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Table 10 FDI and money supply as proxies for foreign capital inflows and financial development respectively

From: The interaction effect of foreign capital inflows and financial development on economic welfare in sub-Saharan Africa

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
  1. Note: Values in parenthesis denote the robust standard errors of respective estimates. ***p < 0.01 (1%), **p < 0.05 (5%) and *p < 0.095 (10%) denote the level of significance. Time dummies from 2000 to 2013 not reported