From: Fighting African capital flight: trajectories, dynamics, and tendencies
 | Income Levels | Legal Origins | Religious Dom. | Regions | Resources | Stability | Africa | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
UMI | LMI | MI | LI | English | French | Christ. | Islam | SSA | NA | Oil | Non-oil | Conflict | Non-co. | Â | |
Initial | − 0.011 | − 0.130 | − 0.003 | − 0.318 | − 0.015 | − 0.297 | − 0.219 | 0.566 | − 0.222* | 1.247 | 0.002 | − 0.22** | − 0.060 | 0.005 | − 0.215 |
(0.932) | (0.813) | (0.976) | (0.398) | (0.897) | (0.187) | (0.158) | (0.667) | (0.086) | (0.451) | (0.996) | (0.044) | (0.940) | (0.949) | (0.104) | |
Constant | 0.051 | 0.013 | 0.145 | − 0.072 | −0.136 | − 0.247 | − 0.0002 | − 0.073 | − 0.068 | − 0.002 | − 0.043 | − 0.193* | − 0.064 | 0.011 | −0.044 |
(0.480) | (0.693) | (0.618) | (0.644) | (0.346) | (0.430) | (0.997) | (0.404) | (0.620) | (0.976) | (0.632) | (0.097) | (0.724) | (0.914) | (0.695) | |
Gov’t Expenditure | −0.002 | − 0.0002 | − 0.008 | 0.0002 | − 0.003 | 0.002 | − 0.002* | 0.001 | − 0.002 | − 0.0003 | 0.0001 | − 0.0007 | − 0.0009 | −0.004 | − 0.001 |
(0.897) | (0.709) | (0.184) | (0.939) | (0.276) | (0.722) | (0.074) | (0.590) | (0.399) | (0.441) | (0.983) | (0.806) | (0.735) | (0.128) | (0.483) | |
Trade | −0.0004 | 0.000 | −0.0003 | 0.0003 | 0.0001 | 0.001 | 0.000 | 0.0003 | 0.0001 | – | 0.001 | 0.0004 | 0.002 | 0.0001 | 0.000 |
(0.776) | (0.933) | (0.549) | (0.875) | (0.775) | (0.491) | (0.805) | (0.804) | (0.735) | Â | (0.505) | (0.422) | (0.585) | (0.746) | (0.937) | |
Foreign Direct Ivt. | – | −0.002 | −0.0005 | −0.004 | 0.0002 | −0.006 | − 0.001 | −0.005 | − 0.0001 | – | – | − 0.0002 | – | −0.001 | 0.001 |
 | (0.152) | (0.838) | (0.768) | (0.942) | (0.715) | (0.560) | (0.765) | (0.970) |  |  | (0.929) |  | (0.755) | (0.676) | |
GDP Growth | – | 0.007 | 0.013 | 0.008 | 0.017 | 0.025 | 0.013 | 0.015 | 0.021 | – | – | 0.033* | – | 0.017 | 0.019 |
 | (0.361) | (0.631) | (0.308) | (0.501) | (0.270) | (0.270) | (0.461) | (0.304) |  |  | (0.055) |  | (0.401) | (0.274) | |
Regulation Quality | – | – | −0.020 | −0.149 | −0.054* | −0.090 | −0.009 | – | −0.041 | – | – | − 0.019 | – | 0.007 | −0.04** |
 |  | (0.533) | (0.367) | (0.078) | (0.545) | (0.751) |  | (0.210) |  |  | (0.663) |  | (0.868) | (0.043) | |
Financial Depth | – | – | −0.094 | – | 0.186 | 0.155 | 0.095 | – | 0.070 | – | – | 0.143* | – | 0.009 | 0.048 |
 |  | (0.628) |  | (0.240) | (0.620) | (0.299) |  | (0.636) |  |  | (0.071) |  | (0.896) | (0.621) | |
Foreign Aid | – | – | 0.0004 | – | −0.002 | −0.000 | 0.002 | – | − 0.000 | – | – | 0.0005 | – | 0.001 | −0.0003 |
 |  | (0.900) |  | (0.638) | (0.988) | (0.256) |  | (0.989) |  |  | (0.875) |  | (0.664) | (0.852) | |
Inflation | – | – | −0.003 | – | – | – | −0.004* | – | − 0.001 | – | – | − 0.001 | – | −0.005 | − 0.001 |
 |  | (0.213) |  |  |  | (0.053) |  | (0.581) |  |  | (0.711) |  | (0.145) | (0.421) | |
AR(1) | 0.967 | −0.745 | −1.364 | −0.859 | −1.380 | −0.935 | −1.108 | − 0.740 | −1.247 | −0.708 | − 0.721 | −1.285 | −0.793 | −1.361 | −1.242 |
(0.333) | (0.455) | (0.172) | (0.390) | (0.167) | (0.349) | (0.267) | ([0.459) | (0.212) | (0.478) | (0.470) | (0.198) | (0.427) | (0.173) | (0.213) | |
AR(2) | −0.885 | −0.153 | −1.097 | 0.120 | − 1.021 | −0.088 | − 0.687 | 0.543 | − 0.587 | − 1.250 | 0.403 | − 0.796 | 0.550 | − 1.082 | − 0.643 |
(0.375) | (0.877) | (0.272) | (0.904) | (0.307) | (0.929) | (0.491) | (0.587) | (0.556) | (0.211) | (0.686) | (0.426) | (0.582) | (0.278) | (0.519) | |
Sargan OIR | 0.996 | 5.102 | 4.923 | 2.594 | 2.764 | 4.918 | 4.256 | 2.918 | 10.621 | 1.637 | 3.887 | 9.110 | 1.981 | 10.095 | 13.395 |
Wald | 0.207 | 23.06*** | 22.55*** | 17.60*** | 18.78** | 41.6*** | 32.89*** | 6.620 | 40.8*** | 7.910** | 1.228 | 25.30*** | 4.381 | 21.01** | 49.72*** |
(0.976) | (0.000) | (0.007) | (0.007) | (0.016) | (0.000) | (0.000) | (0.250) | (0.000) | (0.019) | (0.746) | (0.002) | (0.223) | (0.012) | (0.000) | |
Countries | 5 | 9 | 13 | 9 | 11 | 11 | 17 | 7 | 19 | 4 | 5 | 19 | 6 | 17 | 22 |
Observations | 73 | 129 | 95 | 56 | 77 | 72 | 114 | 81 | 125 | 60 | 69 | 129 | 77 | 116 | 149 |