W.AFRICA

S_P

S.AFRICA

S_P

N.AFRICA

S_P

Bmg

0.585***

0.511**

0.614

(0.226)

(0.212)

(0.431)

Infl

−0.272

−0.657

−0.022

(0.360)

(2.139)

(0.556)

Exch

0.005

−0.000

−0.088

(0.017)

(0.000)

(0.096)

Real_int

−0.844**

0.136

−0.855

(0.345)

(0.250)

(0.780)

Cbol

0.000

−0.000

0.000

(0.000)

(0.000)

(0.000)

_cons

5.452

11.709

5.269

(10.960)

(15.645)

(8.475)

Obs.

81

107

108

R-squared

0.1310

0.0827

0.0419