Table 4.
Empirical results, with logged labour productivity (LLABP), as the dependent variable.
| Variable | (1) ECOWAS |
(2) EAC |
(3) SACU |
(4) FULL SAMPLE |
||||
|---|---|---|---|---|---|---|---|---|
| FGLS | D&K | FGLS | D&K | FGLS | D&K | LSDV | D&K | |
| REI | 0.035 (0.095) [0.37] | 0.198 (0.124) [1.61] | 0.240∗ (0.125) [1.92] | 0.174 (0.108) [1.61] | 0.223∗∗∗ (0.055) [4.07] | 0.139∗∗∗ (0.039) [3.52] | 0.132∗ (0.079) [1.66] | 0.119 (0.079) [1.51] |
| LFDI | 0.012∗∗∗ (0.004) [2.97] | 0.016∗∗∗ (0.006) [2.52] | -0.003 (0.006) [-0.53] | 0.000 (0.006) [0.02] | 0.025∗∗∗ (0.008) [2.93] | 0.010 (0.008) [1.18] | 0.008 (0.005) [1.58] | 0.010∗∗ (0.003) [2.91] |
| LEDUC | 0.006 (0.019) [0.30] | 0.013 (0.032) [0.40] | 0.018 (0.014) [1.30] | 0.044 (0.027) [1.62] | 0.096∗∗ (0.049) [1.96] | 0.126 (0.092) [1.36] | -0.009 (0.022) [-0.43] | -0.008 (0.030) [-0.29] |
| LDCPS | 0.031 (0.022) [1.44] | 0.034 (0.041) [0.81] | 0.010 (0.033) [0.29] | 0.012 (0.054) [0.23] | 0.025 (0.026) [0.98] | -0.017 (0.025) [-0.67] | 0.017 (0.024) [0.73] | 0.012 (0.033) [0.37] |
| LDEA | -6.777∗∗∗ (0.564) [-12.01] | -4.652∗∗∗ (0.090) [-5.18] | -1.413 (1.172) [-1.21] | -1.010∗∗∗ (0.088) [-11.53] | 0.078 (0.057) [1.38] | -0.529∗∗ (0.221) [-2.39] | - | -0.518∗∗∗ (0.069) [-7.56] |
| LINTNT | 0.045∗∗∗ (0.013) [3.38] | 0.059∗∗∗ (0.012) [4.76] | 0.057∗∗∗ (0.010) [5.41] | 0.075∗∗∗ (0.012) [6.49] | 0.102∗∗∗ (0.028) [3.68] | 0.068∗∗ (0.033) [2.07] | 0.060∗∗∗ (0.016) [3.77] | 0.066∗∗∗ (0.009) [7.25] |
| QINST | 0.043∗∗∗ (0.009) [4.79] | 0.053∗∗∗ (0.012) [4.35] | 0.062∗∗∗ (0.014) [4.33] | 0.044∗∗∗ (0.107) [4.09] | 0.058∗∗∗ (0.015) [3.79] | 0.041∗∗ (0.019) [2.12] | 0.049∗∗∗ (0.011) [4.51] | 0.050∗∗∗ (0.010) [5.25] |
| LGDPPC | 0.236∗∗∗ (0.033) [7.24] | 0.306∗∗∗ (0.044) [6.93] | 0.044∗ (0.025) [1.77] | 0.059 (0.071) [0.84] | 0.114 (0.108) [1.05] | 0.100 (0.199) [0.50] | 0.240∗∗∗ (0.035) [6.84] | 0.228∗∗∗ (0.051) [4.51] |
| LFVA(-1) | 0.047∗ (0.026) [1.81] | 0.092∗ (0.047) [1.98] | 0.122∗∗∗ (0.038) [3.17] | 0.165∗∗∗ (0.034) [4.90] | -0.041 (0.034) [-1.23] | 0.026 (0.024) [1.06] | 0.070∗∗ (0.031) [2.29] | 0.073∗∗ (0.032) [2.27] |
| C | 30.541∗∗∗ (2.741) [11.14] | - | -0.438 (4.709) [-0.09] | - | -3.787∗∗∗ (0.790) [-4.79] | - | -3.923∗∗∗ (0.324) [-12.11] | - |
| Observations | 224 | 224 | 80 | 80 | 80 | 80 | 384 | 384 |
| Number of Countries | 14 | 14 | 5 | 5 | 5 | 5 | 24 | 24 |
| p-val of F or chisquare test | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| p-val of Wooldridge test | 0.000 | - | 0.004 | - | 0.006 | - | - | - |
| p-val of Modified Wald test | 0.000 | - | 0.000 | - | 0.000 | - | - | - |
| p-val of LM test of contemporaneous correlation | 1.000 | - | 1.000 | - | 1.000 | - | - | - |
| R squared | - | 0.995 | - | 0.999 | - | 0.999 | 0.997 | 0.998 |
Note: ∗∗∗, ∗∗ and ∗ denote significant at the 1%, 5% and 10% level respectively. Values in () and [] denote standard errors and t (or z) statistic respectively. Time and country fixed effects included all through. – means omitted or not applicable.