Table 16 Dynamic panel data estimation, one-step system GMM: interaction effect of Foreign Capital Inflows and financial development on Economic Welfare Enhancement (HEWE)

 L1 HEWE

1.05026*** (.067888)

1.055274*** (.0521979)

 Foreign capital

−.3456396 ** (.1388701)

−.7379674** (.3180895)

 L1 Foreign capital

.3170124 (.1891328)

.8461276** (.3086171)

 DOMCR

.1258294 (.0969015)

–

 L1 DOMCR

−.2507615* (.1363124)

–

 MS

–

.2563974** (.1091607)

 L1 MS

–

−.5087709*** (.1708052)

 Foreign capital*DOMCR

.0716798** (.0304995)

–

 L1 Foreign capital*DOMCR

−.0745964 (.046233)

–

 Foreign capital*MS

–

.1687956** (.0751464)

 L1 Foreign capital*MS

–

−.1969856** (.07438)

 Openness

.169548 (.2061599)

.1370745 (.2062196)

 Inflation

−.016217*** (.0031808)

−.0152768*** (.0031403)

 AR 1

0.048

0.012

 AR 2

0.586

0.300

 Hansen

0.426

0.705