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Table 5 Results from fixed and random effects estimation—all countries panel estimations—[All recipient countries]

From: Do remittances promote financial development in Africa?

Dependent variables Fixed effects Random effects
CRD (D)BDP (D)M2 CRD (D)BDP (D)M2
Independent variables
(D) REM −0.0617* 0.1131 0.0686** −0.3203* 0.0989 0.1150**
  [−1.95] [1.07] [0.08] [−1.96] [1.04] [1.98]
(D) LOGGDP −9.1839 −11.944*** −12.6366*** −16.9781 −11.8468*** −3.5986*
  [−2.50] [‘−3.57] [−4.11] [−1.52] [−3.63] [−1.77]
(D) PCGDP 0.0061** 0.0015** 0.0012*** 0.0062 0.0015*** 0.0012***
  [0.69] [2.05] [0.12] [0.24] [1.98] [1.98]
INF −0.0694* −0.0746*** 0.0765*** −0.0677* −0.0662** −0.0389***
  [−0.13] [−6.11] [−7.22] [−1.75] [−5.94] [−6.77]
FDI −0.3341*** 0.0257 0.0195* −0.3051*** 0.03504 0.0322**
  [−3.38] [0.85] [0.71] [−3.12] [1.33] [2.40]
EXPORTS −0.0477 0.018558 0.0625** −0.0606 0.0047 0.0019
  [−0.57] [0.73] [2.71] [−0.80] [0.25] [0.30]
Constant 35.0054*** 0.97447 −0.1071 37.6569*** 1.4235* 0.8636***
  [13.28] [1.22] [−0.15] [6.45] [1.84] [3.59]
R-squared 0.2142 0.4618 0.4935 0.2513 0.4704 0.5025
Number of observations 716 691 718 716 691 718
Number of countries 48 48 48 48 48 48
F-statistic 12.01 9.89 15.09    
Prob (F-statistic) 0.0001 0.0000 0.0000    
Wald chi 2     27.56 18.13 12.77
Prob > chi 2     0.0001 0.0000 0.0000
  1. Absolute values of t-statistics are in brackets []. The symbol *, **, and *** denote significance at the 10, 5, and 1 % levels, respectively