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Table 6 Results from fixed and random effects estimation—higher recipient countries panel estimations—[Higher 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 −0.3017 0.1131 0.1532** 0.1015 0.1122* 0.1429*
  [−1.05] [1.07] [2.00] [0.40] [1.20] [0.74]
(D) LOGGDP −15.3153 −11.9440*** −5.1925* −11.4134 −7.7320** −9.626**
  [−4.32] [‘−3.57] [−1.66] [−1.10] [−2.03] [−2.43]
(D) PCGDP 0.0678*** 0.0015** −0.0017* 0.0039* 0.0018 0.0004
  [17.63] [2.05] [‘−1.66] [0.24] [0.14] [1.98]
INF −0.0383 −0.0746*** −0.0369*** −0.0426* −0.0656*** −0.0787***
  [−1.17] [−6.11] [−4.21] [−1.30] [−5.34] [−7.07]
FDI 0.2153 0.0257 0.0308 −0.2771** 0.0051 0.0254
  [1.63] [0.85] [0.87] [−2.05] [0.01] [0.57]
EXPORTS 0.0636 0.01855 0.0081 0.0311 −0.0047 0.0057
  [1.59] [0.73] [0.76] [0.41] [‘−0.08] [0.42]
Constant 9.8354*** 0.97447 0.8845 30.2127*** 1.4434** 1.4571***
  [6.81] [1.22] [2.29] [6.87] [2.40] [2.97]
R-squared 0.2947 0.3618 0.4035 0.3513 0.5204 0.5025
Number of observations 444 424 444 444 424 444
Number of countries 24 24 24 48 24 48
F-statistic 67.95 13.67 6.56    
Prob (F-statistic) 0.0001 0.0000 0.0000    
Wald chi 2     7.33 38.49 67.81
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