CADF

WAEMU

CAEMC

Number of delay

Number of delay

0

1

2

3

0

1

2

3

Constante

p h e h i t

−1.674

−1.497

−1.235

−1.680

−2.159

−1.933

−1.869

−1.518

g d p h i t

−1.387

−1.569

−1.638

−1.207

−1.048

−1.586

−0.847

−1.298

l e x p i t

−0.567

−2.668*

−2.047

−3.666*

−1.831

−1.729

−2.327

−2.836*

y d r i t

−0.805

−2.359*

−1.409

−2.312

−0.656

−3.257*

−1.166

−0.661

e d r i t

−0.578

−3.333*

−1.231

−1.669

−2.601*

−3.859*

−1.187

−0.769

Δ p h e h i t

−4.260*

−2.971*

−2.022

−2.482*

−3.543*

−2.621*

−1.880

−1.428

Δ g d p h i t

−3.873*

−3.074*

−2.351*

−1.527

−1.816

−1.214

−1.227

−0.520

Δ l e x p i t

−4.852*

−2.282

−3.565*

−3.133*

−3.537*

−2.310

−1.544

−1.017

Δ y d r i t

−0.578

−3.243*

−0.828

−1.684

−2.505*

−1.505

−1.238

−0.591

Δ e d r i t

−1.638

−2.348*

−3.077*

−2.130

−1.771

−2.838*

−2.791*

−1.932

Constante and trend

p h e h i t

−2.216

−1.813

−1.565

−2.110

−2.163

−1.921

−1.574

−1.397

g d p h i t

−2.286

−2.755

−2.098

−1.082

−0.654

−1.229

−0.534

−0.698

l e x p i t

−2.795

−3.522*

−2.678

−2.192

−3.116*

−1.768

−1.927

−2.226

y d r i t

−0.708

−3.308*

−2.024

−2.990*

0.404

−3.288*

−0.720

−1.720

e d r i t

−0.713

−4.656*

−2.323

−1.291

−1.342

−4.213*

−2.474

−2.238

Δ p h e h i t

−4.267*

−3.141*

−2.287

−3.760*

−3.846*

−2.874

−2.079

−2.758

Δ g d p h i t

−3.955*

−3.535*

−2.471

−1.521

−2.299

−1.586

−1.559

−0.949

Δ l e x p i t

−5.205*

−0.048

−3.424*

−2.641

−4.373*

−1.888

−2.207

−2.172

Δ y d r i t

−2.688

−3.783*

−2.217

−1.709

−4.608*

−3.782*

−3.692*

−1.909

Δ e d r i t

−4.037*

−2.696

−2.826

−2.915*

−0.764

−4.381*

−2.884*

−2.251