Nigeria

Algeria

Namibia

Kenya

Mauritius

lnGDP

lnGDP

lnGDP

lnGDP

lnGDP

L.lnGDP

−0.122***

−0.045

0.969**

−0.008

−0.058**

(0.012)

(0.044)

(0.182)

(0.028)

(0.011)

LR:Savings/GDP

−0.038***

−0.093

0.000

−3.554

−0.238**

(0.004)

(0.091)

(0.003)

(12.311)

(0.045)

LR:PSC/GDP

0.005

−0.530

0.062***

0.682

0.030**

(0.010)

(0.594)

(0.004)

(2.115)

(0.005)

LR:INFLATION

−0.018**

−0.084

0.098***

−0.492

0.428**

(0.005)

(0.105)

(0.009)

(1.663)

(0.086)

LR:EXCH

−0.003***

0.131

0.027***

−0.414

0.054**

(0.000)

(0.145)

(0.005)

(1.478)

(0.010)

LR:STMCAP/GDP

−0.010

−9.961

−0.004*

0.937

−0.056**

(0.006)

(9.905)

(0.002)

(3.176)

(0.011)

LR:M2/GDP

0.009

0.011

0.008***

0.235

−0.048**

(0.005)

(0.013)

(0.001)

(1.145)

(0.011)

SR:LD.lnGDP

−0.099

−1.033***

−1.292**

−0.029

1.240***

(0.060)

(0.143)

(0.316)

(0.094)

(0.084)

SR:D.Savings/GDP

0.003***

−0.000

−0.006*

0.008**

0.019***

(0.000)

(0.001)

(0.002)

(0.003)

(0.001)

SR:LD.Savings/GDP

0.002*

−0.014**

0.006**

(0.001)

(0.003)

(0.002)

SR:D.PSC/GDP

0.003**

0.011***

0.028**

−0.009*

−0.001**

(0.001)

(0.002)

(0.007)

(0.003)

(0.000)

SR:LD.PSC/GDP

0.011**

−0.011

−0.011**

−0.003***

(0.002)

(0.005)

(0.003)

(0.000)

SR:D.INFLATION

0.001

0.000

0.040**

−0.018***

(0.001)

(0.001)

(0.009)

(0.001)

SR:LD.INFLATION

0.004***

−0.009

−0.003***

(0.000)

(0.004)

(0.000)

SR:D.EXCH

−0.001***

−0.004**

−0.006

0.003*

−0.011***

(0.000)

(0.001)

(0.005)

(0.001)

(0.001)

SR:LD.EXCH

−0.000**

−0.003**

0.006***

−0.001**

(0.000)

(0.001)

(0.001)

(0.000)

SR:D.STMCAP/GDP

0.003***

0.432***

−0.003

−0.006***

0.002***

(0.000)

(0.060)

(0.002)

(0.001)

(0.000)

SR:LD.STMCAP/GDP

−0.000

0.276**

−0.001

−0.001

0.001***