Variable

COUNTRY

Senegal

Sierra L.

TOGO

Nigeria

Niger

Mali

Mauritania

Liberia

P-Value

Infl (level)

0.0029***

0.2391

0.0003***

0.0111**

0.0000***

0.0003***

0.0019***

0.0051***

Infl (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

lnRM2 (level)

0.0003***

0.0383**

0.0000***

0.0018***

0.0006***

0.0043***

0.0009***

0.0011***

lnRM2 (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

lnRGDP (level)

0.0003***

0.0259**

0.0000***

0.0017***

0.0006***

0.0040***

0.0009***

0.0010***

lnRGDP (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

Exch (level)

0.4522

0.9991

0.4521

0.9828

0.4521

0.4521

0.9395

1.0000

Exch (1st diff)

0.0002***

0.3820

0.0002***

0.0050***

0.0002***

0.0002***

0.0042***

0.9969

LIBOR (level)

0.1602

0.1602

0.1602

0.1602

0.1602

0.1602

0.1602

0.1602

LIBOR (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

Variable

Ivory Coast

Guinea Bissau

Guinea

Ghana

Gambia

Cape Verde

Burkina Faso

Benin

Infl (level)

0.0010***

0.4999

0.0411

0.0000***

0.0009***

0.0000***

0.0002***

0.0029***

Infl (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

lnRM2 (level)

0.0007***

0.0055***

0.0008***

0.6350

0.0024***

0.0302**

0.0001***

0.0003***

lnRM2 (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

lnRGDP (level)

0.0007***

0.0056***

0.0009***

0.6003

0.0021***

0.0305**

0.0001***

0.0003***

lnRGDP (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

Exch (level)

0.4521

0.4521

0.9923

1.0000

0.9772

0.1366

0.4521

0.4522

Exch (1st diff)

0.0002***

0.0002***

0.0000***

0.3515

0.0072***

0.0001***

0.0002***

0.0002***

LIBOR (level)

0.1602

0.1602

0.1602

0.1602

0.1602

0.1602

0.1602

0.1602

LIBOR (1st diff)

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***

0.0000***