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***