Results on remittances, institutional quality and human development
| Model | A.1 | A.2 | A.3 | A.4 | A.5 |
|---|---|---|---|---|---|
| Variables | |||||
| Constant | −1.543*** (−29.68) | −1.712*** (−10.90) | −1.810*** (−20.50) | −1.610*** (−23.24) | −1.534*** (−23.40) |
| lnHDI | 1.740*** (19.05) | 1.632*** (11.13) | 1.848*** (11.63) | 1.865*** (17.12) | 1.815*** (18.70) |
| Remittance_GDP | 0.00220*** (3.50) | 0.0024*** (2.99) | 0.0160* (1.99) | 0.0027*** (3.05) | 0.0190* (1.84) |
| Government final consumption | −0.0030*** (−3.23) | −0.0027** (−2.09) | 0.0013 (1.29) | −0.0023** (−2.26) | 0.00004 (0.02) |
| Dom. Crdt by banks | 0.0014 (1.53) | 0.0015 (1.34) | −0.0008 (−0.81) | 0.0013 (1.42) | 0.0006 (1.03) |
| Household final consumption | −0.0001 (−0.57) | −0.0005 (−1.45) | −0.00034** (−2.11) | 0.00006 (0.44) | 0.0003 (1.02) |
| Gross fixed capital formation | 0.0007* (1.89) | 0.0006 (0.99) | −0.0006 (−0.96) | 0.0004 (1.40) | 0.00098* (1.80) |
| Inflation | 0.0009*** (2.92) | 0.0007* (1.76) | 0.0006 (1.07) | 0.0011*** (3.14) | 0.0007 (0.69) |
| Population | −0.0143* (−1.74) | −0.0062 (−0.57) | −0.0221** (2.42) | −0.0104 (−1.23) | 0.0006 (0.08) |
| GDP growth rate | 0.0011* (1.91) | 0.0002 (0.21) | 0.0004 (0.42) | 0.0018** (2.75) | 0.0062*** (3.79) |
| Economic freedom | 0.0365* (1.16) | 0.0253*** (3.17) | |||
| Democracy | 0.0059** (2.55) | 0.0124*** (3.22) | |||
| Rem*Economic freedom | −0.0024* (−1.84) | ||||
| Rem*Democracy | −0.0025* (1.87) | ||||
| Test | |||||
| No. of observation | 420 | 420 | 420 | 420 | 420 |
| No. Country | 30 | 30 | 30 | 30 | 30 |
| No. Instruments | 22 | 22 | 22 | 22 | 22 |
| AR(2) | 0.847 | 0.296 | 0.301 | 0.246 | 0.304 |
| Hansen test | 0.199 | 0.702 | 0.502 | 0.481 | 0.154 |
| Model | A.1 | A.2 | A.3 | A.4 | A.5 |
|---|---|---|---|---|---|
| Constant | −1.543*** (−29.68) | −1.712*** (−10.90) | −1.810*** (−20.50) | −1.610*** (−23.24) | −1.534*** (−23.40) |
| lnHDI | 1.740*** (19.05) | 1.632*** (11.13) | 1.848*** (11.63) | 1.865*** (17.12) | 1.815*** (18.70) |
| Remittance_GDP | 0.00220*** (3.50) | 0.0024*** (2.99) | 0.0160* (1.99) | 0.0027*** (3.05) | 0.0190* (1.84) |
| Government final consumption | −0.0030*** (−3.23) | −0.0027** (−2.09) | 0.0013 (1.29) | −0.0023** (−2.26) | 0.00004 (0.02) |
| Dom. Crdt by banks | 0.0014 (1.53) | 0.0015 (1.34) | −0.0008 (−0.81) | 0.0013 (1.42) | 0.0006 (1.03) |
| Household final consumption | −0.0001 (−0.57) | −0.0005 (−1.45) | −0.00034** (−2.11) | 0.00006 (0.44) | 0.0003 (1.02) |
| Gross fixed capital formation | 0.0007* (1.89) | 0.0006 (0.99) | −0.0006 (−0.96) | 0.0004 (1.40) | 0.00098* (1.80) |
| Inflation | 0.0009*** (2.92) | 0.0007* (1.76) | 0.0006 (1.07) | 0.0011*** (3.14) | 0.0007 (0.69) |
| Population | −0.0143* (−1.74) | −0.0062 (−0.57) | −0.0221** (2.42) | −0.0104 (−1.23) | 0.0006 (0.08) |
| GDP growth rate | 0.0011* (1.91) | 0.0002 (0.21) | 0.0004 (0.42) | 0.0018** (2.75) | 0.0062*** (3.79) |
| Economic freedom | 0.0365* (1.16) | 0.0253*** (3.17) | |||
| Democracy | 0.0059** (2.55) | 0.0124*** (3.22) | |||
| Rem*Economic freedom | −0.0024* (−1.84) | ||||
| Rem*Democracy | −0.0025* (1.87) | ||||
| No. of observation | 420 | 420 | 420 | 420 | 420 |
| No. Country | 30 | 30 | 30 | 30 | 30 |
| No. Instruments | 22 | 22 | 22 | 22 | 22 |
| AR(2) | 0.847 | 0.296 | 0.301 | 0.246 | 0.304 |
| Hansen test | 0.199 | 0.702 | 0.502 | 0.481 | 0.154 |
Note(s): t-statistics in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1 show significance at 1%, 5 and 10% respectively
Source(s): Authors' computations
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