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Table 16 Dynamic panel data estimation, one-step system GMM: interaction effect of Foreign Capital Inflows and financial development on Economic Welfare Enhancement (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 1.05026*** (.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
  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. Foreign capital inflow having portfolio, FDI, private credit and official credit registering eigenvectors of 0.6796, 0.4591, 0.4326, and 0.3746 respectively; DOMCR and MS are used as indicators for FD in both eqs. (1)