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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
 GlobalizationGlobex0.199**  Finopex(I + X)gdp
 Financial OpennessFinopex0.981***  FDIgdpPCFgdp
 GlobalizationGlobex0.250***  Finopex(I + X)gdp
Panel C: CEMAC
 Financial OpennessFinopex0.994***  FDIgdpPCFgdp
 GlobalizationGlobex0.360**  Finopex(I + X)gdp
Panel D: EAC
 Financial OpennessFinopex0.996***  FDIgdpPCFgdp
 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