Table 9 Credit to private sector as a percentage of GDP (CRD) and Remittances (REM)

ECM(−1)

−0.0482***

−0.0029

[−4.5344]

[−0.7196]

D(CRD(−1))

−0.0125

−0.0002

[−0.3540]

[−0.0018]

D(CRD(−2))

0.0871***

0.0102

[2.4060]

[0.7315]

D(CRD(−3))

0.0811***

−0.0009

[2.3932]

[−0.0707]

D(CRD(−4))

−0.0128

0.0045

[−0.3950]

[0.3610]

D(REM(−1))

−0.0374

−0.0553

[−0.3700]

[−1.4094]

D(REM(−2))

0.0507*

0.0868**

[0.5019]

[2.2129]

D(REM(−3))

−0.1155

−0.0876**

[−1.1458]

[−2.2414]

D(REM(−4))

−0.0711

0.1278

[−0.6994]

[3.2397]

DLOGGDP

6.7497***

−5.0112

[3.4744]

[−6.6525]

DPCGDP

0.0043***

0.0001

[6.5105]

[0.3918]

INF

−0.1806***

0.0005

[−6.5086]

[0.0469]

FDI

0.0918

0.0645*

[1.34670]

[2.4407]

EXP

−0.02397

−0.0079

[−1.0978]

[−0.9336]

C

2.0198*

0.1848

[2.4196]

[0.5711]

R-squared

0.3820

0.1134

Adj. R-squared

0.3636

0.0934

F-statistic

9.8879

5.6853

Akaike AIC

7.2879

5.3931