Table 5.
Empirical results for robustness tests, with logged per capita domestic value added (LPDV) as the dependent variable.
| Variable | (1) ECOWAS |
(2) EAC |
(3) SACU |
(4) FULL SAMPLE |
||||
|---|---|---|---|---|---|---|---|---|
| Fixed | Random | Fixed | Random | Fixed | Random | Fixed | Random | |
| REI | 0.205 (0.261) | 0.205 (0.280) | -0.907∗∗∗ (0.238) | -0.907∗∗∗ (0.302) | 0.119 (0.096) | 0.119 (0.111) | -0.188 (0.213) | -0.188 (0.229) |
| LFDI | -0.059 (0.036) | -0.059 (0.038) | 0.118∗∗∗ (0.032) | 0.118∗∗∗ (0.041) | 0.018 (0.020) | 0.018 (0.023) | -0.014 (0.022) | -0.014 (0.024) |
| LEDUC | -0.010 (0.103) | -0.010 (0.111) | 0.021 (0.292) | 0.021 (0.369) | -0.150 (0.142) | -0.150 (0.164) | 0.047 (0.104) | 0.047 (0.111) |
| LDCPS | 0.046 (0.085) | 0.046 (0.091) | -0.728 (0.625) | -0.728 (0.791) | -0.139 (0.166) | -0.139 (0.192) | -0.027 (0.089) | -0.027 (0.095) |
| LDEA | - | -6.889∗∗∗ (2.600) | - | -1.457 (1.157) | - | 0.639∗∗∗ (0.158) | - | 0.226 (0.239) |
| LINTNT | -0.042 (0.067) | -0.042 (0.072) | 0.184∗ (0.088) | 0.184∗ (0.112) | -0.043 (0.073) | -0.043 (0.084) | -0.008 (0.055) | -0.008 (0.059) |
| QINST | 0.026 (0.022) | 0.026 (0.024) | -0.002 (0.069) | -0.002 (0.087) | 0.122 (0.076) | 0.122 (0.088) | 0.033 (0.026) | 0.033 (0.028) |
| LGDPPC | 0.200∗ (0.104) | 0.200∗ (0.111) | -1.533∗∗ (0.627) | -1.533∗∗ (0.793) | 1.277∗∗∗ (0.251) | 1.277∗∗∗ (0.290) | 0.050 (0.026) | 0.050 (0.141) |
| LFVA(-1) | 0.500∗∗ (0.176) | 0.500∗∗ (0.188) | 0.822 (0.749) | 0.822 (0.948) | -0.240 (0.135) | -0.240 (0.156) | 0.221∗ (0.123) | 0.221∗ (0.132) |
| C | 3.506∗∗ (1.309) | 39.110∗∗∗ (12.613) | -14.560∗∗ (6.726) | -7.111∗∗ (3.086) | 15.478∗∗∗ (1.515) | 12.863∗∗∗ (1.941) | 3.740∗∗∗ (1.076) | 4.019∗∗∗ (0.909) |
| Observations | 224 | 224 | 80 | 80 | 80 | 80 | 384 | 384 |
| Number of Countries | 14 | 14 | 5 | 5 | 5 | 5 | 24 | 24 |
| F-Stat. Probability | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| R squared | 0.565 | 0.975 | 0.656 | 0.966 | 0.634 | 0.998 | 0.551 | 0.997 |
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.