WAEMU

CAEMC

Panel A

FE Estimate

CCEP Estimate

FE Estimate

CCEP Estimate

Coef.

Std. Err

Coef.

Std. Err

Coef.

Std. Err

Coef.

Std. Err

$gdp{h}_{it}$

1.989*

0.245

1.815*

0.256

1.023*

0.080

1.292*

0. 090

CD statistiques**

CD_LM

−2.52*

−3.14*

−2.80*

−3.21*

Panel B

$phe{h}_{it}$

2.314*

0.307

2.900*

0.388

1.046*

0.109

1.200*

0. 117

$lex{p}_{it}$

2.440

1.589

3.600

2.151

0.246

2.524

−6.978

4.337

$yd{r}_{it}$

−3.099*

1.142

−4.601*

1.635

−4.697*

1.698

2.456

2.245

$ed{r}_{it}$

28.076*

9.165

43.469*

17.433

14.965

14.350

−12.007

11.821

CD statistiques**

CD_LM

−2.07*

−2.80*

−2.89*

−3.33*