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Table 3 Derivation of Indices (Financial Openness and Globalization indices)

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

Principal IndicatorIndexesCor. coef. (t-stats)Eigen ValueFirst PC variationComponent Matrix
Panel A: UEMOA
 Financial OpennessFinopex0.898***  FDIgdpPCFgdp
(23.53)1.8980.9490.7070.707
 GlobalizationGlobex0.199**  Finopex(I + X)gdp
(2.34)1.1990.5990.7070.707
Panel B: COMESA
 Financial OpennessFinopex0.981***  FDIgdpPCFgdp
(82.51)1.9810.9900.7070.707
 GlobalizationGlobex0.250***  Finopex(I + X)gdp
(4.15)1.2500.6250.7070.707
Panel C: CEMAC
 Financial OpennessFinopex0.994***  FDIgdpPCFgdp
(64.94)1.9940.9970.7070.707
 GlobalizationGlobex0.360**  Finopex(I + X)gdp
(2.58)1.3600.6800.7070.707
Panel D: EAC
 Financial OpennessFinopex0.996***  FDIgdpPCFgdp
(88.912)1.9960.9980.7070.707
 GlobalizationGlobex−0.352***  Finopex(I + X)gdp
(−2.744)1.3520.676−0.707− 0.707
  1. Globex: Globalization Index. Finopex: Financial Openness Index. FDIgdp and PCFgdp are capital account openness indicators. (I + X) gdp is the trade openness variable. PC: Principal Component. Cor. Coef: Correlation coefficient. *, **, ***: are respectively 10%, 5% and 1% significance levels