| Variables | OPEN1 | OPEN2 | OPEN3 | OPEN4 |
| OPEN’ | 0.464*** | −0.439*** | 0.782*** | 0.488*** |
| (−0.068) | (−0.0701) | (−0.0398) | (−0.0248) | |
| InGFCF | 0.425*** | 0.679*** | 0.252*** | 0.252*** |
| (−0.0615) | (−0.0606) | (−0.0525) | (−0.0525) | |
| InLAB | −0.183*** | −0.294*** | −0.163*** | −0.163*** |
| (−0.0181) | (−0.0185) | (−0.0144) | (−0.0144) | |
| InEXC | −0.0250* | −0.0513*** | −0.0221* | −0.0221* |
| (−0.0132) | (−0.0133) | (−0.0114) | (−0.0114) | |
| InFD | 0.325*** | 0.376*** | 0.298*** | 0.298*** |
| (−0.0349) | (−0.035) | (−0.0301) | (−0.0301) | |
| InFDI | −0.401*** | −0.225*** | −0.363*** | −0.363*** |
| (−0.0568) | (−0.0584) | (−0.0483) | (−0.0483) | |
| InCPI | −0.0214 | −0.0186 | 0.0491 | 0.0491 |
| (−0.122) | (−0.122) | (−0.105) | (−0.105) | |
| NORTHERN AFRICA | 0.505*** | 0.248*** | 0.529*** | 0.529*** |
| (−0.0875) | (−0.0888) | (−0.0745) | (−0.0745) | |
| WESTERN AFRICA | −0.337*** | −0.461*** | −0.216*** | −0.216*** |
| (−0.0815) | (−0.0814) | (−0.0705) | (−0.0705) | |
| CENTRAL AFRICA | 0.176* | 0.0109 | 0.192** | 0.192** |
| (−0.0961) | (−0.0971) | (−0.0827) | (−0.0827) | |
| EASTERN AFRICA | −0.398*** | −0.596*** | −0.0989 | −0.0989 |
| (−0.0837) | (−0.0821) | (−0.0736) | (−0.0736) | |
| Constant | 7.145*** | 11.34*** | 6.275*** | 8.850*** |
| (−0.715) | (−0.7) | (−0.568) | (−0.545) | |
| Year dummies | Yes | Yes | Yes | Yes |
| Observations | 988 | 988 | 988 | 988 |
| R-squared | 0.56 | 0.557 | 0.672 | 0.672 |
| F statistics | 42.1 | 41.54 | 67.54 | 97.53 |