Table 10 FDI and money supply as proxies for foreign capital inflows and financial development respectively
Regressors | Remittances Model I | Consumption Model II | Health Model III | Education Model IV | HEWE Model V |
|---|---|---|---|---|---|
L1 of regressand | 0.957***(0.104) | 1.020***(0.056) | 0.928***(0.064) | 1.045***(0.055) | 1.027***(0.044) |
FDI | −23.575(14.453) | −9.931(6.099) | −25.156***(7.400) | −11.373**(4.744) | − 23.762***(7.967) |
L1 FDI | 2.435(2.951) | 14.181***(2.283) | 6.031**(2.725) | 14.306***(1.963) | 21.112***(3.378) |
MS | −0.304(0.267) | − 0.012(0.083) | 0.376***(0.108) | 0.022(0.084) | 0.093(0.156) |
L1 MS | −0.142(0.220) | −0.0261(0.084) | − 0.522***(0.165) | −0.0906(0.101) | − 0.362**(0.177) |
FDI*MS | 7.417*(4.137) | 2.549(1.643) | 7.344***(1.991) | 2.892**(1.292) | 6.634***(2.192) |
L1 FDI*MS | −1.501*(0.775) | −3.789***(0.679) | −2.134***(0.733) | −3.658***(0.489) | −5.952***(0.982) |
Openness | 0.433(0.569) | 0.087(0.131) | 0.154(0.168) | −0.035(0.114) | 0.211(0.233) |
Inflation | −0.001(0.010) | −0.006***(0.001) | − 0.012***(0.002) | −.009***(0.002) | −0.016***(0.003) |
AR 1 | 0.019 | 0.003 | 0.000 | 0.003 | 0.008 |
AR 2 | 0.733 | 0.107 | 0.025 | 0.238 | 0.356 |
Hansen | 0.767 | 0.248 | 0.157 | 0.994 | 0.312 |