FDI

Africa

Central and West Africa

Constant

23.202***

(0.000)

22.423***

(0.000)

Total Factors Productivity

5.463**

(0.031)

3.551***

(0.000)

Human Capital

−4.322***

(0.006)

−2.845**

(0.012)

D_ICT use

0.591**

(0.012)

0.346

(0.020)

Inflation rate

0.192

(0.037)

0.054*

(0.184)

Observations

250

150

Number of instruments

9

9

AR(1)

0.102

0.219

AR(2)

0.360

0.919

Sargan test

2.03

8.12

Probability test of Sargan

0.730

0.087

Hansen test

2.94

5.34

Probability test of Hansen

0.568

0.254