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Table 12 Regressions results for UEMOA and CEMAC (Economic and Monetary Regions)

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

Regions UEMOA CEMAC
Estimated Parameters Main Models (Banking System Efficiency) Robustness tests (Financial System Efficiency) Main Models (Banking System Efficiency) Robustness tests(Financial System Efficiency)
Model 1 Model 2 Model 3 Model 4 Model1* Model2* Model3* Model4* Model 1 Model 2 Model 3 Model 4 Model1* Model2* Model3* Model4*
Constant 0.945*** 1.106*** 1.52*** 1.23*** 0.632*** 0.544*** 1.51*** 1.36*** 0.90*** 0.90*** 0.93*** 0.78*** 1.01*** 1.02*** 1.03*** 0.86***
(3.947) (4.508) (25.01) (22.73) (4.328) (4.100) (30.40) (29.41) (16.09) (17.08) (17.84) (20.37) (14.57) (14.21) (14.98) (17.90)
FDIgdp −0.025 0.009 0.011 0.006
  (− 0.559)     (0.298)     (1.324)     (0.801)   
a FDIgdp 0.025 0.023 − 0.023** − 0.015*
  (0.385)     (0.580)     (−2.528)     (−1.759)   
PCFgdp −0.029 − 0.008 0.017* 0.011
(− 0.698)     (−0.242)     (1.990)     (1.420)    
a PCFgdp 0.059 0.042 − 0,02*** − 0.022**
(1.036)     (1.046)     (−2.732)     (−2.489)    
Finop − 0.041 0.009 0.079* 0.035
   (− 0.895)     (0.216)     (1.945)     (0.894)  
a Finop 0.093 0.049 − 0.15*** − 0.113**
   (1.483)     (0.939)     (−3.338)     (−2.412)  
Igdp 0.020*** 0.029*** − 0.006 − 0.012*
(2.83)     (6.350)     (− 0.888)     (−1.823)    
a Igdp −0.02*** − 0.02*** − 0.004* − 0.006**
(−8.41)     (−11.85)     −1.748     (−2.380)    
Xgdp 0.021* 0.040*** − 0.009 0.001
  (1.943)     (7.380)     (− 1.263)     (0.187)   
a Xgdp − 0.02*** − 0.03*** − 0.001* − 0.004**
  (− 6.557)     (−13.69)     (−1.802)     (−2.456)   
Tropex 0.003 0.006* − 0.014** − 0.01*
   (0.764)     (1.855)     (−2.359)     (− 1.699)  
a Tropex − 0.01*** − 0.01*** − 0.002*** − 0.003***
   (−8.040)     (−9.37)     (−3.542)     (−3.125)  
Globex − 0.147 0.18** 0.089 − 0.000
    (− 1.504)     (2.244)     (1.093)     (− 0.008)
a Globex (− 0.032) − 0.27*** − 0.164**    − 0.096
    0.027     (−3.034)     (−2.438)   (−1.230)
GDPg − 0.02*** − 0.016** − 0.017** − 0.013 − 0.037** − 0.042** − 0.040*** − 0.022
     (−3.081) (− 2.528) (− 1.983) (− 1.202)      (−2.532) (−2.716) (− 2749) (− 1.567)
a GDPg 0.032** 0.018* 0.020 − 0.05*** 0.013 0.015 0.014
     (2.599) (1.664) (1.503) (− 3.24)      (0.678) (0.762) (0.719)  
GDPpcg −0.03*** − 0.027** − 0.021* − 0.05*** − 0.019 − 0.021 − 0.021 − 0.028*
(− 2.75) (− 2.36) (− 1.893) (− 3.97)      (−1.261) (−1.439) (− 1.471) (− 1.714)     
a GDPpcg 0.034 0.014 0.021 0.027 − 0.016 −0.016 − 0.015 −0.009
(1.49) (0,592) (0.980) (0.960)      (−0.738) (−0.783) (− 0.763) (− 0.414)     
R2 ajust. 0.51 0.45 0.47 0.19 0.77 0.80 0.69 0.45 0.26 0.29 0.37 0.15 0.33 0.28 0.34 0.14
F-Stats 14.87*** 12.08*** 12.72*** 5.11*** 39.63*** 48.01*** 27.13*** 13.29*** 2.96** 3.25*** 4.21*** 2.32* 3.55*** 3.01** 3.68*** 2.17*
  1. *, **, *** denote respectively, 10%, 5% and 1% significance levels. Estimated parameters with ‘a’ represent after policy implications to banking and financial system efficiencies. UEMOA: West African Economic and Monetary Union. CEMAC: Central African Economic and Monetary Community. The bold values are the significant estimated coefficients and the Fisher statistics