Table 9 FDI and domestic credit as proxies for foreign capital inflows and financial development respectively
Regressors | Remittances I | Education II | Health III | Consumption IV | HEWE V |
|---|---|---|---|---|---|
L1 of regressand | 0.943***(0.117) | 0.989***(0.053) | 0.948***(0.038) | 1.050***(0.044) | 1.028***(0.041) |
FDI | −5.438(5.565) | −9.148***(1.816) | −9.031***(2.189) | −8.034***(2.199) | − 13.321***(3.461) |
L1 FDI | 2.874(2.400) | 8.465***(2.135) | 5.585**(2.059) | 9.512***(1.944) | 14.585***(3.282) |
DOMCR | −0.238(0.161) | −.0400(0.070) | 0.151*(0.079) | 0.089*(0.044) | 0.045(0.095) |
L1 DOMCR | 0.1693(0.183) | 0.026(0.056) | −.0170**(0.070) | −0.119**(.057) | −0.129(0.098) |
FDI*DOMCR | 3.011(1.88) | 2.915***(0.662) | 3.688***(0.800) | 2.752***(0.751) | 4.953***(1.373) |
L1 FDI*DOMCR | −1.910**(0.948) | −2.910***(0.747) | −2.613***(0.921) | −3.396***(0.775) | −5.617***(1.393) |
Openness | 0.209 (0.580) | 0.093(0.152) | 0.131(0.123) | 0.047 (0.104) | 0.142(0.228) |
Inflation | −.00003(0.010) | −0.009***(0.002) | − 0.013***(0.002) | − 0.006***(0.001) | − 0.015***(0.003) |
AR 1 | 0.018 | 0.002 | 0.001 | 0.002 | 0.003 |
AR 2 | 0.834 | 0.241 | 0.111 | 0.071 | 0.539 |
Hansen | 0.934 | 0.661 | 0.062 | 0.536 | 0.918 |