The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
From: Governance, capital flight and industrialisation in Africa
Dependent variable: industrialisation | ||||||
---|---|---|---|---|---|---|
Political stability | Voice and accountability | Political governance | ||||
Industrialisation (− 1) | 0.875*** | 0.844*** | 0.878*** | 0.910*** | 0.870*** | 0.927*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Constant | 2.395 | 9.548*** | 8.943 | 4.925 | 1.771 | 7.986*** |
(0.370) | (0.000) | (0.121) | (0.122) | (0.423) | (0.000) | |
Political stability (PS) | 1.578 | 5.158*** | – | – | – | – |
(0.315) | (0.000) | |||||
Voice and accountability (VA) | – | – | 8.995* | 6.021 | – | – |
(0.095) | (0.114) | |||||
Political governance (Polgov) | – | – | – | – | 1.632 | 6.684*** |
(0.243) | (0.000) | |||||
Capital flight (− 1)(CapFlight) | − 0.064 | − 0.770*** | − 0.716 | − 0.384 | − 0.046 | − 0.773*** |
(0.776) | (0.002) | (0.231) | (0.261) | (0.844) | (0.000) | |
PolS × CapFlight | − 0.164 | − 0.605*** | – | – | – | – |
(0.274) | (0.000) | |||||
VA × CapFlight | – | – | − 0.941* | − 0.720* | – | – |
(0.051) | (0.065) | |||||
Polgov × CapFlight | – | – | – | – | − 0.182 | − 0.762*** |
(0.203) | (0.000) | |||||
Trade | − 0.001 | 0.001 | − 0.004 | 0.004 | 0.007 | 0.008 |
(0.895) | (0.847) | (0.670) | (0.215) | (0.561) | (0.286) | |
Domestic investment | − 0.020** | − 0.026*** | − 0.019 | − 0.013** | − 0.020 | − 0.017** |
(0.020) | (0.005) | (0.186) | (0.022) | (0.107) | (0.047) | |
Population | – | − 0.020*** | – | − 0.010** | – | − 0.009* |
(0.000) | (0.040) | (0.052) | ||||
Bank efficiency | – | − 0.029*** | – | − 0.031*** | – | − 0.027*** |
(0.000) | (0.000) | (0.000) | ||||
Private credit | – | 0.119*** | – | 0.086*** | – | 0.124*** |
(0.000) | (0.000) | (0.000) | ||||
Net effects of capital flight | na | − 0.376 | na | na | na | − 0.698 |
AR(1) | (0.270) | (0.087) | (0.268) | (0.080) | (0.268) | (0.076) |
AR(2) | (0.292) | (0.167) | (0.291) | (0.274) | (0.290) | (0.167) |
Sargan OIR | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.001) |
Hansen OIR | (0.501) | (0.487) | (0.308) | (0.558) | (0.475) | (0.359) |
DHT for instruments | ||||||
(a) Instruments in levels | (0.251) | (0.771) | (0.782) | (0.478) | (0.472) | (0.975) |
H excluding group | (0.648) | (0.290) | (0.148) | (0.539) | (0.433) | (0.100) |
Dif (null, H = exogenous) | ||||||
(b) IV (years, eq (diff)) | (0.535) | (0.166) | (0.172) | (0.412) | (0.567) | (0.210) |
H excluding group | (0.331) | (1.000) | (0.884) | (0.914) | (0.245) | (1.000) |
Dif (null, H = exogenous) | ||||||
Fisher | 437.17*** | 1542.15*** | 123.47*** | 1126.33*** | 335.04*** | 1092.53*** |
Instruments | 26 | 38 | 26 | 38 | 26 | 38 |
Countries | 35 | 35 | 35 | 35 | 35 | 35 |
Observations | 323 | 307 | 323 | 307 | 323 | 307 |