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Financial Innovation

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 
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