HDI as dependent varaible

System Gmm

Within Group

Ordinary Least Squares

Lagged HDI

0.620***

(0.000)

0.603***

(0.000)

0.859***

(0.000)

Aid as a ratio of GNI

−0.045**

(0.007)

−0.010

(0.365)

−0.017

(0.47)

Aid * institutional quality

0.011**

(0.027)

0.003

(0.513)

0.004

(0.152)

Private consumption

−0.635***

(0.000)

−0.555**

(0.018)

−0.241***

(0.000)

IMF

0.175

(0.438)

0.037

(0.367)

0.002

(0.801)

Financial development

−0.041***

(0.008)

0.001

(0.960)

−0.020***

(0.000)

Population growth

0.006

(0.805)

0.011**

(0.584)

0.020

(0.346)

Constant

6.166***

(0.000)

4.403***

(0.001)

2.550***

(0.000)

Sargan test (P-value)

(0.155)

Sigma_u (0.2170)

R-squared = 0.96

Hansen Test

(0.743)

Sigma_e (0.1016)

Adj R-squared = 0.96

Arellano Bond AR (1) Test

(0.047)*

Rho (0.8200)

Root MSE = 0.127

Arellano Bond AR (1) Test

(0.227)