Variables

WAEMU

CAEMC

Coefficient $\overline{\rho }$

Statistics CD_LM

coefficient $\overline{\rho }$

statistics CD_LM

$phe{h}_{it}$

0.319

7.350*

0.190

3.210*

$gdp{h}_{it}$

0.141

3.240*

0.250

4.220*

$lex{p}_{it}$

0.860

19.830*

0.921

15.550*

$yd{r}_{it}$

0.169

3.900*

0.367

6.200*

$ed{r}_{it}$

0.156

3.600*

0.978

16.500*

$\Delta phe{h}_{it}$

−0.009

−0.210

−0.047

−0.790

$\Delta gdp{h}_{it}$

0.084

1.940*

0.010

0.170

$\Delta lex{p}_{it}$

0.515

11.880*

0.954

16.110*

$\Delta yd{r}_{it}$

0.051

1.170

0.043

0.730

$\Delta ed{r}_{it}$

0.400

9.220*

0.421

7.100*