Table 3 Regression for West Africa countries

ES-L1

–

–

–

0.99145^*** (0.01898)

FD

− 1.62108^** (0.11611)

− 1.47898^*** (0.48477)

− 1.49983^*** (0.49783)

0.42324^*** (0.08969)

GR

0.447291^** (0.199405)

0.07714 (0.07508)

0.10801 (0.07681)

− 0.01474 (0.03066)

INSTQ

11.3402^** (1.65857)

− 1.87873 (1.23340)

− 0.92777 (1.23765)

0.31459 (0.46837)

INT

0.20353 (0.23505)

− 0.26015^*** (0.08579)

− 0.26157^*** (0.08832)

− 0.02366 (0.029089)

EXR

− 0.00048 (0.00065)

−0.00220^*** (0.00070)

0.00173^** (0.00068)

8.89021^*** (0.00005)

Constant

41.28902^*** (2.63576)

42.48634^*** (1.18461)

42.90545^*** (5.14086)

2.06972^*** (.95597)

Diagnostic tests

 Wald Chi2 statistic

171,379.75(0.000)

 Sargan test statistic

35.96 (0.377)

 Autocorrelation test (Arellano–Bond test) AR(2)

1.84 (0.065)

 Hausman test

10.44 (7.49)

 Breusch–Pagan/Cook–Weisberg test

13.48 (0.0193)