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