DIR | −0.012 |
−0.002 (0.004) | −0.003 (0.004) | −0.000 (0.004) | 0.001 (0.004) | −0.014 |
−0.002 (0.002) |
GDP | 0.879 |
0.879 |
0.886 |
0.942 |
0.958 |
0.897 |
1.228 |
INF | 0.005 |
0.006 |
0.003 (0.003) | 0.003 (0.003) | 0.009 |
−0.009 |
|
Remittances (REM) | 0.102 |
0.100 |
0.086 |
0.080 |
0.056 |
−0.065 |
|
Foreign aid | 0.013 (0.015) | 0.012 (0.015) | 0.176 |
||||
FDI | −0.057 |
−0.044 |
−0.249 |
||||
Credit | 0.013 (0.036) | ||||||
INST | 0.075 |
||||||
ECT | −0.361 |
−0.430 |
−0.432 |
−0.429 |
−0.443 |
−0.412 |
−0.234 |
DIR | 0.030 |
0.033 (0.023) | 0.030 (0.023) | 0.031 |
0.027 (0.018) | 0.037 (0.024) | 0.031 |
GDP | 1.357 |
1.264 |
1.256 |
1.342 |
1.316 |
1.273 |
1.584 |
INF | −0.006 |
−0.006 |
−0.007 |
−0.008 |
−0.007 |
−0.013 (0.010) | |
REM | 0.219 |
0.220 |
0.180 |
0.202 |
0.277 |
0.290 |
|
AID | 0.021 (0.017) | 0.005 (0.021) | −0.011 (0.031) | ||||
FDI | 0.047 (0.032) | 0.047 (0.040) | 0.102 (0.087) | ||||
Credit | −0.236 (0.164) | ||||||
INST | 0.050 (0.089) | ||||||
357 | 357 | 357 | 357 | 357 | 357 | 357 |
LM ( |
246.6 | 0.0000 |
LM adj |
5.243 | 0.0000 |
LM CD |
6.346 | 0.0000 |
Delta | 7.024 | 0.0000 |
Delta_adj. | 9.137 | 0.0000 |
Delta | 8.429 | 0.0000 |
Delta_adj. | 10.965 | 0.0000 |
Remittances (REM) | −0.134 |
0.065 |
−0.085 |
−0.112 |
−0.109 |
0.049 |
Foreign Aid | 0.166 |
−0.009 (0.018) | 0.194 |
0.220 |
0.183 |
0.004 (0.010) |
FDI | −0.266 |
−0.035 |
−0.212 |
−0.247 |
−0.291 |
−0.060 |
DIR | −0.006 |
0.003 (0.004) | 0.004 |
0.005 |
−0.005 |
0.007 |
Inflation | −0.003 (0.003) | −0.001 (0.003) | −0.015 |
−0.017 |
−0.002 (0.003) | −0.001 (0.003) |
GDP | 1.273 |
0.936 |
1.224 |
1.255 |
1.298 |
1.023 |
CC | 0.005 |
0.000 (0.001) | ||||
REM × CORR | −0.037 |
|||||
PS) | 0.208 |
0.242 |
||||
REM × PS | −0.080 (0.049) | |||||
RQ | 0.206 |
−0.058 (0.057) | ||||
REM × RQ | −0.084 |
|||||
ECT | −0.236 |
−0.442 |
−0.209 |
−0.190 |
−0.205 |
−0.486 |
Remittances (REM) | 0.235 |
0.317 |
0.230 |
0.216 |
0.218 |
0.173 |
Foreign Aid | −0.032 (0.041) | −0.007 (0.030) | −0.002 (0.020) | −0.001 (0.020) | −0.017 (0.023) | 0.003 (0.018) |
FDI | 0.090 (0.077) | 0.053 (0.055) | 0.067 (0.056) | 0.069 (0.058) | 0.085 (0.076) | 0.051 (0.056) |
DIR | 0.036 |
0.030 (0.023) | 0.029 |
0.029 |
0.028 |
0.022 |
Inflation | −0.009 (0.006) | −0.009 |
−0.008 (0.007) | −0.008 (0.007) | −0.005 (0.006) | −0.006 (0.004) |
GDP | 1.523 |
1.270 |
1.702 |
1.819 |
1.660 |
1.315 |
CC | 0.002 (0.004) | 0.003 (0.005) | ||||
REM × CC | 0.223 |
|||||
PS | −0.034 (0.103) | −0.218 (0.297) | ||||
REM × PS | −0.037 (0.079) | |||||
RQ | 0.081 (0.176) | −0.194 (0.168) | ||||
REM × RQ | −0.067 (0.083) |
Modified DF t | −7.5867 | 0.0000 |
DF t | −5.7238 | 0.0000 |
Augmented DF t (McCoskey and Kao (1998) | −3.8749 | 0.0001 |
Unadjusted modified DF | −8.9975 | 0.0000 |
Unadjusted DF t | −6.0623 | 0.0000 |
Modified Phillips–Perron t | 4.7103 | 0.000 |
Phillips-Perron t | −1.8689 | 0.0308 |
Augmented DF t | −1.2168 | 0.1118 |
Remittances (REM) | 0.010 (0.027) | 0.036 (0.029) | −0.033 (0.029) | −0.086 |
0.088 |
0.088 |
Foreign Aid | 0.082 |
0.071 |
0.018 |
0.021 |
0.020 (0.015) | 0.007 (0.013) |
FDI | −0.155 |
−0.126 |
−0.153 |
−0.134 |
−0.023 (0.020) | −0.036 |
DIR | −0.000 (0.003) | −0.002 (0.003) | 0.002 (0.004) | 0.005 (0.004) | 0.000 (0.003) | 0.002 (0.003) |
IR | 0.001 (0.003) | 0.002 (0.003) | 0.004 (0.003) | 0.009 |
0.005 |
0.001 (0.003) |
GDP | 1.112 |
1.049 |
1.147 |
1.244 |
0.943 |
0.928 |
RL | 0.013 |
0.014 |
||||
REM × RL | −0.020 (0.019) | |||||
GE | −0.338 |
−0.484 |
||||
REM × GE | 0.006 (0.028) | |||||
VA | 0.036 (0.063) | 0.021 (0.063) | ||||
REM × VA | −0.070 |
|||||
ECT | −0.370 |
−0.383 |
−0.408 |
−0.400 |
−0.459 |
−0.486 |
Remittances (REM) | 0.223 |
0.103 (0.127) | 0.178 |
0.181 |
0.263 |
0.335 |
Foreign Aid | −0.016 (0.030) | −0.016 (0.031) | 0.009 (0.029) | 0.017 (0.027) | 0.006 (0.020) | 0.003 (0.017) |
FDI | 0.077 (0.070) | 0.065 (0.066) | 0.084 (0.061) | 0.074 (0.055) | 0.040 (0.039) | 0.031 (0.045) |
DIR | 0.034 |
0.031 (0.020) | 0.039 |
0.038 |
0.028 (0.020) | 0.030 (0.021) |
IR | −0.011 |
−0.011 |
−0.009 |
−0.012 |
−0.008 |
−0.007 |
GDP | 1.568 |
1.574 |
1.476 |
1.544 |
1.192 |
1.386 |
RL | 0.002 (0.006) | 0.001 (0.006) | ||||
REM × RL | −0.188 |
|||||
GE | 0.177 (0.143) | −0.207 (0.241) | ||||
REM × GE | 0.085 (0.131) | |||||
VA | 0.178 |
0.018 (0.210) | ||||
REM × VA | −0.162 (0.131) |
GS (billion $)) | 38.37 | 79.29 | 4.11 | 3.07 | 12.82 |
Remittances (billion $) | 2.54 | 5.22 | 0.27 | 3.93 | 19.08 |
AID (billion $) | 0.32 | 0.34 | 0.02 | 2.20 | 12.27 |
FDI (billion $) | 6.94 | 14.61 | 0.76 | 3.73 | 19.04 |
DIR (%) | 7.29 | 5.76 | 0.30 | 1.65 | 6.82 |
Credit (trillion $) | 19.74 | 65.33 | 3.38 | 5.28 | 34.65 |
Inflation | 6.11 | 5.15 | 0.27 | 3.24 | 22.42 |
GDP (billion $) | 205.66 | 430.33 | 22.25 | 3.25 | 14.47 |
PR | 2.52 | 1.20 | 0.06 | 0.73 | 3.57 |
CL | 2.83 | 1.06 | 0.05 | 0.37 | 3.13 |
Institutional quality | −0.22 | 0.53 | 0.03 | 0.80 | 4.00 |
Corruption | −0.38 | 0.63 | 0.03 | 1.27 | 4.93 |
GE | −0.27 | 0.60 | 0.03 | 0.12 | 4.10 |
PS | −0.32 | 0.60 | 0.03 | −0.43 | 3.54 |
RQ | −0.05 | 0.59 | 0.03 | 0.55 | 3.36 |
RL | −0.45 | 0.62 | 0.03 | 1.18 | 4.53 |
VA | 0.14 | 0.51 | 0.03 | 0.05 | 2.73 |
Inward remittances | Gt | −2.917 | −2.879 | 0.002 |
Ga | −16.403 | −2.793 | 0.003 |
|
Pt | −11.065 | −2.741 | 0.003 |
|
Pa | −14.969 | −4.152 | 0.000 |
|
FDI | Gt | −2.901 | −2.80 | 0.003 |
Ga | − 21.476 | −5.937 | 0.000 |
|
Pt | −10.784 | −2.414 | 0.008 |
|
Pa | −15.976 | −4.847 | 0.000 |
|
Foreign aid | Gt | −2.658 | −1.549 | 0.061 |
Ga | −16.466 | −2.831 | 0.002 |
|
Pt | −10.490 | −2.072 | 0.019 |
|
Pa | −13.870 | −3.394 | 0.000 |
|
DIR | Gt | −2.796 | −2.257 | 0.012 |
Ga | −17.132 | −3.244 | 0.001 |
|
Pt | −12.307 | −4.188 | 0.000 |
|
Pa | −16.571 | −5.258 | 0.000 |
|
Inflation | Gt | −2.442 | −0.443 | 0.329 |
Ga | −16.184 | −2.657 | 0.004 |
|
Pt | −9.717 | −1.171 | 0.121 | |
Pa | −13.221 | −2.946 | 0.002 |
|
GDP | Gt | −3.234 | −4.507 | 0.000 |
Ga | −13.383 | 0.921 | 0.179 | |
Pt | −10.895 | −2.544 | 0.006 |
|
Pa | −13.402 | −3.070 | 0.001 |
|
Governance quality | Gt | −2.699 | −1.759 | 0.039 |
Ga | −17.735 | −3.618 | 0.000 |
|
Pt | −10.464 | −2.041 | 0.021 |
|
Pa | −13.557 | −3.178 | 0.001 |
|
FD | Gt | −2.969 | −3.146 | 0.001 |
Ga | −11.525 | 0.231 | 0.591 | |
Pt | −11.139 | −2.828 | 0.002 |
|
Pa | −11.076 | −1.465 | 0.071 |
|
PR | Gt | −2.948 | −3.040 | 0.001 |
Ga | −17.790 | −3.652 | 0.000 |
|
Pt | −11.395 | −3.126 | 0.001 |
|
Pa | −14.642 | −3.926 | 0.000 |
|
CL | Gt | −3.044 | −3.532 | 0.000 |
Ga | −17.083 | −3.214 | 0.001 |
|
Pt | −10.286 | −1.834 | 0.033 |
|
Pa | −12.651 | −2.552 | 0.005 |
Inward Remittances (REM) | −0.065 |
0.014 (0.030) | 0.084 |
0.060 (0.037) | 0.150 |
0.331 |
0.047 |
0.084 |
Foreign Aid | 0.176 |
−0.032 |
0.021 (0.017) | −0.101 |
−0.005 (0.011) | 0.242 |
0.063 |
0.012 (0.019) |
Inward FDI | −0.249 |
−0.098 |
−0.040 |
0.079 |
−0.070 |
−0.399 |
−0.089 |
−0.083 |
DIRs | −0.002 (0.002) | 0.003 (0.005) | 0.000 (0.004) | −0.028 |
−0.002 (0.004) | −0.007 |
−0.007 |
−0.002 (0.003) |
Inflation | −0.009 |
−0.007 |
0.006 |
−0.003 (0.005) | −0.003 (0.004) | 0.003 (0.004) | 0.004 (0.003) | −0.000 (0.003) |
GDP | 1.228 |
1.006 |
1.010 |
0.692 |
0.803 |
1.394 |
1.143 |
1.080 |
Governance Quality (INST) | 0.075 |
−0.092 |
||||||
REM × INST | −0.013 |
|||||||
PR | −0.031 (0.047) | 0.196 |
||||||
REM × PR | 0.061 |
|||||||
CL | 0.278 |
0.541 |
||||||
REM × CL | −0.746 |
|||||||
FC | −0.173 |
−0.206 |
||||||
REM × FC | 0.036 |
|||||||
ECT | −0.234 |
−0.406 |
−0.444 |
−0.361 |
−0.368 |
−0.142 |
−0.399 |
−0.440 |
Inward Remittances (REM) | 0.290 |
0.272 |
0.246 |
0.449 |
0.205 |
−1.557 |
0.168 |
0.091 (0.097) |
Foreign Aid | −0.011 (0.031) | 0.014 (0.027) | 0.002 (0.021) | −0.000 (0.017) | 0.003 (0.022) | −0.004 (0.022) | 0.001 (0.022) | 0.015 (0.018) |
Inward FDI | 0.102 (0.087) | 0.072 (0.084) | 0.056 (0.048) | 0.013 (0.052) | 0.052 (0.053) | 0.052 (0.067) | 0.051 (0.042) | 0.038 (0.037) |
DIRs | 0.031 |
0.029 (0.018) | 0.024 (0.018) | 0.034 |
0.021 (0.018) | 0.022 (0.014) | 0.036 |
0.039 |
Inflation | −0.013 (0.010) | −0.013 (0.010) | −0.009 |
−0.004 (0.003) | −0.006 |
−0.010 |
−0.005 |
−0.003 (0.003) |
GDP | 1.584 |
1.575 |
1.189 |
1.344 |
1.446 |
1.776 |
1.402 |
1.470 |
Governance Quality (INST) | 0.050 (0.089) | 0.025 (0.122) | ||||||
REM × INST | −0.009 (0.053) | |||||||
PR | −0.072 (0.096) | −0.659 (0.490) | ||||||
REM × PR | −0.246 (0.229) | |||||||
CL | −0.264 |
4.734 (4.273) | ||||||
REM × CL | 2.129 |
|||||||
FC | 0.054 (0.039) | 0.195 (0.206) | ||||||
REM × FC | 0.049 (0.150) |
1985 | 32.8 | – | – | 15 | 18 | 1.99 | 23.7 | 19.2 | 0.39 | 19.1 | – | – | 27.7 | 26.2 | 0.69 |
1986 | 33.2 | – | – | 14.6 | 16.9 | 1.81 | 21.2 | 17.0 | 0.44 | 15.2 | – | – | 28.8 | 27.2 | 0.68 |
1995 | 34.8 | – | 0.19 | 23.7 | 25.9 | 2.1 | 19.4 | 17.1 | 0.74 | 27.6 | 25.8 | – | 23.0 | 22.5 | 0.96 |
1996 | 34.4 | 34 | 0.22 | 23.3 | 25.8 | 2.36 | 19.5 | 16.9 | 0.68 | 29.9 | 27.0 | – | 21.9 | 21.1 | 0.85 |
1997 | 34.5 | 34.4 | 0.29 | 23.1 | 26.3 | 2.66 | 19.7 | 17.6 | 0.66 | 29.5 | 26.4 | – | 21.8 | 21.9 | 1.08 |
2005 | 34.6 | 35.2 | 0.37 | 28.9 | 33.2 | 3.28 | 22.6 | 20.3 | 1.81 | 41.0 | 39.5 | 1.95 | 23.7 | 22.9 | 2.91 |
2006 | 35.4 | 36.4 | 0.39 | 30.1 | 34.5 | 3.57 | 23.2 | 21.0 | 1.91 | 41.8 | 40.8 | 1.82 | 26.8 | 27.0 | 2.86 |
2007 | 36.3 | 37.5 | 0.42 | 30.4 | 35.1 | 3.62 | 23.1 | 22.2 | 1.73 | 41.5 | 40.7 | 1.92 | 22.5 | 21.5 | 2.74 |
2010 | 36.1 | 36.9 | 0.42 | 30.3 | 34.6 | 3.98 | 22.1 | 20.6 | 1.1 | 40.4 | – | 1.67 | 22.4 | 20.8 | 2.4 |
2015 | 34.4 | 35.4 | 0.58 | 27.5 | 31.8 | 4.36 | 18.4 | 17.2 | 1.4 | 31.2 | – | 1.94 | 18.2 | 17.7 | 2.59 |
2016 | 34.2 | 35.0 | 0.53 | 27.3 | 31 | 3.79 | 18.4 | 16.9 | 1.5 | 30.5 | – | 1.91 | 18.1 | 17.4 | 2.48 |
2017 | 34.8 | 35.8 | 0.49 | 27 | 30.3 | 3.5 | 18.5 | 17.5 | 1.5 | 31.6 | – | 2.09 | 19.0 | 18.3 | 2.54 |
2018 | 34.6 | 35.5 | 0.46 | 26.4 | 29.9 | 3.82 | 18.7 | 17.6 | 1.7 | 32.3 | – | 2.2 | 18.2 | 17.6 | 2.84 |
Argentina | −0.977 |
−0.004 | 0.021 | 0.058 | −0.002 | −0.028 |
−0.057 |
Belize | −0.074 | 0.374 | −0.044 | 0.042 | 0.090 | −0.017 | 5.814 |
Bolivia | −0.521 |
0.161 |
−0.074 | −0.001 | 0.001 | −0.009 | 2.627 |
Brazil | −0.308 |
0.224 |
0.076 |
−0.036 | −0.012 |
0.000 | 1.027 |
Chile | −0.087 | 0.015 | −0.005 | −0.009 | −0.012 |
0.004 | 1.285 |
Colombia | −0.158 |
−0.043 | 0.007 | 0.018 | −0.004 | 0.006 | 0.916 |
Costa Rica | −0.516 |
−0.004 | 0.023 | −0.079 | 0.010 | −0.004 | 1.078 |
Dominican Republic | −0.361 |
1.050 |
0.014 | 0.006 | −0.003 | −0.002 | 0.276 |
Guatemala | −0.433 |
0.367 |
−0.007 | 0.030 |
0.004 | −0.020 |
0.630 |
Guyana | −0.98 |
0.776 | −0.205 | 0.674 |
0.289 | −0.045 | 0.581 |
Haiti | −0.676 |
0.164 | −0.000 | 0.024 | 0.026 |
−0.002 | 0.425 |
Honduras | −0.473 |
0.177 | 0.182 |
0.019 | −0.037 | 0.000 | 1.534 |
Mexico | −0.796 |
−0.215 |
−0.010 | −0.029 | 0.009 | −0.005 | 0.453 |
Nicaragua | 0.048 | 0.814 |
0.158 |
0.051 | −0.028 | −0.003 | 2.007 |
Panama | −0.251 |
−0.078 |
−0.016 | −0.013 | 0.076 |
0.012 | 1.583 |
Paraguay | −0.590 |
−0.209 |
−0.031 | 0.004 | 0.027 |
−0.005 | 0.873 |
Peru | −0.360 |
−0.133 | 0.001 | 0.031 |
0.033 |
−0.011 |
1.321 |
N=357 | 0.080 |
0.012 | −0.044 |
0.001 | 0.003 | 0.958 |
MW test |
MW test |
CADF test |
CADF test |
|
REM | 62.99 |
35.53 | −1.885 | −2.574 |
ΔREM | 196.96 |
172.9 |
−3.926 |
−3.945 |
AID | 138.49 |
152.9 |
−3.36 |
−3.97 |
ΔAID | 733.15 |
613.58 |
−5.64 |
−5.54 |
FDI | 54.53 |
72.11 |
−2.86 |
−3.23 |
ΔFDI | 439.49 |
348.9 |
−5.33 |
−5.35 |
DIR | 54.00 |
18.9 | −2.26 |
−2.25 |
ΔDIR | 226.91 |
194.31 |
−3.68 |
−3.86 |
INF | 145.31 |
134.29 |
−2.81 |
−2.71 |
ΔINF | 488.03 |
402.33 |
−4.69 |
−4.79 |
GDP | 12.61 | 14.76 | −2.62 |
−2.62 |
ΔGDP | 150.4 |
108.85 |
−3.83 |
−3.92 |
INST | 34.76 | 77.89 |
−1.96 | −2.96 |
ΔINST | 358.02 |
302.19 |
−4.39 |
− 4.41 |
Credit | 25.84 | 12.99 | −1.33 | −1.98 |
Δcredit | 194.12 |
183.35 |
−3.61 |
−4.01 |
CC | 54.00 |
39.37 | −2.34 |
−2.67 |
ΔCC | 371.13 |
317.23 |
−4.54 |
−4.71 |
PS | 52.01 |
55.99 |
−2.26 |
−3.23 |
ΔPS | 383.63 |
305.27 |
−5.00 |
−5.06 |
RQ | 49.21 |
440.96 |
−2.26 |
−2.73 |
ΔRQ | 46.86 |
364.06 |
−4.63 |
−4.65 |
RL | 49.95 |
47.12 |
−1.85 | −2.49 |
ΔRL | 278.29 |
231.07 |
−3.96 |
−3.99 |
GE | 53.5 |
46.11 |
−2.07 |
−2.56 |
ΔGE | 336.32 |
263.68 |
−4.28 |
−4.24 |
VA | 69.27 |
62.48 |
−1.62 | −2.25 |
ΔVA | 335.34 |
267.89 |
−4.29 |
−4.44 |
POLRIGHTS | 75.33 |
65.25 |
−1.81 | −2.22 |
ΔPOLRIGHTS | 383.95 |
320.25 |
− 3.97 |
− 4.27 |
CIVLIB | 40.91 | 21.81 | −1.16 | −1.59 |
ΔCIVLIB | 244.03 |
206.64 |
−2.79 |
− 2.98 |
GS | 8.319 | 27.27 | −2.51 |
−2.92 |
ΔGS | 269.45 |
198.02 |
−4.83 |
− 4.84 |
Remittances | 48.1 | 0.000 | 0.912 | 0.912 |
Foreign aid | 8.01 | 0.000 | 0.154 | 0.281 |
FDI | 30.9 | 0.000 | 0.564 | 0.569 |
DIR | 28.94 | 0.000 | 0.529 | 0.592 |
Inflation | 13.85 | 0.000 | 0.253 | 0.353 |
GDP | 51.21 | 0.000 | 0.936 | 0.936 |
Credit | 52.1 | 0.000 | 0.952 | 0.952 |
Institutional quality index (INST) | 8.01 | 0.000 | 0.146 | 0.337 |
PS index | 6.15 | 0.000 | 0.112 | 0.358 |
RQ index | 9.97 | 0.000 | 0.182 | 0.399 |
GE index | 6.62 | 0.000 | 0.123 | 0.428 |
CC index | 0.82 | 0.413 | 0.015 | 0.317 |
RL index | −1.52 | 0.127 | −0.028 | 0.340 |
Change in VA index | 5.54 | 0.000 | 0.104 | 0.294 |
Remittances (REM) | 0.789 |
0.559 |
0.830 |
Foreign aid (AID) | −0.175 |
−0.082 |
−0.112 |
FDI | 0.015 (0.026) | 0.269 |
0.112 |
DIR | −0.018 |
−0.033 |
−0.047 |
Inflation rate (INF) | 0.011 |
0.023 |
−0.011 (0.008) |
GDP | 0.117 |
0.108 |
0.065 |
REM × AID | 0.051 |
||
REM × FDI | 0.098 |
||
REM × INF | −0.0425 |
||
ECT | −0.233 |
−0.252 |
−0.248 |
Remittances | 0.002 (0.163) | 0.292 |
0.066 (0.127) |
Foreign aid | 0.086 (0.066) | 0.024 (0.021) | 0.042 |
Inward FDI | 0.030 (0.035) | 0.125 (0.096) | 0.015 (0.025) |
DIR | 0.025 |
0.034 (0.024) | 0.016 (0.011) |
IR | −0.012 |
−0.010 |
−0.073 (0.054) |
GDP | 0.009 |
0.006 (0.004) | 0.011 |
REM × AID | −0.069 (0.056) | ||
REM × FDI | −0.036 (0.053) | ||
REM × INF | −0.008 (0.022) | ||
Observations | 357 | 357 | 357 |
GS | GS (current $US) | World Bank WDI |
Remittances (REM) | Personal Remittances ($US). Personal remittances comprise personal transfers and compensation of employees. | World Bank WDI |
DIR | DIR. | World Bank WDI |
Inflation (INF) | IR, Consumer Price Index (annual) | World Bank WDI |
GDP | GDP per capita (current $US) | World Bank WDI |
Foreign aid (AID) | Foreign Aid (current $US) | World Bank |
Institutional quality (INST) | Governance quality indices, including RL, RQ, GE, VA, and CC. |
World Bank WGI Freedom House |
FDI | FDI (current $US) | World Bank WDI |
FD | Domestic credit provided by banking sector (current $US) | World Bank WDI |
FC dummy | FC of 2007 onward | NA |
(1) DIR | 1.000 | |||||||
(2) GDP | −0.085 | 1.000 | ||||||
(3) INF | 0.484 | −0.205 | 1.000 | |||||
(4) Credit | 0.055 | 0.447 | 0.075 | 1.000 | ||||
(5) REM | −0.061 | 0.146 | 0.105 | 0.283 | 1.000 | |||
(6) AID | −0.130 | −0.330 | −0.022 | 0.129 | 0.542 | 1.000 | ||
(7) FDI | 0.112 | 0.740 | −0.041 | 0.537 | 0.454 | 0.148 | 1.000 | |
(8) INS | 0.006 | 0.647 | −0.206 | 0.272 | −0.393 | −0.483 | 0.454 | 1.000 |
EAP | 96 | 128 | 134 | 143 |
Europe and Central Asia | 38 | 44 | 53 | 58 |
Latin America and the Caribbean | 56 | 73 | 81 | 88 |
MENA | 39 | 51 | 57 | 58 |
South Asia | 82 | 111 | 117 | 132 |
SSA | 32 | 38 | 42 | 47 |
EAP | 19.9 | –0.5 | 5.1 | 6.8 |
Europe and Central Asia | 5.6 | 0.1 | 22.3 | 8.4 |
Latin America and the Caribbean | 2.5 | 7.4 | 10.8 | 9.6 |
MENA | 18.2 | –1.2 | 12.1 | 1.6 |
South Asia | 9.4 | –5.9 | 5.8 | 12.7 |
SSA | 11.1 | –9.9 | 9.4 | 10.7 |
EAP | 0.4 | 0.5 | 0.5 | 0.5 |
Europe and Central Asia | 0.6 | 0.8 | 0.8 | 0.8 |
Latin America and the Caribbean | 1.1 | 1.5 | 1.5 | 1.7 |
MENA | 1.7 | 1.9 | 2.1 | 2.2 |
South Asia | 4 | 3.8 | 3.5 | 3.8 |
SSA | 2.4 | 2.5 | 2.5 | 2.8 |