Panels

Im.PesaranandShin(2003) (IPS)/LLC

Fisher–ADF

Level

Difference

Level

Difference

Variables

model 3

model 2

model 3

model 2

Central

Africa

FDI

−2.3469**

-

3.3206***

-

OR

0.3093

−4.8082***

−1.6236

20.4469***

MR

−1.8^e+2***

-

10.0404***

-

FR

−1.8334**

-

3.4910***

-

GDP_H

−0.0865

−1.5710*

−0.6188

4.0189***

DO

−1.0861

−7.3124***

1.5574

15.6856***

West

Africa

FDI

−2.5704**

-

4.5037***

-

OR

-

-

0.1600

17.3070***

MR

−1.0972

−6.5836***

0.6301

22.9431***

FR

−2.4426**

-

2.7542**

-

GDP_H

−3.4323***

-

9.0904***

-

DO

−0.6492

−8.7515***

0.5267

17.4470***

Southern

Africa

FDI

−1.8703**

-

1.9764**

-

OR

5.8411

−5.8678***

−2.0981

10.9122***

MR

−0.5810

−7.8457***

0.9301

15.7258***

FR

−2.4124**

-

3.6770***

-

GDP_H

1.6963

1.3284**

−1.5996

8.4620***

DO

−0.8139

−5.8311***

8.0852***

-

East

Africa

FDI

−0.6609

−6.2565***

0.4202

14.2051***

OR

4.4436

−4.3253***

−2.1507

13.6122***

MR

−0.0036

−6.0884***

−0.5270

14.6595***

FR

−3.7771***

-

8.0464***

-

GDP_H

0.8120

−5.3895 ***

−0.7041

11.6425***

DO

0.4241

−7.0794***

−0.7819

17.8467***