| 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) |
|