Nigeria

Namibia

Kenya

Mauritius

Panel

M2/GDP

M2/GDP

M2/GDP

M2/GDP

D.M2/GDP

L.M2/GDP

0.469**

0.074

1.292

3.813**

(0.208)

(0.270)

(0.974)

(0.920)

L2.M2/GDP

−4.232**

(1.204)

LnGDP

2.370

−47.464

−79.669

−527.472*

−5.719**

(15.248)

(46.977)

(54.102)

(173.534)

(2.543)

L.lnGDP

−40.548

−57.446

−76.325

1169.228**

(29.084)

(70.122)

(72.614)

(323.513)

L2.lnGDP

41.234*

147.136***

132.318

−660.692**

(18.523)

(43.598)

(77.075)

(179.338)

Savings/GDP

0.002

−1.078**

−1.250

2.848

−0.046

(0.070)

(0.377)

(0.880)

(1.265)

(0.159)

PSC/GDP

1.203***

−0.402

0.122

0.338*

0.982***

(0.217)

(1.194)

(0.800)

(0.112)

(0.146)

L.PSC/GDP

−1.049***

0.072

−0.794**

(0.288)

(0.551)

(0.203)

L2.PSC/GDP

0.726***

0.219

1.411*

(0.219)

(0.585)

(0.453)

INFLATION

0.007

−1.582

−0.785

3.384*

−0.120

(0.115)

(1.473)

(0.405)

(1.336)

(0.181)

EXCH

−0.009

−2.407**

−0.046

−4.704*

0.051

(0.012)

(0.984)

(0.125)

(1.490)

(0.040)

STMCAP/GDP

−0.062

−0.157

−0.109

−0.540**

0.197*

(0.096)

(0.249)

(0.217)

(0.166)

(0.101)

L.EXCH

−1.569

0.240

5.829**

(0.875)

(0.163)

(1.568)

L2.EXCH

0.004

(0.226)

L.Savings/GDP

−0.824

−9.619**

(0.796)

(2.960)

L.INFLATION

−0.662

8.243**

(0.449)

(2.215)

L2.INFLATION

0.064

1.497

(0.117)

(0.651)

L.STMCAP/GDP

0.737

−0.436*

(0.422)

(0.161)