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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
  1. For all the coefficients the t-statistics are in parenthesis; *, **, *** denote 10%, 5% and 1% significance levels, respectively. × × RGDP GDP, Int deposit interest rate, CPI inflation, ER Exchange rate, Topen trade openness, Rem total remittances