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Table 13 Regression results for COMESA and EAC (Economic regions)

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

Regions COMESA EAC
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* Model1 Model2 Model 3 Model 4 Model1* Model2* Model3* Model4*
Constant 0.89*** 0.85*** 0.84*** 0.70*** 1.02*** 0.94*** 0.93*** 0.76*** 0.59*** 0.59*** 0.55*** 0.58*** 0.68*** 0.68*** 0.61*** 0.67***
(12.45) (12.95) (10.80) (49.61) (15.30) (15.02) (12.68) (41.88) (24.68) (24.29) (24.88) (25.50) (14.13) (13.78) (14.31) (14.54)
FDIgdp −0.015 −0.015 −0.007 −0.003
  (−1.049)     (−1.094)     (−0.430)     (−0.20)   
a FDIgdp 0.013 0.021 − 0.023 −0.006
  (0.865)     (1.378)     (−0.912)     (−0.193)   
PCFgdp −0.026** − 0.027** − 0.004 − 0.000
(−2.00)     (−2.232)     (−0.245)     (−0.008)    
a PCFgdp 0.028* 0.035** − 0.018 −0.009
(1.909)     (2.57)     (−0.756)     (−0.318)    
Finop −0.05*** − 0.05*** − 0.08*** − 0.08***
   (−2.684)     (−3.101)     (− 4189)     (−4.438)  
a Finop 0.064*** 0.08*** 0.047 0.056
   (2.868)     (3.925)     (1.325)     (1.510)  
Igdp −0.003* − 0.005*** 0.006 0.006
(− 1.759)     (−2.716)     (1.152)     (1.251)    
a Igdp −0.001** −0.002***   −0.000 −0.001
(−2.586)     (−2.837)     (−0.255)     (−0.412)    
Xgdp −0.004* − 0.005** 0.001 0.005
  (−1.703)     (−2.048)     (0.248)     (0.796)   
a Xgdp − 0.001 −0.000 0.000 −0.000
  (−1.012)     (−0.544)     (0.094)     (−0.176)   
Tropex −0.001   −0.002** −0.000 0.000
   (− 1.619)     (−2.056)     (−0.279)     (0.203)  
a Tropex −0.000   −0.000 − 0.000 − 0.000
   (−1.565)     (−1.164)     (−0.226)     (−0.384)  
Globex − 0.08***    −0.08*** 0.003 − 0.002
    (− 3.319)     (−3.608)     (0.108)     (−0.064)
a Globex 0.06***    0.10*** 1.544 0.011
    (2.773)     (4.239)     (0.000)     (0.357)
GDPg − 0.006 −0.003 − 0.004 8,10 −0.018* − 0.017 −0.007 − 0.017
     (− 1.642) (−0.874) (−1.082) (0.021)      (−1.751) (−1.613) (−0.769) (− 1.679)
a GDPg 0.002 −0.006 − 0.001 −0.008* 0.005 0.000 0.005 −0.003
     (0.416) (−1.186) (−0.304) (− 1.809)      (0.207) (0.021) (0.271) (−0.508)
GDPpcg −0.01*** −0.01*** − 0.01*** −0.008* −0.014 − 0.016 −0.001 − 0.013
(− 2.805) (− 2.735) (− 2.601) (− 1.917)      (−1.386) (−1.526) (−0.113) (− 1.278)     
a GDPpcg 0.01*** 0.012** 0.012** 0.008 0.017 0.021 0.010 0.003
(2.602) (2.104) (2.255) (1.451)      (0.643) (0.789) (0.470) (0.267)     
R2 ajust. 0.46 0.44 0.45 0.44 0.64 0.63 0.62 0.61 0.50 0.49 0.62 0.48 0.56 0.54 0.68 0.54
F-Stats 15.70*** 14.28*** 15.31*** 16.86*** 31.24*** 25.72*** 27.60*** 31.10*** 7.41*** 7.03*** 11.56*** 8.86*** 9.03*** 8.62*** 14.68*** 11.36***
  1. *, **, *** denote respectively, 10%, 5% and 1% significance levels. Estimated parameters with ‘a’ represent after policy implications to banking and financial system efficiencies. COMESA: Common Markets for Eastern and Southern Africa. EAC: East African Community. The bold values are the significant estimated coefficients and the Fisher statistics