Tunisia

South Africa

Eswatini

lnGDP

lnGDP

lnGDP

L.lnGDP

0.392

0.609

1.183

(0.551)

(0.397)

(0.464)

L2.lnGDP

0.375

0.420

0.623

(0.618)

(0.378)

(0.423)

Savings/GDP

0.002

−0.003

0.004

(0.005)

(0.009)

(0.002)

L.Savings/GDP

−0.013*

−0.012

0.001

(0.005)

(0.016)

(0.002)

L2.Savings/GDP

0.007

(0.004)

PSC/GDP

−0.002

0.001

−0.025

(0.004)

(0.001)

(0.009)

L.PSC/GDP

−0.004

0.002

−0.017

(0.005)

(0.001)

(0.006)

L2.PSC/GDP

0.003

0.004

(0.004)

(0.005)

INFLATION

0.017

−0.002

−0.001

(0.013)

(0.005)

(0.004)

L.INFLATION

0.008

−0.005

−0.005*

(0.010)

(0.002)

(0.002)

L2.INFLATION

−0.000

−0.006

(0.003)

(0.004)

EXCH

−0.016

−0.016

−0.027*

(0.062)

(0.008)

(0.007)

L.EXCH

−0.049

0.001

−0.013

(0.072)

(0.019)

(0.017)

L2.EXCH

−0.044

0.015

−0.007

(0.046)

(0.019)

(0.007)

STMCAP/GDP

−0.001

−0.000

0.003

(0.004)

(0.000)

(0.001)

L.STMCAP/GDP

0.002

−0.000

0.001

(0.003)

(0.000)

(0.002)