International capital mobility in West Africa: A panel cointegration approach

Figures & data

Table 1. Panel unit root test result

	Levin, Lin & Chu t		Breitung	t-stat	Im, Pesaran & Shi.		ADF—Fisher Chi.
	Statis.	p-value	Statis.	p-value	Statis.	p-value	Statis.	p-value
GFCF	0.0719	0.5286	1.89126	0.9707	−0.0931	0.4629	30.971	0.2294
ΔGFCF	−11.499	0.0000	−1.6948	0.0451	−11.127	0.0000	167.23	0.0000
GDS	−0.8413	0.2001	0.06332	0.5252	−1.6055	0.0542	41.743	0.0261
ΔGDS	−16.769	0.0000	−6.4180	0.0000	−16.931	0.0000	253.19	0.0000

Note: Δ indicate first difference.

Table 2. Pedroni panel cointegration test result

Within-dimension (panel)				Between-dimension (group)
v-Stat.	rho-Stat.	PP-Stat.	ADF-Stat.	rho-Stat.	PP-Stat.	ADF-Stat.
0.7303	(3.8267)***	−4.302***	−3.671***	−2.114**	−4.149***	−2.680***

Note: Null hypothesis: no cointegration.

^** Indicate the p-value is significant at 5%.

^*** Indicate the p-value is significant at 1%.

Table 3. Long-run estimation results

	DFE	MG	PMG	FMOLS	DOLS
Long-run coeff.	0.3361	0.776	0.3031	0.4818	0.4772
	(0.048)	(−1.24)	(0.000)	(0.000)	(0.000)
Adjustment coeff.	−0.206	−0.3449	−0.3253
	(0.000)	(0.000)	(0.000)
Hausman test	33.38		0.83
	[0.000]		[−0.361]
Short-run coeff.	0.2015	0.1577	0.1984
	(0.000)	(0.000)	(−0.002)

Notes: Values in parenthesis are p-values for t-statistics. Values in brackets are p-values for the chi-square distribution.

Table 4. Individual country PMG result

Country	Adjustment coeff.	Short run coeff.
Benin	−0.4270 (0.000)***	0.4408 (0.000)***
Burkina Faso	−0.4415 (0.027)**	0.2533 (0.059)*
Cote d’Ivoire	−0.2397 (0.001)***	0.0445 (0.565)
Gambia, The	−0.1744 (0.040)**	0.7032 (0.000)***
Ghana	−0.1491 (0.086)*	0.0670 (0.641)
Guinea	−0.8060 (0.000)***	0.1858 (0.123)
Guinea-Bissau	−0.1827 (0.089)*	0.2721 (0.214)
Mali	−0.6872 (0.000)***	0.1838 (0.118)
Niger	0.0483 (0.464)	0.2945 (0.019)**
Nigeria	−0.3268 (0.000)***	−0.0690 (0.107)
Senegal	−0.3167 (0.004)***	−0.2303 (0.177)
Sierra Leone	−0.0016 (0.994)	0.2560 (0.112)
Togo	−0.5244 (0.000)***	0.1783 (0.097)*

^* Indicate the p-value is significant at 10%.

^** Indicate the p-value is significant at 5%.

^*** Indicate the p-value is significant at 1%.