Country

Domestic credit to private sector (% GDP)

Money Supply M2/GDP

REM

GDP

INF

FDI

REM

GDP

INF

FDI

Benin

−0.115

(−0.75)

0.483 (0.31)

−0.005

(−0.67)

−0.008

(−0.32)

0.123* (2.00)

1.366*

(2.25)

0.005**

(1.91)

0.018**

(1.67)

Burkina Faso

0.036 (0.58)

1.445* (2.62)

−0.006

(−0.95)

−0.022

(−0.90)

0.143**

(1.73)

0.534

(0.82)

−0.001

(−0.02)

−0.017

(−0.59)

Cote d’Ivoire

−0.223** (−1.61)

1.005* (2.78)

−0.002

(−0.73)

−0.017

(−0.57)

0.020

(0.22)

0.451**

(1.82)

−0.003

(−1.58)

0.023

(1.03)

Ghana

−0.097

(−1.45)

0.734 (0.58)

−0.005*

(−2.02)

−0.036

(−1.02)

−0.037

(−0.96)

0.077

(0.09)

−0.004*

(−2.98)

−0.016

(−0.68)

Mali

−0.359*

(−3.24)

−1.223*

(−3.06)

−0.005

(−1.43)

0.004 (0.27)

0.101

(0.92)

0.145

(0.47)

−0.004

(−1.53)

0.006

(0.45)

Niger

−0.006

(−0.07)

−1.029

(−1.34)

−0.002

(−0.39)

−0.005

(−0.34)

−0.042

(−0.59)

−0.976

(−1.33)

−0.010*

(−2.29)

−0.005

(−0.45)

Nigeria

0.028 (0.52)

1.092** (1.77)

−0.002** (−1.73)

−0.030

(−0.60)

0.089**

(1.92)

1.053*

(2.03)

−0.002**

(−1.91)

−0.079**

(−1.85)

Senegal

−0.122

(−1.24)

−0.330

(−0.53)

−0.002

(−0.52)

−0.026

(−1.31)

−0.029

(−0.45)

0.942* (2.26)

0.000 (0.24)

−0.001

(−0.05)

Sierra Leone

0.029

(1.01)

−0.011

(−0.03)

−0.004*

(−4.83)

−0.021**

(−1.95)

0.041 (1.32)

−0.130

(−0.32)

−0.002** (−1.80)

−0.001

(−0.06)

Togo

−0.279*

(−3.63)

−0.158

(−0.23)

−0.006

(−1.10)

−0.009

(−0.69)

−0.034

(−0.63)

−0.110

(−0.26)

−0.005

(−1.21)

0.001 (0.03)