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Table 10 Correlation matrices

From: The comparative African regional economics of globalization in financial allocation efficiency: the pre-crisis era revisited

  Imports Exports Trade FDI PCF Finopex Globex GDPg Pub. Ivt Inflation Aid BcBd FcFd
Panel A: UEMOA
Imports 1.000             
Exports 0.520 1.000            
Trade 0.810 0.862 1.000           
FDI 0.313 0.290 0.375 1.000          
PCF 0.286 0.273 0.329 0.867 1.000         
Finopex 0.310 0.292 0.364 0.965 0.967 1.000        
Globex 0.661 0.699 0.773 0.831 0.819 0.854 1.000       
GDPg 0.099 −0.156 −0.010 0.203 0.167 0.191 0.092 1.000      
Pub. Ivt 0.105 −0.290 −0.168 0.081 0.047 0.066 −0.034 0.002 1.000     
Inflation 0.225 0.130 0.252 −0.030 −0.045 − 0.039 0.089 − 0.059 0.129 1.000    
Aid −0.211 −0.627 − 0.566 −0.156 − 0.149 −0.158 − 0.391 0.265 0.236 0.124 1.000   
BcBd 0.245 0.325 0.235 −0.208 −0.149 −0.184 0.061 −0.361 0.061 0.052 −0.356 1.000  
FcFd 0.243 0.344 0.241 −0.233 − 0.182 − 0.215 0.047 −0.400 0.048 0.094 −0.334 0.985 1.000
Panel B: CEMAC
Imports 1.000             
Exports 0.878 1.000            
Trade 0.935 0.967 1.000           
FDI 0.383 0.355 0.457 1.000          
PCF 0.395 0.369 0.473 0.994 1.000         
Finopex 0.390 0.363 0.466 0.998 0.998 1.000        
Globex 0.799 0.801 0.865 0.834 0.842 0.839 1.000       
GDPg 0.177 0.179 0.206 −0.015 0.004 − 0.005 0.104 1.000      
Pub. Ivt 0.703 0.651 0.689 0.328 0.368 0.348 0.620 0.163 1.000     
Inflation 0.022 0.005 0.0007 −0.028 − 0.033 − 0.030 − 0.011 0.073 − 0.014 1.000    
Aid 0.060 −0.088 −0.008 0.093 0.078 0.085 0.032 0.219 0.0008 0.235 1.000   
BcBd −0.076 −0.278 −0.279 − 0.241 −0.249 − 0.245 −0.274 − 0.457 − 0.080 − 0.135 −0.024 1.000  
FcFd −0.164 −0.317 − 0.347 −0.285 − 0.299 −0.292 − 0.337 −0.493 − 0.1264 −0.114 − 0.014 0.925 1.000
Panel C: COMESA  
Imports 1.000             
Exports 0.944 1.000            
Trade 0.979 0.985 1.000           
FDI 0.221 0.241 0.235 1.000          
PCF 0.214 0.234 0.229 0.980 1.000         
Finopex 0.218 0.238 0.233 0.995 0.995 1.000        
Globex 0.772 0.784 0.787 0.778 0.774 0.780 1.000       
GDPg 0.114 0.116 0.130 0.244 0.245 0.246 0.230 1.000      
Pub. Ivt 0.165 0.082 0.133 −0.043 −0.033 − 0.038 0.056 −0.083 1.000     
Inflation −0.225 0.199 −0.212 − 0.107 − 0.103 −0.106 − 0.205 −0.070 −0.230 1.000    
Aid −0.317 − 0.464 −0.408 − 0.106 −0.091 − 0.099 −0.317 − 0.157 0.372 − 0.001 1.000   
BcBd 0.056 0.036 0.043 −0.256 −0.264 − 0.261 −0.135 − 0.205 −0.205 0.087 −0.058 1.000  
FcFd −0.032 −0.079 − 0.062 −0.282 − 0.288 −0.286 − 0.217 −0.238 0.191 −0.305 0.087 0.899 1.000
Panel D: EAC  
Imports 1.000             
Exports 0.567 1.000            
Trade 0.857 0.879 1.000           
FDI −0.311 −0.258 −0.328 1.000          
PCF −0.319 −0.283 −0.349 0.996 1.000         
Finopex −0.316 −0.271 −0.339 0.999 0.999 1.000        
Globex −0.689 −0.679 −0.768 0.848 0.859 0.854 1.000       
GDPg −0.397 −0.424 −0.421 0.549 0.558 0.554 0.628 1.000      
Pub. Ivt 0.204 0.033 0.149 −0.397 −0.378 −0.388 − 0.331 −0.278 1.000     
Inflation 0.409 0.191 0.335 −0.413 −0.406 −0.410 − 0.457 −0.425 0.499 1.000    
Aid 0.040 −0.502 − 0.274 0.074 0.111 0.093 0.218 0.091 0.544 0.493 1.000   
BcBd 0.358 0.295 0.403 −0.712 −0.719 −0.716 − 0.683 −0.344 0.483 0.318 −0.135 1.000  
FcFd 0.393 0.267 0.420 −0.617 − 0.624 −0.621 − 0.620 −0.317 0.521 0.346 −0.057 0.942 1.000
  1. Imports: Imports of Goods and Services. Exports: Exports of Goods and Services. Trade: Imports plus Exports of Goods and Services. FDI: Foreign Direct Investment. PCF: Private Capital Flows. Finopex: Financial Openness Index. Globex: Globalisation Index. GDPg: Gross Domestic Product Growth rate. Pub. Ivt: Public Investment. Aid: Foreign Aid or Development Assistance. BcBd: Banking system credit on banking system deposits for Banking System Efficiency. FcFd: Financial system credit on financial system deposits for Financial System Efficiency. UEMOA: West African Economic and Monetary Union. CEMAC: Central African Economic and Monetary Community. COMESA: Common Markets for Eastern and Southern Africa. EAC: East African Community