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) |
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