	CADF
	WAEMU				CAEMC
	Number of delay				Number of delay
	0	1	2	3	0	1	2	3
PANEL A
${\hat{u}}_{i t}$ (FE)	−1.729	−1.634	−1.320	−1.229	−2.078	−1.643	−1.268	−1.899
${\hat{u}}_{i t}$ (CCEP)	−2.144	−2.446*	−1.162	−0.811	−2.021	−2.265	−3.592*	−2.298
PANEL B
${\hat{u}}_{i t}$ (FE)	−1.822	−1.756	−1.257	−1.748	−2.205	−1.957	−1.561	−1.663
${\hat{u}}_{i t}$ (CCEP)	−1.703	−1.499	−0.911	−0.832	−2.279	−2.659*	−2.458*	−1.847