	WAEMU
	$p h e h_{i t}$				$g d p h_{i t}$
	Number of delay				Number of delay
	0	1	2	3	0	1	2	3
Benin	−1.520	−1.342	−1.119	−1.210	−1.259	−1.320	−1.577	−0.955
Burkina Faso	−1.734	−1.587	−1.280	−1.732	−1.487	−1.682	−2.081	−1.449
Côte d'Ivoire	−1.803	−1.770	−1.350	−2.066	−1.457	−1.885	−1.699	−0.665
Guinea−Bissau	−1.812	−1.820	−1.474	−1.606	−1.436	−1.488	−0.907	−0.950
Mali	−1.730	−1.455	−1.178	−1.617	−1.722	−1.853	−2.280	−1.488
Niger	−1.570	−1.288	−1.210	−1.442	−1.195	−1.684	−1.767	−1.028
Senegal	−1.680	−1.307	−0.979	−1.376	−1.646	−1.793	−1.864	−1.221
Togo	−1.539	−1.407	−1.379	−1.759	−1.351	−1.695	−1.368	−0.860
	CAEMC
Cameroon	−2.191	−1.954	−1.626	−1.750	−1.404	−1.756	−0.969	−1.535
Gabon	−2.508*	−2.075	−1.980	−1.415	−1.087	−1.712	−0.752	−1.110
Equatoriale−Guinea	−1.732	−1.517	−1.604	−1.365	−1.037	−1.278	−0.862	−0.775
Central African Republic	−2.130	−2.033	−1.906	−1.160	−0.734	−1.428	−0.597	−0.321
Congo	−1.989	−1.949	−1.714	−1.587	−0.857	−1.472	−0.696	−1.149
Chad	−2.150	−2.033	−2.052	−1.821	−0.668	−0.996	−0.745	−0.645