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Table 11 Official credit and domestic credit 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 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
  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