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Table 12 Dynamic panel data estimation, one-step system GMM: interaction effect of Portfolio inflow and financial development on HEWE

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

Regressors Model I Model II
HEWE
 L1 HEWE 1.066783 ***(.0850911) 1.061039*** (.0575306)
 Portfolio −1.587012 (1.963031) −2.884131 (3.382766)
 L1 Portfolio 1.492666 (1.869803) 2.756517 (3.22638)
 DOMCR .5636969 (.5855804)
 L1 DOMCR −.6569331 (.6164778)
 MS 1.455801 (1.234993)
 L1 MS −1.49361 (1.131402)
 Portfolio*DOMCR .3211547 (.3985153)
 L1 Portfolio*DOMCR −.3023585 (.3781958)
 Portfolio*MS .6581486 (.7716539)
 L1 Portfolio*MS −.6250998 (.7318689)
 Openness .1083707 (.1823728) −.0837796 (.1763114)
 Inflation −.0162765*** (.0029864) −.0132394*** (.0028253)
 AR 1 0.123 0.145
 AR 2 0.154 0.277
 Hansen 0.501 0.272
  1. Note: Values in parenthesis denote the robust standard errors of respective estimates. ***p < 0.01 (1%), **p < 0.05 (5%) and *p < 0.10 (10%) denote the level of significance. Time dummies from 2000 to 2013 not reported. Number of observation: N = 23; T = 14. Portfolio inflow is used as indicator for FCF; DOMCR and MS are used as indicators for FD in both eqs. (1)