Dependent variable is private consumption growth rate

Country

Model 1

Model 2

G

GDP

ECT

G

GDP

ECT

Benin

−0.106* (−2.34)

0.907* (4.19)

−0.586* (−3.94)

−0.162* (−2.97)

0.872* (3.87)

−0.438* (−3.20)

Burkina Faso

−0.176* (−3.70)

1.156* (4.64)

−0.341* (−2.57)

−0.196* (−3.97)

1.166* (4.57)

−0.334* (−2.42)

Cote d’Ivoire

0.102** (1.81)

0.775* (4.76)

−0.482* (−3.81)

0.156* (2.76)

0.663* (4.05)

−0.637* (−4.15)

Gambia

−0.374* (−6.88)

0.919* (2.13)

−0.430* (−2.36)

−0.318* (−5.78)

0.755** (1.81)

−0.482* (−3.02)

Ghana

−0.251* (−4.84)

1.436* (6.32)

−0.884* (−5.18)

−0.250* (−4.82)

1.435* (6.28)

−0.825* (−4.67)

Guinea−Bissau

−0.007 (−0.13)

0.841* (6.57)

−0.719* (−5.08)

−0.038 (−0.72)

0.792* (6.09)

−0.707* (−4.88)

Mali

−0.142* (−2.42)

0.076 (0.33)

−0.433* (−2.86)

−0.130* (−2.45)

0.088 (0.43)

−0.544* (−3.88)

Niger

−0.221* (−4.33)

0.763* (5.71)

−0.864* (−5.21)

−0.169* (−3.12)

0.837* (5.63)

−0.565* (−4.16)

Nigeria

0.063 (1.02)

0.494 (1.57)

−1.007* (−4.86)

0.088 (1.38)

0.465 (1.43)

−0.991* (−4.68)

Senegal

0.033 (0.48)

0.589* (5.13)

−0.445* (−3.65)

0.041 (0.57)

0.514* (3.97)

−0.514* (−2.76)

Sierra Leone

−0.035 (−0.59)

1.039* (6.85)

−0.647* (−4.82)

−0.018 (−0.28)

0.992* (5.90)

−0.669* (−4.62)

Togo

0.069 (0.80)

0.942* (4.00)

−1.280* (−8.43)

0.030 (0.31)

0.859* (3.31)

−1.178* (−7.27)

Panel

−0.087* (−2.02)

0.828* (8.38)

−0.677* (−8.26)

−0.080** (−1.92)

0.786* (7.92)

−0.645* (−8.86)