Table A1

Remittances, savings, education and growth: system GMM estimation with no outlier

Variables(1)(2)(3)(4)(5)
ΔlnGDPCt–1−0.0163*−0.0168*−0.0181**−0.0173*−0.0181**
(0.0108)(0.0106)(0.0103)(0.0109)(0.0107)
[REMIT/GDP]it–50.0184***0.0341***0.0281***0.0177***0.0458***
(0.0016)(0.0027)(0.0021)(0.0021)(0.0043)
[SAV/GDP]it–5 0.0036 0.0059 
 (0.0043) (0.0042) 
LNCOMMODPXit0.0352*0.0364*0.0355*0.0359*0.0363*
(0.0200)(0.0202)(0.0196)(0.0202)(0.0196)
POLREGIMEit0.0232***0.0226***0.0219***0.0223***0.0214***
(0.0063)(0.0060)(0.0064)(0.0057)(0.0068)
[AID/GDP]it0.0351***0.03560.0351***0.03640.0357*
(0.0113)(0.0302)(0.0112)(0.0305)(0.0204)
[EXTDEBT/GDP]it−0.0332***−0.0338***−0.0395***−0.0334***−0.0393***
(0.0091)(0.0092)(0.0081)(0.0094)(0.0080)
[FINDEVT/GDP]it−0.0021−0.0013−0.0035−0.0012−0.0038
(0.0051)(0.0052)(0.0055)(0.0050)(0.0053)
INFLit0.0077**0.00500.0091***0.00370.0093***
(0.0036)(0.0057)(0.0032)(0.0056)(0.0033)
EDUit–5  0.0083** 0.0080**
  (0.0036) (0.0035)
[REMIT*SAV/GDP]it–5   0.0011** 
   (0.0005) 
[REMIT*EDU]it–5    0.0086***
    (0.0027)
Constant−0.125*−0.127*−0.125*−0.123*−0.128*
(0.0807)(0.0805)(0.0804)(0.0803)(0.0808)
Observations924924924924924
No. of countries2222222222

Note(s): ***, **, * denote significance at 1, 5 and 10% levels respectively, Values in ( ) are robust standard errors

Source(s): Authors, 2024

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