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

Asongu, Simplice A.; Nnanna, Joseph; Tchamyou, Vanessa S.

doi:10.1186/s40854-019-0166-9

Financial Innovation

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

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

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