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