| Tunisia | Algeria | South A. | Eswatini |
M2/GDP | M2/GDP | M2/GDP | M2/GDP | |
L.M2/GDP | −1.570*** | −0.093 | −1.710*** | −1.049*** |
| (0.209) | (0.303) | (0.000) | (0.000) |
LR:lnGDP | 34.860*** | 441.659 | 6.615*** | −26.411*** |
| (1.179) | (1388.194) | (0.007) | (0.002) |
LR:Savings/GDP | 1.111*** | −4.234 | −0.613*** | −0.381*** |
| (0.116) | (13.386) | (0.001) | (0.000) |
LR:PSC/GDP | 0.731*** | −31.618 | 0.893*** | 1.154*** |
| (0.069) | (111.931) | (0.000) | (0.000) |
LR:INFLATION | 0.194 | −19.247 | −0.359*** | −0.456*** |
| (0.381) | (62.504) | (0.000) | (0.000) |
LR:EXCH | 3.864** | 5.469 | −0.536*** | 1.745*** |
| (1.181) | (19.062) | (0.000) | (0.000) |
LR:STMCAP/GDP | −0.733*** | −50.551 | −0.023*** | −0.159*** |
| (0.120) | (168.195) | (0.000) | (0.000) |
SR:D.lnGDP | −25.992 | −88.916 | 5.413*** | −4.209*** |
| (22.158) | (61.854) | (0.076) | (0.005) |
SR:LD.lnGDP | −51.886* | −175.108** | −51.999*** | 90.925*** |
| (19.359) | (45.737) | (0.044) | (0.003) |
SR:D.Savings/GDP | −1.919*** | −1.085*** | −0.423*** | 0.421*** |
| (0.395) | (0.204) | (0.002) | (0.000) |
SR:LD.Savings/GDP | −0.854 |
| −3.951*** | −0.093*** |
| (0.441) |
| (0.001) | (0.000) |
SR:D.INFLATION | 0.831** | 1.027* | −0.523*** | 0.252*** |
| (0.268) | (0.424) | (0.001) | (0.000) |
SR:LD.INFLATION | 1.197*** | 0.469 | −1.063*** | 0.173*** |
| (0.256) | (0.288) | (0.000) | (0.000) |
SR:D.EXCH | 6.743* | −0.660*** | −3.483*** | −1.108*** |
| (2.553) | (0.127) | (0.001) | (0.000) |
SR:LD.EXCH | 5.000 | −0.427** | 0.292*** | −0.276*** |
| (2.595) | (0.116) | (0.002) | (0.000) |
SR:D.STMCAP/GDP | 0.577** |
| 0.019*** | 0.262*** |
| (0.205) |
| (0.000) | (0.000) |
SR:LD.STMCAP/GDP | 0.330** |
| −0.012*** | 0.398*** |
| (0.117) |
| (0.000) | (0.000) |
SR:LD.M2/GDP |
| −0.455** | 2.106*** | 0.382*** |