Delessa Kitessa, Alemu Tekie, Bane Jonse
Department of Economics, Addis Ababa University, Addis Ababa, P.O.Box 1176, Ethiopia.
Heliyon. 2024 Feb 7;10(3):e25690. doi: 10.1016/j.heliyon.2024.e25690. eCollection 2024 Feb 15.
The challenge of achieving "growth" without development in numerous developing countries, particularly within the African region, has instigated a discourse on the effects of institutional quality and the macroeconomic environment on the primary drivers of growth and remittance inflows. This paper seeks to scrutinize the interplay between capital inflow, remittances, and economic growth in Sub-Saharan African (SSA) countries, considering the moderating influence of institutional and macroeconomic stability. Employing a balanced panel data set encompassing 24 countries from 2005 to 2019, this study investigates the hypothesis that the impact of capital inflow on economic growth varies depending on the institutional quality and macroeconomic stability of the recipient countries. The study employs a DOLS panel-based cointegration approach, revealing heterogeneous slope coefficients, as evidenced by the slope homogeneity test. Furthermore, the cross-sectional dependence test indicates that the panels are independent across different sections. All variables are I (1), as affirmed by the CADF and CIPS tests for unit root. The cointegration test conducted by Pedroni, Kao, and Westerlund establishes that the examined variables maintain long-term relationships. The long-run estimated coefficients derived from the regression analysis using DOLS cointegration demonstrate a positive correlation between per capita income and remittance when interacted with macroeconomic policy. Consequently, addressing institutional quality and macroeconomic stability is imperative, as they play a pivotal role in moderating the efficacy of remittance inflows and their impact on the economic growth of the region.
在众多发展中国家，尤其是非洲地区，实现无发展的“增长”这一挑战引发了关于制度质量和宏观经济环境对增长及汇款流入主要驱动因素影响的讨论。本文旨在审视撒哈拉以南非洲（SSA）国家资本流入、汇款与经济增长之间的相互作用，同时考虑制度和宏观经济稳定性的调节作用。本研究采用了一个涵盖2005年至2019年24个国家的平衡面板数据集，来检验资本流入对经济增长的影响是否因受援国的制度质量和宏观经济稳定性而异这一假设。该研究采用基于DOLS面板的协整方法，斜率同质性检验表明存在异质斜率系数。此外，横截面依赖性检验表明各面板在不同截面之间是独立的。如CADF和CIPS单位根检验所证实，所有变量均为I(1)。Pedroni、Kao和Westerlund进行的协整检验表明，所考察的变量保持长期关系。使用DOLS协整进行回归分析得出的长期估计系数表明，人均收入与汇款在与宏观经济政策相互作用时呈正相关。因此，解决制度质量和宏观经济稳定性问题至关重要，因为它们在调节汇款流入的效力及其对该地区经济增长的影响方面发挥着关键作用。
