WAEMU

CAEMC

Panel A

Panel B

Panel A

Panel B

Coeff.

Std. Err.

Coeff.

Std. Err.

Coeff.

Std. Err.

Coeff.

Std. Err.

$phe{h}_{t-1}-{\widehat{\beta }}^{\prime }{X}_{i,t-1}$

−0.507*

0.098

−0.615*

0.101

−0.356*

0.169*

−0.446*

0.186

$\Delta phe{h}_{i,t-1}$

0.206*

0.086

0.184*

0.081

−0.046

0.100

−0.071

0.108

$gdp{h}_{it}$

1.026*

0.404

1.011*

0.389

0.899*

0.198

0.934*

0.226

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

3.073

4.500

23.611

17.179

$yd{r}_{it}$

0.690

7.525

3.163

12.702

$ed{r}_{it}$

82.546

62.387

−74.419

158.412

CD statistiques**

CD_LM

4.92*

5.11*

2.85*

2.72*