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Table 4 Interactive regression 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

 Banking System EfficiencyFinancial System Efficiency
ImportsExportsTradeFDIPCFFinopexGlobexImportsExportsTradeFDIPCFFinopexGlobex
Panel A: The UEMOA Region
 Constant1.138***0.841***0.780***1.788***1.758***1.812***1.808***116.53***63.756***72.585***178.583***176.35***179.92***180.37***
(0.000)(0.002)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.008)(0.005)(0.000)(0.000)(0.000)(0.000)
 Imports0.019***1.890***
(0.002)      (0.002)      
 Exports0.031***3.827***
 (0.000)      (0.000)     
 Trade0.015***1.651***
  (0.000)      (0.000)    
 FDI0.0091.161
   (0.870)      (0.826)   
 PCF0.0502.731
    (0.302)      (0.557)  
 Finopex0.0432.795
     (0.488)      (0.642) 
 Globex0.337***32.717***
      (0.000)      (0.000)
 Policy0.3160.0320.451**− 0.706***− 0.718***− 0.720***− 0.769***22.0647.07442.717**−69.760***−71.30***−70.42***−76.40***
(0.180)(0.833)(0.037)(0.000)(0.000)(0.000)(0.000)(0.326)(0.612)(0.035)(0.000)(0.000)(0.000)(0.000)
 Imports.Policy−0.030***−2.720***
(0.000)      (0.000)      
 Exports.Policy− 0.028***− 2.986***
 (0.000)      (0.000)     
 Trade.Policy− 0.018***− 1.847***
  (0.000)      (0.000)    
 FDI.Policy0.0160.961
   (0.792)      (0.871)   
 PCF.Policy− 0.0120.553
    (0.811)      (0.913)  
 Finopex.Policy− 0.0070.310
     (0.909)      (0.962) 
 Globex.Policy− 0.314***− 30.52***
      (0.000)      (0.000)
 GDP growth−0.00006−0.001− 0.0020.0010.0010.001− 0.0007− 0.548− 0.714− 0.758− 0.395− 0.411− 0.407− 0.618
(0.992)(0.836)(0.733)(0.831)(0.835)(0.842)(0.899)(0.366)(0.205)(0.188)(0.544)(0.524)(0.530)(0.296)
 Inflation0.007**0.0050.0040.013***0.013***0.013***0.0051.014***0.671**0.645*1.588***1.580***1.583***0.789**
(0.045)(0.110)(0.221)(0.000)(0.000)(0.000)(0.136)(0.006)(0.048)(0.069)(0.000)(0.000)(0.000)(0.027)
 Public Investment0.0130.018**0.015*0.0160.0150.0150.0091.1111.754**1.326*1.3501.3981.3360.666
(0.134)(0.040)(0.064)(0.104)(0.104)(0.120)(0.309)(0.202)(0.029)(0.094)(0.156)(0.136)(0.160)(0.433)
 Foreign Aid−0.031***−0.021***−0.023***−0.036***−0.034***−0.035***−0.021**−2.66***−1.394*−1.875**−3.231***−3.067***−3.124***−1.745**
(0.000)(0.009)(0.003)(0.000)(0.000)(0.000)(0.010)(0.001)(0.058)(0.012)(0.000)(0.000)(0.000)(0.026)
 Hausman test25.23***21.77***25.11***27.14***26.24***26.60***19.02***28.11***26.19***27.86***30.79***30.02***30.31***22.67***
 R2 within0.7180.7290.7310.6640.6730.6690.7220.7360.7730.7570.6880.6930.6910.744
 Fisher37.84***40.12***42.06***29.14***30.38***29.74***38.23***41.58***50.68***48.15***32.45***33.35***32.91***42.85***
 Observations116116120115115115115116116120115115115115
Panel B: The CEMAC Region
 Constant0.731***1.148***1.183***1.031***1.040***1.079***1.138***91.805***122.03***126.75***103.02***103.42***105.15***107.47***
(0.002)(0.001)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
 Imports0.012*0.612
(0.082)      (0.327)      
 Exports−0.001−0.343
 (0.858)      (0.648))     
 Trade− 0.001− 0.304
  (0.530)      (0.333)    
 FDI0.0130.596
   (0.481)      (0.722)   
 PCF0.0200.878
    (0.310)      (0.619)  
 Finopex0.0843.781
     (0.387)      (0.667) 
 Globex0.0840.080
      (0.518)      (0.994)
 Policy−0.237− 0.1000.068− 0.225**− 0.223**− 0.295***−0.314***− 17.473−15.9803.259−20.621**− 20.480**− 25.51***− 25.610**
(0.237)(0.595)(0.733)(0.017)(0.016)(0.005)(0.005)(0.322)(0.329)(0.848)(0.015)(0.015)(0.008)(0.011)
 Imports.Policy−0.0009− 0.287
(0.867)      (0.558)      
 Exports.Policy−0.002− 0.132
 (0.568)      (0.740)     
 Trade.Policy− 0.003− 0.278
  (0.156)      (0.154)    
 FDI.Policy− 0.023− 1.711
   (0.224)      (0.310)   
 PCF.Policy− 0.030− 2.025
    (0.130)      (0.251)  
 Finopex.Policy− 0.135− 9.494
     (0.171)      (0.280) 
 Globex.Policy− 0.183*− 11.996
      (0.079)      (0.193)
 GDP growth−0.026**− 0.029**− 0.032***− 0.032***− 0.033***− 0.032***− 0.038***− 3.024***− 2.975***− 3.350***− 3.556***−3.573***− 3.560***−3.944***
(0.011)(0.010)(0.002)(0.005)(0.004)(0.004)(0.001)(0.001)(0.003)(0.000)(0.001)(0.001)(0.001)(0.000)
 Inflation−0.010**− 0.007− 0.007− 0.006−0.006− 0.006−0.007− 0.923**−0.696*− 0.661*−0.608− 0.596−0.602− 0.612
(0.019)(0.117)(0.114)(0.185)(0.195)(0.190)(0.151)(0.020)(0.087)(0.092)(0.170)(0.176)(0.173)(0.161)
 Public Investment−0.020−0.008−0.0010.0001−0.001− 0.0005−0.004− 1.361− 0.6800.1100.1090.0310.080−0.108
(0.168)(0.585)(0.926)(0.995)(0.923)(0.975)(0.800)(0.293)(0.618)(0.938)(0.948)(0.985)(0.961)(0.948)
 Foreign Aid−0.003−0.00040.00070.0010.0010.001−0.001−0.1020.0890.2480.2260.2270.2250.040
(0.758)(0.968)(0.941)(0.899)(0.890)(0.897)(0.887)(0.906)(0.916)(0.772)(0.811)(0.809)(0.811)(0.966)
 Hausman test1.480.792.700.350.350.331.370.921.553.510.810.820.802.15
 R2 within0.4320.4090.4580.4000.4130.4060.4320.5070.5080.5580.4680.4740.4710.486
 Fisher4.78***4.35***5.45***3.34***3.53***3.43***3.81***6.17***6.21***7.76***4.28***4.38***4.33***4.60***
 Observations5454554545454552525344444444
  1. *, **, ***: significance levels of 10%, 5% and 1% respectively. Policy: Regionalisation Policy. Imports: Imports of Goods and Services. Exports: Exports of Goods and Services. Trade: Imports plus Exports of Goods and Services. FDI: Foreign Direct Investment. PCF: Private Capital Flows. Finopex: Financial Openness Index. Globex: Globalisation Index. GDPg: Gross Domestic Product Growth rate. Pub. Ivt: Public Investment. Aid: Foreign Aid or Development Assistance. UEMOA: West African Economic and Monetary Union. CEMAC: Central African Economic and Monetary Community. The bold values of significant estimated coefficients and the Fisher statistics