Table 11 Official credit and domestic credit 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 | 1.053***(0.192) | 0.754***(0.191) | 0.776***(0.184) | 0.812***(0.153) | 0.918***(0.174) |
OFFCR | 0.046(0.130) | 0.0005(0.034) | 0.118(0.078) | 0.033(0.048) | 0.042(0.049) |
L1 OFFCR | 0.017(0.090) | 0.016(0.034) | −0.080(0.056) | −0.019(0.032) | −0.007(0.39) |
DOMCR | −0.259(0.272) | 0.212***(0.069) | 0.385**(0.158) | 0.183*(0.105) | 0.346*(0.188) |
L1 DOMCR | 0.151(0.277) | −0.078(0.139) | −0.227(0.139) | 0.003(0.130) | −0.253**(0.123) |
OFFCR*DOMCR | −0.021(0.042) | −0.004(0.010) | − 0.038(0.029) | −0.009(0.013) | − 0.016(0.015) |
L1 OFFCR*DOMCR | 0.0026(0.028) | −0.001(0.011) | 0.026(0.023) | 0.008(0.012) | 0.007(0.014) |
Openness | −0.248(0.443) | 0.172(0.114) | 0.229(0.167) | 0.201(0.142) | 0.150(0.290) |
Inflation | 0.004(0.007) | 0.001(0.002) | 0.001(0.005) | 0.002(0.003) | 0.002(0.005) |
AR 1 | 0.012 | 0.042 | 0.002 | 0.090 | 0.062 |
AR 2 | 0.812 | 0.130 | 0.644 | 0.309 | 0.295 |
Hansen | 0.354 | 0.369 | 0.308 | 0.237 | 0.276 |