Financial Innovation

Table 11 The short and long run Mean Group/ARDL results

From: Remittances, financial development and economic growth in sub-Saharan African countries: evidence from a PMG-ARDL approach

Dependent variable: GDP		MG/ARDL(1,1,1,1,1,1,1)		Prob.
variables	coefficients	std-error	t-statistics	Prob.
d (remmit(−1))	0.8305	0.3263	2.4256	0.00***
d (find(−1))	0.0033	0.0094	0.7567	0.00***
d (top(−1))	−0.0010	0.0024	−0.3581	0.72
d (pop(−1))	0.0135	0.9953	2.0375	0.06*
d (inf(−1))	0.0311	0.0068	0.3272	0.19
d (fdi(−1))	0.0844	0.0115	−1.0284	0.00***
d (remmit_find(−1))	−0.0357	0.0222	−1.6081	0.00***
ecm(−1)	−0.1604	0.1039	−1.3014	0.00
remmit	0.0861	0.0215	4.0030	0.00***
find	0.0971	6.6292	4.5160	0.00***
top	0.4663	4.3070	1.7335	0.08*
pop	0.5416	0.0382	6.0138	0.06*
inf	−0.0045	9.9230	−2.2377	0.04**
fdi	−0.0400	0.0016	−5.1179	0.00***
remmit_find	−0.0021	0.0003	−10.827	0.00***

***, ** and * signify 0.01%, 0.05% and 0.10% level of significance

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