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

From: Do remittances promote financial development in Africa?

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