Remittances, savings, education and growth: system GMM estimation with current levels of explanatory variables
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Chlngdpc | Chlngdpc | Chlngdpc | Chlngdpc | Chlngdpc | |
| ΔlnGDPCit–1 | −0.0136 | −0.0148 | −0.0154* | −0.0137 | −0.0167* |
| (0.0104) | (0.0108) | (0.0105) | (0.0104) | (0.0109) | |
| [REMIT/GDP]it | 0.0172 | 0.0214 | 0.0855*** | 0.0541 | 0.0713*** |
| (0.0228) | (0.0353) | (0.0252) | (0.0405) | (0.0264) | |
| [SAV/GDP]it | 0.0051 | 0.013 | |||
| (0.0354) | (0.0419) | ||||
| LNCOMMODPXit | 0.0443** | 0.0441** | 0.0438** | 0.0428** | 0.0465*** |
| (0.0177) | (0.0195) | (0.0173) | (0.0201) | (0.0178) | |
| POLREGIMEit | 0.0223*** | 0.0220*** | 0.0210*** | 0.0216*** | 0.0168*** |
| (0.0055) | (0.0056) | (0.0056) | (0.0055) | (0.0057) | |
| [AID/GDP]it | 0.0033 | 0.0033 | 0.0033 | 0.0034 | 0.0034 |
| (0.00289) | (0.00288) | (0.00288) | (0.000286) | (0.00287) | |
| [EXTDEBT/GDP]it | −0.0320*** | −0.0334*** | −0.0327*** | −0.0332*** | −0.0363*** |
| (0.0097) | (0.0100) | (0.0090) | (0.0010) | (0.0089) | |
| [FINDEVT/GDP]it | −0.0260 | −0.0263 | −0.0405 | −0.0233 | −0.0452 |
| (0.0439) | (0.0445) | (0.0459) | (0.0450) | (0.0395) | |
| INFLit | 0.0083** | 0.0079 | 0.0090*** | 0.0066 | 0.00047 |
| (0.0037) | (0.0049) | (0.0034) | (0.0055) | (0.0039) | |
| EDUit | 0.0814* | 0.0658** | |||
| (0.0392) | (0.0264) | ||||
| [REMIT*SAV/GDP]it | 0.0066** | ||||
| (0.0026) | |||||
| [REMIT*EDU]it | 0.0034*** | ||||
| (0.0011) | |||||
| Constant | −0.164** | −0.165** | −0.164** | −0.159* | −0.179** |
| (0.0813) | (0.0838) | (0.0801) | (0.0863) | (0.0842) | |
| Observations | 1,035 | 1,035 | 1,035 | 1,035 | 1,035 |
| No. of countries | 23 | 23 | 23 | 23 | 23 |
| AR(1) p-value | |||||
| AR(2) p-value |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Chlngdpc | Chlngdpc | Chlngdpc | Chlngdpc | Chlngdpc | |
| ΔlnGDPCit–1 | −0.0136 | −0.0148 | −0.0154* | −0.0137 | −0.0167* |
| (0.0104) | (0.0108) | (0.0105) | (0.0104) | (0.0109) | |
| [REMIT/GDP]it | 0.0172 | 0.0214 | 0.0855*** | 0.0541 | 0.0713*** |
| (0.0228) | (0.0353) | (0.0252) | (0.0405) | (0.0264) | |
| [SAV/GDP]it | 0.0051 | 0.013 | |||
| (0.0354) | (0.0419) | ||||
| LNCOMMODPXit | 0.0443** | 0.0441** | 0.0438** | 0.0428** | 0.0465*** |
| (0.0177) | (0.0195) | (0.0173) | (0.0201) | (0.0178) | |
| POLREGIMEit | 0.0223*** | 0.0220*** | 0.0210*** | 0.0216*** | 0.0168*** |
| (0.0055) | (0.0056) | (0.0056) | (0.0055) | (0.0057) | |
| [AID/GDP]it | 0.0033 | 0.0033 | 0.0033 | 0.0034 | 0.0034 |
| (0.00289) | (0.00288) | (0.00288) | (0.000286) | (0.00287) | |
| [EXTDEBT/GDP]it | −0.0320*** | −0.0334*** | −0.0327*** | −0.0332*** | −0.0363*** |
| (0.0097) | (0.0100) | (0.0090) | (0.0010) | (0.0089) | |
| [FINDEVT/GDP]it | −0.0260 | −0.0263 | −0.0405 | −0.0233 | −0.0452 |
| (0.0439) | (0.0445) | (0.0459) | (0.0450) | (0.0395) | |
| INFLit | 0.0083** | 0.0079 | 0.0090*** | 0.0066 | 0.00047 |
| (0.0037) | (0.0049) | (0.0034) | (0.0055) | (0.0039) | |
| EDUit | 0.0814* | 0.0658** | |||
| (0.0392) | (0.0264) | ||||
| [REMIT*SAV/GDP]it | 0.0066** | ||||
| (0.0026) | |||||
| [REMIT*EDU]it | 0.0034*** | ||||
| (0.0011) | |||||
| Constant | −0.164** | −0.165** | −0.164** | −0.159* | −0.179** |
| (0.0813) | (0.0838) | (0.0801) | (0.0863) | (0.0842) | |
| Observations | 1,035 | 1,035 | 1,035 | 1,035 | 1,035 |
| No. of countries | 23 | 23 | 23 | 23 | 23 |
| AR(1) | |||||
| AR(2) |
Note(s): ***, ** and * denote significance at 1, 5 and 10% levels, respectively; values in ( ) are robust standard errors
Source(s): Authors, 2024