| Senegal LnRM2 | Sierra L lnRM2 | Togo lnRM2 | Nigeria lnRM2 | Niger lnRM2 | Mali lnRM2 | Mauritania lnRM2 | Liberia lnRM2 |
L.lnRM2 | −0.002 | 0.026 | 0.004 | −0.000 | 0.001 | −0.002 | 0.318* | 0.003 |
| (0.001) | (0.094) | (0.004) | (0.001) | (0.003) | (0.002) | (0.163) | (0.004) |
L2.lnRM2 |
| 0.224** |
|
|
|
|
|
|
|
| (0.096) |
|
|
|
|
|
|
Infl | 0.003 | −0.001 | 0.006 | 0.002*** | 0.009 | −0.011 | 0.006** | −0.036 |
| (0.004) | (0.007) | (0.053) | (0.000) | (0.034) | (0.011) | (0.003) | (0.091) |
LnRGDP | 0.954*** | 0.453*** | 0.951*** | 0.957*** | 0.910*** | 0.920*** | 0.935*** | 0.544*** |
| (0.001) | (0.048) | (0.003) | (0.001) | (0.002) | (0.002) | (0.002) | (0.002) |
Exch | −0.000 | −0.000** | 0.002 | 0.000*** | 0.000 | −0.001 | −0.042* | −0.047* |
| (0.000) | (0.000) | (0.003) | (0.000) | (0.002) | (0.001) | (0.020) | (0.025) |
LIBOR | 0.004 | −0.155 | 0.065 | −0.004 | 0.071 | −0.036 | −0.002 | −0.397 |
| (0.015) | (0.102) | (0.131) | (0.003) | (0.101) | (0.076) | (0.025) | (0.271) |
L.Infl |
|
|
|
|
| −0.034*** | 0.002 |
|
|
|
|
|
|
| (0.011) | (0.003) |
|
L2.Infl |
|
|
|
|
|
| 0.006* |
|
|
|
|
|
|
|
| (0.003) |
|
L3.Infl |
|
|
|
|
|
| −0.006* |
|
|
|
|
|
|
|
| (0.003) |
|
L.Exch |
|
|
|
|
| 0.005** | 0.052 |
|
|
|
|
|
|
| (0.002) | (0.033) |
|
L2.Exch |
|
|
|
|
| −0.005*** | 0.008 |
|
|
|
|
|
|
| (0.001) | (0.032) |
|
L3.Exch |
|
|
|
|
|
| 0.049 |
|
|
|
|
|
|
|
| (0.032) |
|
L4.Exch |
|
|
|
|
|
| −0.089*** |
|
|
|
|
|
|
|
| (0.024) |
|
L.LIBOR |
|
|
|
|
| −0.070 | 0.017 |
|
|
|
|
|
|
| (0.132) | (0.036) |
|
L2.LIBOR |
|
|
|
|
| 0.103 | −0.034 |
|
|
|
|
|
|
| (0.131) | (0.037) |
|
L3.LIBOR |
|
|
|
|
| −0.176** | −0.062** |
|
|
|
|
|
|
| (0.073) | (0.027) |
|
L.lnRGDP |
|
|
|
|
|
| −0.303* |
|
|
|
|
|
|
|
| (0.153) |
|
_cons | 0.084 | 0.910 | −1.522 | −0.105*** | −0.800 | 2.038*** | 0.695** | 5.877** |
| (0.216) | (0.706) | (1.855) | (0.026) | (1.408) | (0.452) | (0.229) | (2.476) |
Obs. | 37 | 36 | 37 | 37 | 37 | 35 | 29 | 35 |