Skip to main content

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

From: Do remittances promote financial development in Africa?

Variables D(M2) D(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
  1. Figures in parentheses represent the t statistics.*, ** and *** denote 10, 5 and 1 % significance levels respectively