for the analysis.

(1) Informed consent

(2) Avoid deception
(3) Banking privacy
(4) Telling truth

Ope1n coded interview technique was used for data collection. The data was collected
through telephonic interview from the members of Self-help groups across 3 different
handloom self-help groups:

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(1) Bunkar Self help Group, Nawada Bihar – Smt Ranjila Devi
(2) Shashank Mahila Self help group, Varanasi, U.P.- Mrs Sangeeta Devi
(3) Maa Bamleshwari Self help Group, Bastar, Chhattisgarh, India

12.Open Coding

The sub process deals with line-by-line analysis of the data to analyze what people are
saying, what people are doing and what problems are encountered during the analysis.
Gerund coding has been used for the purpose of analysis. Exploratory interviews were
conducted for the purpose of data collection.

Memoing

After generating 15 codes, Memoing was undertaken to generate new ideas. A focussed code
was selected and analysis was done to document new ideas generated through out the
process. Not only Memoing helps to define and structure the codes into the theory but also
provide the basis for generating new categories later on.

Figure 1: Open Coding

The method of Open coding was followed iteratively till at least 15 Open codes have been
generated. The basic principle of coding is to generate Gerund statements regarding the
following basic questions:

(1) What the people are doing?

(2) What are people saying? What actions are people taking for granted?
(3) What are common problems people encountering?

13. Focussed Coding

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After generation of the first 15 codes, the process of focussed codes was used. Throughout
the process of Open Coding and Focussed Coding, Memoing was used to define the structure
codes into the theory. Constant comparison method was used by looking at the opposite
cases. And in this study theoretical sampling was followed to further refine theoretical
categories by referring to the literature.

Figure 2: Open & Focussed Coding first round

Figure 3: Open & Focussed Codes second round

Focussed coding was done based on the following approach of MACR (Meaning, Action,
Challenges and Results), (Charmaz 2006).

Meaning: How do you define code so that other people understand?

Action: Describe the action taking place in focussed codes. Explain how the codes support
and interact to generate the focussed codes. Are there other things that Focussed code does?

Challenges: From the memos are there any problems in the action that focussed code are
trying to solve? Is there any problem caused by actions and interaction? Are there any
barriers to completing the actions or carrying out the focussed codes?

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Results: What happens when Focussed coding is taken place? What happened after the action
has finished?

Further constant comparison was carried

14. Theoretical Coding

In this stage of Magnitude Coding or Theoretical Coding, the data collection and analysis was
done simultaneously for the purpose of analysis. Two or three focussed codes were selected
on the basis of familiarity and on basis of familiarity between the focussed codes, Theoretical
codes were generated. After generation of Theoretical codes, conceptual categories were
generated through Theoretical clustering. Theoretical codes were generated and compared to
the memos of the focussed codes. Data was further compared to the extant literature for
verification. 5 Cs approach was followed for the purpose of generation of Theoretical Codes
and for Theoretical Coding. 5 Cs can be defined as Cause, Context, Condition, Contingency
and Consequences.

Figure: 4 Theoretical codes

15. Conclusion

The analysis has sought to answer the pertinent question identified through the scrutiny of
extant literature, whether literacy and gender has any impact on handicraft industry in India.

15
It seeks to answer the question regarding the impact of financial inclusion on the income and
other demographics pertaining to the members of handicraft unit. Financial inclusion has
been defined as access to financial services for citizens of India and it includes demand side
and supply side factors. Demand side factor include financial literacy and gender. This report
concludes that literacy has a positive impact and gender has negative impact on income of
citizens of India. Moreover, during the COVID period the income of the handicraft units have
been adversely impacted.

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APPENDIX
Table 1: Impact of Gender and Literacy on Income of Handicraft Units

Variables Coefficient Std Error t Statistics

p Value

Education 11,422.54 167.89 68.03

0.00***

Female 4,458.39 1,505.95 2.96

0.00***

Femlit - 9,377.40 1,542.59 -6.08

0.00***

Constant 146.86 139.44 1.05 0.29

*** Significant at 5% level

Table 2: Impact of Gender and Literacy on Financial behavior (Dividend Received)

In the given table, the dependent variable is the Dividend amount received and the
independent variable is the literacy, gender, interaction term between gender and education

Variables Coefficient Std Error t Statistics

p Value

Literacy -101.17 31.49 -3.21

0.00***

Female 98.14 3.70 26.46

0.00***

Femlit -0.57 0.05 - 11.28

0.00***

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Age 100.22 30.75 3.26
0.00***

Constant - 72.63 2.90 -24.96

0.00***

*** Significant at 5% level

In the given table, the dependent variable is the Interest amount received and the independent
variable is the literacy, gender, interaction term between gender and education

Table 3: Impact of gender and literacy on financial behavior

Variables Coefficient Std Error t Statistics

p Value

Literacy -100.70 35.63 -2.83

0.00***

Female 99.35 4.19 23.68

0.00***

Femlit -0.53 0.05 - 9.19

0.00***

Age 98.62 34.79 2.83

0.00***

Constant - 73.18 3.29 -22.23

0.00***

*** Significant at 5% level

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In the table dependent variable is the wages and independent variables are Month Jan 2021,
February 2021, and December 2020, gender, literacy and age.

Table 4: Impact of time period of Jan 2021, Feb 2021, Dec 2020 on wages as compared to
base period Jan 2020

Variables Coefficient Std Error t Statistics p Value

Jan21 - 1,867.59 1046.71 -1.78

0.07***

Feb21 -2,249.14 1,073.29 -2.10

0.03***

Dec20 -1,698.28 256.59 -6.62

0.00***

Fem -4,694.34 327.65 -14.43

0.00***

Lit 12,539.72 279.62 44.85

0.00***

Age 7.94 2.50 3.17

0.00***

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Constant 179.15 142.36 1.26 0.20

***Significance level 5%

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