Skip to main content

Advertisement

Table 13 Dynamic panel data estimation, one-step system GMM: interaction effect of Private Creditors 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 1.067527*** (.0736107) 1.034372*** (.0310108)
 Private creditors 38.16728 (224.8028) 15.04816 (47.04743)
 L1 Private creditors 36.44954 (84.47849) 9.583578 (21.01398)
 DOMCR .1622903 (.235105)
 L1 DOMCR −.2334195* (.1201478)
 MS .3250248* (.1740122)
 L1 MS −.4128301*** (.1169096)
 Private creditors*DOMCR −13.71776 (68.70689)
 L1 Private creditors*DOMCR −12.23399 (25.2259)
 Private creditors *MS −4.005739 (10.9315)
 L1 Private creditors *MS −1.933295 (4.696352)
 Openness .0529606 (.2093308) −.0461291 (.2456225)
 Inflation −.0152063*** (.0046217) −.0136163*** (.004243)
 AR 1 0.151 0.173
 AR 2 0.279 0.327
 Hansen 0.274 0.164
  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. Private credit is used as indicator for FCF; DOMCR and MS are used as indicators for FD in both eqs. (1)