| Guinea B lnRM2 | Guinea lnRM2 | Cape V lnRM2 | Gambia lnRM2 | BurkinaF. lnRM2 | Benin lnRM2 | Ghana lnRM2 | Ivory C. lnRM2 |
L.lnRM2 | 0.001 | 0.487*** | −0.002 | 0.127 | 0.002 | −0.002 | −1.002*** | 0.000 |
| (0.002) | (0.172) | (0.002) | (0.155) | (0.002) | (0.001) | (0.001) | (0.000) |
L2.lnRM2 |
|
|
| 0.383** |
|
|
|
|
|
|
|
| (0.149) |
|
|
|
|
Infl | −0.001 | −0.000 | −0.004 | −0.000 | 0.012 | 0.003 |
| −0.001 |
| (0.002) | (0.001) | (0.007) | (0.000) | (0.022) | (0.004) |
| (0.003) |
LnRGDP | 0.980*** | 0.930*** | 0.998*** | 0.931*** | 0.934*** | 0.954*** |
| 0.956*** |
| (0.002) | (0.002) | (0.002) | (0.003) | (0.002) | (0.001) |
| (0.000) |
Exch | −0.000 | 0.000 | 0.009 | 0.004* | 0.001 | −0.000 |
| −0.000 |
| (0.000) | (0.000) | (0.006) | (0.002) | (0.001) | (0.000) |
| (0.000) |
LIBOR | −0.032 | 0.002 | 0.009 | 0.008 | −0.013 | 0.004 |
| −0.019* |
| (0.023) | (0.013) | (0.027) | (0.007) | (0.037) | (0.015) |
| (0.011) |
|
|
|
| (0.138) |
|
|
|
|
L.Infl |
|
|
| −0.002*** |
|
|
|
|
|
|
|
| (0.000) |
|
|
|
|
_cons | 0.324 | −0.029 | −0.795 | −0.057 | −0.771 | 0.084 |
|
|
| (0.280) | (0.105) | (0.601) | (0.071) | (0.530) | (0.216) |
|
|
LR:Infl |
|
|
|
|
|
| 0.003 |
|
|
|
|
|
|
|
| (0.004) |
|
LR:lnRGDP |
|
|
|
|
|
| 0.952*** |
|
|
|
|
|
|
|
| (0.002) |
|
LR:Exch |
|
|
|
|
|
| −0.000 |
|
|
|
|
|
|
|
| (0.000) |
|
LR: LIBOR |
|
|
|
|
|
| 0.004 |
|
|
|
|
|
|
|
| (0.015) |
|
SR:_cons |
|
|
|
|
|
| 0.084 | 0.239 |
|
|
|
|
|
|
| (0.216) | (0.179) |
Obs. | 37 | 37 | 37 | 36 | 37 | 37 | 37 | 37 |
R-squared BG LM test B-P Hettest Normality cusum cusumsq | 0.989 0.5104 0.1640 0.4163 Stable Not stable | 0.982 0.0067 0.0000 0.0000 Stable Stable | 0.995 0.4563 0.0000 0.0000 Stable Not stable | 0.984 0.2657 0.0639 0.0041 Stable Stable | 0.967 0.1431 0.0030 0.0219 Stable Stable | 0.983 0.5163 0.7483 0.8488 Stable Not stable | 0.987 0.5163 0.7483 0.8488 Not Stable Stable | 0.984 0.5515 0.0313 0.4229 Stable Not stable |