Remittances and economics growth: system GMM estimation with value of remittances
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| ΔlnGDPCit–1 | −0.0169** | −0.0171* | −0.0187** | −0.0174** | −0.0188*** |
| (0.0122) | (0.0124) | (0.0122) | (0.0118) | (0.0120) | |
| LNREMITit–5 | 0.00503*** | 0.00492*** | 0.00478*** | 0.00369** | 0.00501*** |
| (0.00148) | (0.00159) | (0.00157) | (0.00147) | (0.00173) | |
| LNCOMMODPXit | 0.0347* | 0.0346** | 0.0351** | 0.0338** | 0.0354*** |
| (0.0189) | (0.0191) | (0.0189) | (0.0193) | (0.0188) | |
| POLREGIMEit | 0.00154** | 0.00155*** | 0.00143*** | 0.00140** | 0.00143** |
| (0.000643) | (0.000645) | (0.000667) | (0.000651) | (0.000669) | |
| LNAIDit | 0.000358 | 0.000349 | 0.000359 | 0.000370 | 0.000356 |
| (0.000291) | (0.000302) | (0.000289) | (0.000316) | (0.000286) | |
| [EXTDEBT/GDP]it | −0.000289*** | −0.000292*** | −0.000353*** | −0.000291*** | −0.000357*** |
| (0.0000843) | (0.0000829) | (0.0000815) | (0.0000892) | (0.0000819) | |
| [FINDEVT/GDP]it | −0.000577* | −0.000577* | −0.000673* | −0.000522 | −0.000671* |
| (0.000316) | (0.000318) | (0.000358) | (0.000333) | (0.000359) | |
| INFLit | −0.0004.68 | −0.000393 | −0.000613*** | −0.000407 | −0.000608** |
| (0.000326) | (0.000506) | (0.000304) | (0.000482) | (0.000302) | |
| [SAV/GDP]it–5 | 0.00108* | −0.00209* | |||
| (0.000373) | (0.00166) | ||||
| EDUit–5 | 0.000815** | 0.00153* | |||
| (0.000379) | (0.00122) | ||||
| [REMIT*SAV/GDP]it–5 | 0.000112* | ||||
| (0.000101) | |||||
| [REMIT*EDU]it–5 | 0.000449** | ||||
| (0.000109) | |||||
| Constant | −0.203** | −0.198** | −0.199** | −0.174* | −0.204** |
| (0.0894) | (0.0874) | (0.0870) | (0.0904) | (0.0909) | |
| Observations | 966 | 966 | 966 | 966 | 966 |
| No. of countries | 23 | 23 | 23 | 23 | 23 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| ΔlnGDPCit–1 | −0.0169** | −0.0171* | −0.0187** | −0.0174** | −0.0188*** |
| (0.0122) | (0.0124) | (0.0122) | (0.0118) | (0.0120) | |
| LNREMITit–5 | 0.00503*** | 0.00492*** | 0.00478*** | 0.00369** | 0.00501*** |
| (0.00148) | (0.00159) | (0.00157) | (0.00147) | (0.00173) | |
| LNCOMMODPXit | 0.0347* | 0.0346** | 0.0351** | 0.0338** | 0.0354*** |
| (0.0189) | (0.0191) | (0.0189) | (0.0193) | (0.0188) | |
| POLREGIMEit | 0.00154** | 0.00155*** | 0.00143*** | 0.00140** | 0.00143** |
| (0.000643) | (0.000645) | (0.000667) | (0.000651) | (0.000669) | |
| LNAIDit | 0.000358 | 0.000349 | 0.000359 | 0.000370 | 0.000356 |
| (0.000291) | (0.000302) | (0.000289) | (0.000316) | (0.000286) | |
| [EXTDEBT/GDP]it | −0.000289*** | −0.000292*** | −0.000353*** | −0.000291*** | −0.000357*** |
| (0.0000843) | (0.0000829) | (0.0000815) | (0.0000892) | (0.0000819) | |
| [FINDEVT/GDP]it | −0.000577* | −0.000577* | −0.000673* | −0.000522 | −0.000671* |
| (0.000316) | (0.000318) | (0.000358) | (0.000333) | (0.000359) | |
| INFLit | −0.0004.68 | −0.000393 | −0.000613*** | −0.000407 | −0.000608** |
| (0.000326) | (0.000506) | (0.000304) | (0.000482) | (0.000302) | |
| [SAV/GDP]it–5 | 0.00108* | −0.00209* | |||
| (0.000373) | (0.00166) | ||||
| EDUit–5 | 0.000815** | 0.00153* | |||
| (0.000379) | (0.00122) | ||||
| [REMIT*SAV/GDP]it–5 | 0.000112* | ||||
| (0.000101) | |||||
| [REMIT*EDU]it–5 | 0.000449** | ||||
| (0.000109) | |||||
| Constant | −0.203** | −0.198** | −0.199** | −0.174* | −0.204** |
| (0.0894) | (0.0874) | (0.0870) | (0.0904) | (0.0909) | |
| Observations | 966 | 966 | 966 | 966 | 966 |
| No. of countries | 23 | 23 | 23 | 23 | 23 |
Note(s): ***, **, * denote significance at 1, 5 and 10% levels respectively, Values in ( ) are robust standard errors
Source(s): Authors, 2024