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Financial Innovation

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 Efficiency

Financial System Efficiency

Imports

Exports

Trade

FDI

PCF

Finopex

Globex

Imports

Exports

Trade

FDI

PCF

Finopex

Globex

Panel A: The UEMOA Region

 Constant

1.138***

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)

 Imports

0.019***

–

–

–

–

–

–

1.890***

–

–

–

–

–

–

(0.002)

      

(0.002)

      

 Exports

–

0.031***

–

–

–

–

–

–

3.827***

–

–

–

–

–

 

(0.000)

      

(0.000)

     

 Trade

–

–

0.015***

–

–

–

–

–

–

1.651***

–

–

–

–

  

(0.000)

      

(0.000)

    

 FDI

–

–

–

0.009

–

–

–

–

–

–

1.161

–

–

–

   

(0.870)

      

(0.826)

   

 PCF

–

–

–

–

0.050

–

–

–

–

–

–

2.731

–

–

    

(0.302)

      

(0.557)

  

 Finopex

–

–

–

–

–

0.043

–

–

–

–

–

–

2.795

–

     

(0.488)

      

(0.642)

 

 Globex

–

–

–

–

–

–

0.337***

–

–

–

–

–

–

32.717***

      

(0.000)

      

(0.000)

 Policy

0.316

0.032

0.451**

− 0.706***

− 0.718***

− 0.720***

− 0.769***

22.064

7.074

42.717**

−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.Policy

–

–

–

0.016

–

–

–

–

–

–

0.961

–

–

–

   

(0.792)

      

(0.871)

   

 PCF.Policy

–

–

–

–

− 0.012

–

–

–

–

–

–

0.553

–

–

    

(0.811)

      

(0.913)

  

 Finopex.Policy

–

–

–

–

–

− 0.007

–

–

–

–

–

–

0.310

–

     

(0.909)

      

(0.962)

 

 Globex.Policy

–

–

–

–

–

–

− 0.314***

–

–

–

–

–

–

− 30.52***

      

(0.000)

      

(0.000)

 GDP growth

−0.00006

−0.001

− 0.002

0.001

0.001

0.001

− 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)

 Inflation

0.007**

0.005

0.004

0.013***

0.013***

0.013***

0.005

1.014***

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 Investment

0.013

0.018**

0.015*

0.016

0.015

0.015

0.009

1.111

1.754**

1.326*

1.350

1.398

1.336

0.666

(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 test

25.23***

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 within

0.718

0.729

0.731

0.664

0.673

0.669

0.722

0.736

0.773

0.757

0.688

0.693

0.691

0.744

 Fisher

37.84***

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***

 Observations

116

116

120

115

115

115

115

116

116

120

115

115

115

115

Panel B: The CEMAC Region

 Constant

0.731***

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)

 Imports

0.012*

–

–

–

–

–

–

0.612

–

–

–

–

–

–

(0.082)

      

(0.327)

      

 Exports

–

−0.001

–

–

–

–

–

–

−0.343

–

–

–

–

–

 

(0.858)

      

(0.648))

     

 Trade

–

–

− 0.001

–

–

–

–

–

–

− 0.304

–

–

–

–

  

(0.530)

      

(0.333)

    

 FDI

–

–

–

0.013

–

–

–

–

–

–

0.596

–

–

–

   

(0.481)

      

(0.722)

   

 PCF

–

–

–

–

0.020

–

–

–

–

–

–

0.878

–

–

    

(0.310)

      

(0.619)

  

 Finopex

–

–

–

–

–

0.084

–

–

–

–

–

–

3.781

–

     

(0.387)

      

(0.667)

 

 Globex

–

–

–

–

–

–

0.084

–

–

–

–

–

–

0.080

      

(0.518)

      

(0.994)

 Policy

−0.237

− 0.100

0.068

− 0.225**

− 0.223**

− 0.295***

−0.314***

− 17.473

−15.980

3.259

−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

−0.001

0.0001

−0.001

− 0.0005

−0.004

− 1.361

− 0.680

0.110

0.109

0.031

0.080

−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

−0.0004

0.0007

0.001

0.001

0.001

−0.001

−0.102

0.089

0.248

0.226

0.227

0.225

0.040

(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 test

1.48

0.79

2.70

0.35

0.35

0.33

1.37

0.92

1.55

3.51

0.81

0.82

0.80

2.15

 R2 within

0.432

0.409

0.458

0.400

0.413

0.406

0.432

0.507

0.508

0.558

0.468

0.474

0.471

0.486

 Fisher

4.78***

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***

 Observations

54

54

55

45

45

45

45

52

52

53

44

44

44

44

  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
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