1. Table 3. Assets of commercial banks (Bank)-economic growth: GMM
Sample of 84countries
72 developing countries
12 developed countries
Variables
Coeff
Constant
-0,569***
-0,537***
-0,571***
(1,93)
(1,89)
(1,90)
GDP {1}
0,044**
0,054**
-0,043**
(2,35)
(2,42)
(2,39)
Bank{1}
0,038*
0,032*
0,029*
(2,97)
(2,86)
(2,85)
INF{1}
-0,054*
-0,055*
-0,058*
(3,79)
(3,97)
(4,10)
OUV{1}
0,008***
-0,003***
0,005***
(1,72)
(1,68)
(1,69)
INVES{1}
0,065*
0,068*
0,072*
(3,72)
(3,83)
(3,99)
GOV{1}
-0,005
-0,009
-0,004
(1,02)
(1,01)
(0,91)
CH{1}
0,085*
0,090*
0,095*
(4,59)
(4,75)
(4,79)
Q (2)a
34,563
27,523
50,990
J-Specificationb
412,466
403,387
400,440 R2
0,595
0,523
0,559
Notes: The dependent variable is the growth rate of GDP per capita. Brackets, the value of t-statistics.
*** Significant at 10% level, ** significant at 5% level, * significant at 1%.
a The Q(2) statistic represents the test for second-order autocorrelation. The values shown in the table are p-values of the Q(2) statistic These values clearly show that a lack of autocorrelation of order 2.
b The values presented in the table represent the p-values of the J-test Specification. These values can widely accept the assumption of validity of the instruments.
Khalil Mhadhbi et al. Financial Development and Economic Growth: A Dynamic Panel Data Analysis. International Journal of Econometrics and Financial Management, 2014, Vol. 2, No. 2, doi: /ijefm-2-2-1
© The Author(s) Published by Science and Education Publishing.