Table 11 Money supply as a percentage of GDP (M2) and Remittances (REM)

ECM(−1)

−0.0337***

0.0145***

[−4.1134]

[2.9947]

D(M2(−1))

−0.0858**

0.0114

[−2.5515]

[0.5735]

D(M2(−2))

−0.0275

0.0155

[−0.8252]

[0.7831]

D(M2(−3))

−0.0469

0.0089

[−1.4092]

[0.4533]

D(M2(−4))

−0.0508*

0.0075

[−1.4333]

[0.3588]

D(REM(−1))

0.0590

−0.0371

[0.8906]

[−0.9450]

D(REM(−2))

0.0249*

−0.0697**

[0.3758]

[−1.7806]

D(REM(−3))

0.1214**

−0.0726*

[1.8440]

[−1.8648]

D(REM(−4))

0.0373

−0.1129

[0.5628]

[−2.8773]

DLOGGDP

5.6619***

−4.8123***

[4.6214]

[−6.6394]

DPCGDP

0.0049***

0.0006

[11.3663]

[0.2607]

INF

−0.1397***

−0.0024

[−7.7608]

[−0.2203]

FDI

0.1119**

0.0739**

[2.5564]

[2.8554]

EXP

−0.0002

−0.0061

[−0.0173]

[−0.7329]

C

0.8562*

0.1052

[1.5870]

[0.3297]

R-squared

0.3124

0.1213

Adj. R-squared

0.2971

0.1018

F-statistic

20.5712

6.2488

Akaike AIC

6.4159

5.3662