Panel

Variable

Mean

Std. Dev

Skewness

Kurtosis

JB

LMI

Countries

Tvolume

44.23

1.76

0.18

2.51

2.23^a

Export

14.96

2.79

−0.31

2.20

3.58^a

GDPi

29.35

0.78

−0.52

1.88

8.36^a

GDPj

24.25

1.32

0.72

2.48

8.39^a

POPi

21.01

0.02

−0.25

2.04

4.13^a

POPj

17.11

1.02

0.88

2.43

12.24^a

NRj

8.90

0.71

0.53

1.96

7.82^a

INSTQj

29.75

21.39

0.04

1.51

7.80^a

INFRj

63.21

42.11

−0.03

1.85

4.65^a

LI

Countries

Tvolume

42.08

1.22

−0.18

2.52

1.40^a

Export

14.93

2.61

−0.51

2.12

7.12^a

GDPi

29.61

0.60

−1.09

3.38

19.49^a

GDPj

21.91

0.86

0.19

1.99

4.57^a

POPi

21.02

0.02

−0.42

2.50

3.86^a

POPj

15.48

0.78

−0.23

1.88

5.75^a

NRj

46.23

4.65

0.90

3.63

13.31^a

INSTQj

27.94

14.46

−0.30

1.89

6.22^a

INFRj

61.88

36.09

0.21

2.35

2.38^a

ECOWAS

Countries

Tvolume

43.10

1.84

0.48

2.99

6.89^a

Export

14.94

2.69

−0.40

2.18

9.91^a

GDPi

29.49

0.70

−0.84

2.51

22.84^a

GDPj

23.02

1.60

0.66

3.00

13.37^a

POPi

21.02

0.02

−0.42

2.35

8.35^a

POPj

16.26

1.21

0.53

3.24

9.10^a

NRj

70.21

6.67

1.47

4.36

79.18^a

INSTQj

28.80

18.05

0.01

1.84

9.92^a

INFRj

62.51

38.96

0.07

2.08

6.44^a