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Table 10 Bank deposit as a percentage of GDP (BDP) and Remittances (REM)

From: Do remittances promote financial development in Africa?

Variables D(BDP) D(REM)
ECM(−1) −0.0003** 0.0063***
  [−0.1970] [5.1773]
D(BDP(−1)) 0.0220* 0.0071
  [0.6455] [0.2946]
D(BDP(−2)) −0.0271 0.0073
  [−0.7929] [0.3013]
D(BDP(−3)) −0.0284 −0.0160
  [−0.8563] [−0.6820]
D(BDP(−4)) −0.0698* 0.0082*
  [−2.1185] [0.3517]
D(REM(−1)) 0.0035** 0.0268
  [0.0618] [0.6541]
D(REM(−2)) −0.0163 −0.0004
  [−0.2833] [−0.0092]
D(REM(−3)) 0.0876* −0.0248
  [1.5085] [−0.6031]
D(REM(−4)) 0.0280 −0.0732*
  [0.4903] [−1.8035]
DLOGGDP 2.9074** −7.1305**
  [2.3553] [−8.1326]
DPCGDP 0.0052** 0.0007
  [14.9815] [0.2930]
INF −0.1189** 0.0113**
  [−7.0888] [0.9541]
FDI 0.0728 0.1308***
  [1.9207] [4.8545]
EXP −0.0102 −0.0101
  [−0.8287] [−1.1547]
C 0.9604*** 0.0174
  [2.0957] [0.0535]
R-squared 0.3708 0.1995
Adj. R-squared 0.3550 0.1794
F-statistic 23.4953 9.9341
Akaike AIC 5.9610 5.2768
  1. Figures in parentheses represent the t statistics.*, ** and *** denote 10, 5 and 1 % significance levels respectively