Table 7 Econometric results for the error correction model
From: Do migrant remittances matter for financial development in Kenya?
Independent variables×× | Coefficient (The dependent variable is Δ in credit to the private sector to GDP) | Coefficient (The dependent variable is Δ in the value of mobile transactions) | Coefficient (The dependent variable is in number of mobile transactions) | Coefficient (Δ in the number of bank accounts) |
|---|---|---|---|---|
ΔRGDP | 0.1350 (2.81)*** |  |  | 0.0402 (1.03) |
ΔRGDPt − 1 |  | 2.3510 (1.81)* |  |  |
ΔER | 0.3030 (3.16)*** |  |  | −0.0511(− 0.62) |
ΔERt − 1 |  |  | −3.2015(− 2.44)** |  |
ΔRem | −0.0497(− 1.75)* | −0.3592(− 0.8108) | −1.8052(− 3.55)*** |  |
ΔRemt − 1 |  |  | −1.9484(− 3.20)*** | 0.0440 (2.01)** |
ΔRemt − 2 | −0.0542 (2.26)** |  | −1.1626(−2.29)*** |  |
ΔTopen | 1.0226 (3.52)*** | 10.3785 (2.74)*** | 6.0101 (2.09)** | 0.5069 (2.09)** |
ΔTopent − 1 |  | 7.6800 (2.11)** |  |  |
ΔTopent − 2 | 0.4713 (2.92)*** | 7.2356 (1.92)* |  |  |
ΔCPI |  |  |  | −0.0002(− 0.23) |
ΔCPIt − 1 |  | − 0.0355(− 1.62) |  |  |
ΔCPIt − 2 | −0.3348(− 21.65) |  |  |  |
ECM | −0.1117(−2.47)*** | − 0.3977(− 5.72)*** | −0.3950(− 5.18)*** | −0.0947(− 2.13)** |
R 2 | 0.50 | 0.56 | 0.65 | 0.25 |