Explaining public investment dynamics in Sub-Saharan Africa: The role of country governance structures

Figures & data

Table 1. Definition of variables (proxies) and expected signs

Variable	Definition	Expected sign
GDPr	It is the real gross domestic product of country i in time t	Positive
GPINV	Public investment covers gross outlays by the public sector on additions to its fixed domestic assets. This is scaled by GDP and is taken for country i in time t
PRINV	Private investment = investment output ratio and is computed as the ratio of private investment to GDP of country i in time t. Private investment covers gross outlays by the private sector (including private non-profit agencies) on additions to its fixed domestic assets	Indeterminate
RIR	Real interest rate (independent variable) = is the year end real interest rate of country i in time t	Negative
CGI	Country governance index (1): Is an index constructed using principal component analysis from six global governance indicators provided by the world bank. The index is constructed for country i in time t	Positive
TOPEN	Trade openness = This shows exports, imports and sum/average of exports and imports as percentage of nominal gross domestic product (GDP) for country i in time t. The indicators are calculated for trade in goods, trade in services and total trade in goods and services	Positive
AID	This is gross official development agency’s (ODA) aid disbursement for economic infrastructure. It is the aggregate total for transport and storage; communications; energy; banking and financial services; business and other services. It is scaled by GDP and taken for country i in time t	Positive
EDS	Is external debt stocks for public and publicly guaranteed debt which comprises long-term external obligations of public debtors, including the national government, political subdivisions (or an agency of either), and autonomous public bodies, and external obligations of private debtors that are guaranteed for repayment by a public entity. It is scaled by GDP and taken for country i in time t	Positive
CBB	Current budget balance—Is the excess of current revenue over current expenditure, scaled by GDP and taken for country i in time t	Negative
CCN	Control of corruption measures the extent to which public power is exercised for private gain, including petty and grand forms of corruption, as well as “capture” of the state by elites and private interests	Positive
GEN	Government effectiveness measures the quality of public services, the quality and degree of independence from political pressures of the civil service, the quality of policy formulation and implementation, and the credibility of the government’s commitment to such policies	Positive
PSN	Political stability and absence of violence measures the perceptions of the likelihood that the government will be destabilized or overthrown by unconstitutional or violent means, including domestic violence or terrorism	Positive
RQN	Regulatory quality measures the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development	Positive
RLN	Rule of law measures the extent to which agents have confidence in and abide by the rules of society, in particular the quality of contract enforcement, the police, and the courts, as well as the likelihood of crime and violence	Positive
VAN	Voice and accountability measures the extent to which a country’s citizens are able to participate in selecting their government and to enjoy freedom of expression, freedom of association, and a free media. Further documentation and research using the World Governance Indicators (WGI) is available at www.worldbank.org/wbi/governance	Positive
χi, zit	Are the country specific factors and white noise, respectively

Table 2. Descriptive statistics

Variable	Obs	Mean	SD	Min	Max
GDP	916	3.92338	8.29937	−51.031	106.28
GPINV	841	7.407808	4.82583	0.1001	42.9755
PRINV	840	12.75484	9.77695	−2.6404	112.352
RIR	641	10.84186	27.7605	−96.87	508.741
CGI	532	0.470989	18.1122	−33.695	31.6019
TOPEN	838	31.4506	21.2424	2.68738	140.576
AID	374	1.116619	1.24082	−0.2216	10.7369
EDS	882	81.32798	79.4891	1.8722	862.108
CBB	850	4,516.69	128,957	−50.95	3,759,757

Table 3. Correlation matrix

	lnGPINV	lnPRINV	lnTOPEN	lnRIR	lnGDPrit−1	lnCBB	1nEDS	lnAID	lnVAN	lnCCN	lnGE	lnPSN	lnREN	lnRLN lnCGI
lnGPINV	1.0000
lnPRINV	0.0939***	1.0000
lnTOPEN	−0.0671*	0.3617***	1.0000
lnRIR	−0.1173***	−0.1620	0.0852*	1.0000
lnGDPrit-1	−0.1739***	−0.0801**	0.1009***	0.0022	1.0000
lnCBB	0.1740***	−0.1015**	0.0086	0.0090	0.0998**	1.0000
lnEDS	−0.1027***	−0.2575***	−0.2573***	0.0509	−0.1063***	−0.0309	1.0000
lnAID	0.1955***	0.0342	−0.4127***	0.0710	−0.2282***	−0.1227*	0.2909***	1.0000
lnVAN	0.0239	0.1153**	0.0852*	−0.0099	0.2615***	0.1284**	−0.4870***	0.0555	1.0000
lnCCN	0.0173	0.1094**	0.0876*	0.0296	0.3140***	0.1340**	−0.4911***	0.0580	0.9169***	1.0000
lnGE	0.0098	0.1226***	0.0854*	0.0467	0.3082***	0.1258**	−0.4640***	0.0596	0.9104***	0.9844***	1.0000
lnPSN	−0.0645	0.1451***	0.1197***	0.0742	0.4230***	0.2151***	−0.4600***	−0.0810	0.8420***	0.8393***	0.8314***	1.0000
lnREN	−0.0018	0.1493***	0.0915**	0.0758	0.3525***	0.1698***	−0.4461***	0.0485	0.8772***	0.9488***	0.9696***	0.8196***	1.0000
lnRLN	−0.0021	0.1072**	0.0582	0.0369	0.3436***	0.1884***	−0.4672***	0.0737	0.9259***	0.9530***	0.9532***	0.8319***	0.9630***	1.0000
lnCGI	−0.1821***	0.0805	0.1573**	−0.0398	0.2012***	0.1881***	−0.5215***	−0.0193	0.9683***	0.9836***	0.9807***	0–8919***	0.9633***	0.9894***1.0000

* p < 0.1.

** p < 0.05.

*** p < 0.01.

Table 4. Regression results (dependent variable—GPINV)

Variable	1	2	3	4	5	6	7	8
LnGPINVit−1	0.4181**	0.4116***	0.4187***	0.4291***	0.4228***	0.4011***	0.4036***	0.3932***
	[0.1646]	[0.1401]	[0.1378]	[0.1368]	[0.1293]	[0.1321]	[0.1453]	[0.1015]
lnPRINV	−0.1686**	−0.1718**	−0.1822**	−0.175**	−0.1711**	−0.1957**	−0.1817**	−0.2472***
	[0.0798]	[0.0838]	[0.0768]	[0.0743]	[0.0717]	[0.0842]	[0.0797]	[0.0622]
lnGDPrit−1	0.2367	0.0189	0.0665	0.0665	0.1185	−0.0445	0.0575	−0.0917
	[0.1722]	[0.2169]	[0.1981]	[0.1954]	[0.1711]	[0.2176]	[0.2034]	[0.1965]
lnTOPEN	0.3593**	0.3162	0.3176	0.3348*	0.3338*	0.3297	0.2834	0.1716
	[0.154]	[0.1956]	[0.2036]	[0.1858]	[0.1949]	[0.2044]	[0.1848]	[0.2362]
lnRIR	−3.50E-04	0.0115	0.0221	0.0202	0.024	0.0181	0.0065	0.067*
	[0.0312]	[0.0322]	[0.0313]	[0.0305]	[0.032]	[0.0348]	[0.0302]	[0.0395]
lnCBB	−0.0343	−0.0393	−0.0377	−0.0328	−0.0344	−0.0395	−0.046	0.0054
	[0.0263]	[0.0282]	[0.0282]	[0.0277]	0.0269	[0.0259]	[0.0288]	[0.0274]
lnEDS	0.1623***	0.2457***	0.2465***	0.241***	0.2245***	0.2342***	0.2515***	0.2208
	[0.0416]	[0.0525]	[0.0516]	[0.0446]	[0.0443]	[0.0474]	[0.0589]	[0.1474]
lnAID	0.0515	0.0668*	0.0646*	0.0614*	0.0582	0.0696**	0.0639*	0.1274*
	[0.0354]	[0.0397]	[0.0385]	[0.0356]	[0.0355]	[0.0353]	[0.0383]	[0.0769]
lnCCN		0.4071*
		[0.236]
lnGEN			0.44
			[0.2711]
lnPSN				0.3776**
				[0.1869]
lnRQN					0.503*
					[0.2921]
lnRLN						0.5387**
						[0.2347]
lnVAN							0.4386
							[0.2794]
lnCGI								0.39497
								[0.39918]
χ^2	98.95	141.10	117.10	110.80	132.30	84.19	120.60	382.90
N	86	86	86	86	86	86	86	48
AR(1) (p-value)	0.0910	0.0758	0.0887	0.0710	0.0794	0.0885	0.0793	0.0942
AR(2) (p-value)	0.5045	0.5819	0.6911	0.8104	0.5867	0.7479	0.5021	0.1651
Sargan test (p-value)	0.0983	0.0838	0.0833	0.1228	0.0991	0.0934	0.0957	0.1728

Notes: GDPr is real GDP; CBB is current budget balance; EDS is external debt stock; AID is aid for economic infrastructure; CCN is control of corruption; GEN is government effectiveness; PSN is political stability; RQN is regulatory quality; RLN is rule of law; VAN is voice and accountability; CGI is the country governance index constructed by the author using the six main country governance variables reported by the World Bank. Also note that model 1 presents results for the baseline model while models 2–7 present results on the effect of each of the country governance indicators on the base line model. Model 8 presents results for the effect of country governance index.

Table

Angola
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	34.6254	0.38011	0.16671	0.14176	0.06812	0.01371
Variance Prop.	0.97824	0.01074	0.00471	0.00401	0.00192	0.00039
Cumulative Prop.	0.97824	0.98897	0.99368	0.99769	0.99961	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.45649	0.25615	−0.1548	−0.6062	0.29279	0.49888
Govt effectiveness	0.32244	0.42213	−0.0465	0.60738	0.57527	−0.1258
Political stability	0.14631	0.3636	0.79465	−0.2755	−0.0737	−0.3655
Regulatory quality	0.28265	0.42931	−0.0697	0.30752	−0.7369	0.30546
Rule of law	0.51525	−0.1112	−0.4392	−0.1933	−0.1865	−0.6761
Voice and accountability	0.56646	−0.6537	0.38027	0.23628	−0.007	0.22654
Benin
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	65.7119	0.33381	0.29024	0.18295	0.07455	0.02462
Variance Prop.	0.9864	0.00501	0.00436	0.00275	0.00112	0.00037
Cumulative Prop.	0.9864	0.99141	0.99577	0.99851	0.99963	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.43798	−0.0182	−0.5871	−0.3025	−0.6096	−0.0087
Govt effectiveness	0.40639	−0.2173	−0.1555	−0.1378	0.50668	0.69838
Political stability	0.22282	0.42709	−0.4395	0.0205	0.56752	−0.5023
Regulatory quality	0.31768	−0.7212	−0.0435	0.497	0.05017	−0.3572
Rule of law	0.457	−0.0727	0.58226	−0.5833	0.06374	−0.3203
Voice and accountability	0.53255	0.49467	0.31164	0.54943	−0.2074	0.1723
Botswana
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	43.0145	0.84382	0.41072	0.14623	0.03091	0.00519
Variance Prop.	0.96768	0.01898	0.00924	0.00329	0.0007	0.00012
Cumulative Prop.	0.96768	0.98666	0.9959	0.99919	0.99988	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.40066	−0.0201	4.53E-05	0.88321	0.20036	−0.1373
Govt effectiveness	0.40842	−0.2476	−0.1976	0.01085	−0.3557	0.77859
Political stability	0.18379	0.21102	0.32037	0.06021	−0.8396	−0.3324
Regulatory quality	0.30792	−0.8065	−0.0907	−0.2245	−0.0107	−0.4428
Rule of law	0.44099	0.4491	−0.6968	−0.2345	0.02579	−0.2503
Voice and accountability	0.59127	0.20414	0.6038	−0.3328	0.35723	0.07584
Burkina Faso
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	68.7594	0.3562	0.22641	0.09212	0.05497	0.01789
Variance Prop.	0.98924	0.00513	0.00326	0.00133	0.00079	0.00026
Cumulative Prop.	0.98924	0.99437	0.99763	0.99895	0.99974	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.43717	−0.0535	0.4903	0.69892	0.06874	0.2691
Govt effectiveness	0.37803	−0.2102	0.30661	−0.4987	−0.6406	0.24444
Political stability	0.2186	0.54705	0.52498	−0.3213	0.28281	−0.4406
Regulatory quality	0.28629	−0.4277	−0.0293	−0.3781	0.70591	0.30494
Rule of law	0.45646	−0.4345	−0.2283	0.12866	−0.0749	−0.727
Voice and accountability	0.5726	0.53099	−0.5805	0.0048	−0.0307	0.22846
Burundi
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	43.1958	0.3034	0.13284	0.11543	0.05941	0.00557
Variance Prop.	0.98593	0.00693	0.00303	0.00264	0.00136	0.00013
Cumulative Prop.	0.98593	0.99285	0.99588	0.99852	0.99987	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.42935	0.19421	0.39632	−0.6713	−0.3716	0.17931
Govt effectiveness	0.36219	0.1874	−0.4604	−0.3989	0.55887	−0.3876
Political stability	0.20469	−0.0375	0.76831	0.22973	0.49423	−0.2633
Regulatory quality	0.32678	0.53948	−0.0938	0.35453	0.22984	0.6441
Rule of law	0.50281	0.18394	−0.1099	0.45346	−0.4989	−0.4967
Voice and accountability	0.53196	−0.7752	−0.1406	0.07859	0.05963	0.29436
Cameroon
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	44.5173	0.45082	0.23623	0.07039	0.02426	0.00658
Variance Prop.	0.9826	0.00995	0.00521	0.00155	0.00054	0.00015
Cumulative Prop.	0.9826	0.99255	0.99777	0.99932	0.99986	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.48041	−0.0326	0.71298	0.43426	−0.2295	0.13616
Govt effectiveness	0.35141	−0.3742	−0.014	−0.3076	0.52306	0.60672
Political stability	0.19279	0.21026	0.42883	−0.527	0.37495	−0.5625
Regulatory quality	0.28608	−0.5503	−0.1141	−0.4324	−0.6132	−0.1983
Rule of law	0.44369	−0.2651	−0.4028	0.47844	0.33695	−0.4777
Voice and accountability	0.57431	0.66453	−0.3638	−0.1524	−0.2088	0.17152
Cape Verde
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	17.5328	0.49758	0.30449	0.09602	0.06114	0.00382
Variance Prop.	0.94793	0.0269	0.01646	0.00519	0.00331	0.00021
Cumulative Prop.	0.94793	0.97483	0.9913	0.99649	0.99979	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.35857	−0.2574	0.57542	0.16106	−0.6062	0.28409
Govt effectiveness	0.37767	−0.0266	0.04692	−0.2374	−0.1927	−0.8723
Political stability	0.24697	−0.6735	0.22946	−0.2038	0.62279	0.05768
Regulatory quality	0.31521	0.40548	0.04595	−0.7868	0.00773	0.33902
Rule of law	0.47284	−0.2951	−0.773	0.07587	−0.2154	0.19906
Voice and accountability	0.58726	0.47743	0.11975	0.50129	0.40139	0.02105
Central African Republic
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	19.1504	0.68455	0.38878	0.0903	0.03815	0.02283
Variance Prop.	0.9399	0.0336	0.01908	0.00443	0.00187	0.00112
Cumulative Prop.	0.9399	0.97349	0.99258	0.99701	0.99888	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3667	0.29887	0.35479	−0.5419	0.36539	0.47244
Govt effectiveness	−0.3599	0.31998	0.12044	−0.1973	0.05789	−0.8434
Political stability	−0.2073	−0.0018	0.74878	0.62473	−0.0642	0.04412
Regulatory quality	−0.3629	0.47294	−0.5125	0.51482	0.30142	0.16135
Rule of law	−0.5288	0.01825	−0.1363	−0.1082	−0.8101	0.18283
Voice and accountability	−0.5307	−0.7644	−0.133	0.02001	0.3344	−0.0642
Chad
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	49.5825	0.35495	0.16365	0.03434	0.01455	0.00279
Variance Prop.	0.98863	0.00708	0.00326	0.00069	0.00029	5.6E-05
Cumulative Prop.	0.98863	0.99571	0.99897	0.99965	0.99994	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.40396	−0.3146	0.4094	−0.5614	−0.3697	−0.344
Govt effectiveness	0.39424	−0.2447	−0.1285	−0.315	0.79464	0.19367
Political stability	0.24457	0.23251	0.73693	0.23381	0.0315	0.5361
Regulatory quality	0.33204	−0.3969	−0.4198	0.10011	−0.4567	0.58085
Rule of law	0.45684	−0.2524	0.03181	0.71209	0.09488	−0.4588
Voice and accountability	0.55012	0.75221	−0.3092	−0.1177	−0.1151	−0.0941
Comoros
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	10.631	0.45848	0.16427	0.06238	0.01722	9.86E-17
Variance Prop.	0.93803	0.04045	0.0145	0.0055	0.00152	0
Cumulative Prop.	0.93803	0.97848	0.99298	0.99848	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3065	0.33637	0.28347	−0.4462	0.11615	0.70711
Govt effectiveness	−0.3065	0.33637	0.28347	−0.4462	0.11615	−0.7071
Political stability	−0.0722	0.12064	−0.5962	−0.4136	−0.6736	2.48E-14
Regulatory quality	−0.3257	0.31354	0.38375	0.55115	−0.587	3.28E-14
Rule of law	−0.5579	0.2839	−0.5713	0.34033	0.40729	#######
Voice and accountability	−0.6241	−0.7617	0.10095	−0.1059	−0.0939	4.54E-15
Congo Dr
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	35.5949	1.14045	0.17861	0.09484	0.07819	0.03111
Variance Prop.	0.95896	0.03073	0.00481	0.00256	0.00211	0.00084
Cumulative Prop.	0.95896	0.98969	0.9945	0.99706	0.99916	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4037	0.14251	0.10624	−0.5591	−0.6275	0.3148
Govt effectiveness	−0.3269	0.33445	0.27221	−0.4874	0.60913	−0.314
Political stability	−0.1628	0.38626	−0.8363	−0.0111	−0.108	−0.3363
Regulatory quality	−0.2786	0.49379	−0.025	0.40652	0.2597	0.66725
Rule of law	−0.4474	0.15744	0.38993	0.53045	−0.3264	−0.4849
Voice and accountability	−0.6526	−0.6708	−0.2501	0.05557	0.22277	0.09403
Congo Rep
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	27.3683	0.34901	0.24516	0.06122	0.04899	0.00375
Variance Prop.	0.97478	0.01243	0.00873	0.00218	0.00175	0.00013
Cumulative Prop.	0.97478	0.98721	0.99594	0.99812	0.99987	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.39377	−0.7641	0.2789	0.21775	−0.2345	−0.2845
Govt effectiveness	0.40356	0.07289	−0.4354	−0.3641	0.34363	−0.6258
Political stability	0.21714	0.20327	0.06643	−0.5623	−0.7684	0.02265
Regulatory quality	0.35828	−0.3406	−0.1769	−0.3827	0.29653	0.69992
Rule of law	0.47345	0.24276	−0.5043	0.59318	−0.2741	0.18883
Voice and accountability	0.53143	0.44112	0.66534	0.07444	0.27099	0.0367
Cote D’ Voire
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	28.4058	0.38417	0.20081	0.17043	0.0215	0.00476
Variance Prop.	0.97322	0.01316	0.00688	0.00584	0.00074	0.00016
Cumulative Prop.	0.97322	0.98638	0.99326	0.9991	0.99984	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.43377	−0.1776	0.4702	0.63477	0.29889	−0.2588
Govt effectiveness	0.37444	−0.2572	0.12997	−0.1737	0.19665	0.84136
Political stability	0.21366	0.62199	0.57745	−0.1548	−0.4514	0.0794
Regulatory quality	0.32238	−0.2456	0.19632	−0.7311	0.23603	−0.455
Rule of law	0.4697	−0.3893	−0.2868	0.08587	−0.7273	−0.096
Voice and accountability	0.54904	0.55095	−0.5548	0.03304	0.28903	−0.0509
Djibouti
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	15.5476	0.68434	0.18742	0.0553	0.03226	#######
Variance Prop.	0.94188	0.04146	0.01135	0.00335	0.00196	0
Cumulative Prop.	0.94188	0.98334	0.9947	0.99805	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3276	0.42789	0.13383	0.26724	0.34674	−0.7071
Govt effectiveness	−0.3276	0.42789	0.13383	0.26724	0.34674	0.70711
Political stability	−0.1641	−0.0182	0.89963	−0.1229	−0.3851	1.69E-14
Regulatory quality	−0.2464	0.35631	−0.3302	0.30585	−0.7809	2.43E-14
Rule of law	−0.5344	0.15178	−0.2016	−0.8066	0.0072	3.06E-14
Voice and accountability	−0.6419	−0.6953	−0.0721	0.31279	0.03829	#######
Equitoria Guinea
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	6.86464	1.02626	0.16442	0.04073	0.00812	#######
Variance Prop.	0.84705	0.12663	0.02029	0.00503	0.001	0
Cumulative Prop.	0.84705	0.97368	0.99397	0.999	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.2316	0.33148	0.30725	−0.2189	−0.4406	0.70711
Govt effectiveness	−0.2316	0.33148	0.30725	−0.2189	−0.4406	−0.7071
Political stability	−0.0685	−0.1451	0.60631	0.77801	−0.0369	3.26E-15
Regulatory quality	−0.3093	0.4792	0.27047	−0.1122	0.76743	#######
Rule of law	−0.5933	0.26584	−0.5949	0.45482	−0.1289	9.96E-15
Voice and accountability	−0.6636	−0.6774	0.12874	−0.2818	0.06894	#######
Eritrea
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	22.4894	0.37075	0.24921	0.17006	0.03846	0.00153
Variance Prop.	0.96441	0.0159	0.01069	0.00729	0.00165	6.6E-05
Cumulative Prop.	0.96441	0.98031	0.99099	0.99829	0.99993	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.41345	−0.0705	0.70721	0.36579	−0.4072	0.15589
Govt effectiveness	0.3093	0.17182	0.44546	−0.4086	0.49344	−0.5157
Political stability	0.17701	−0.3099	−0.103	0.65963	0.65319	0.0163
Regulatory quality	0.37178	0.4232	−0.0671	−0.2105	0.28344	0.744
Rule of law	0.52769	0.46047	−0.4645	0.26882	−0.2595	−0.3926
Voice and accountability	0.53422	−0.6916	−0.2656	−0.3841	−0.1279	0.04256
Ethiopia
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	48.7752	0.57234	0.35292	0.05198	0.02663	0.01257
Variance Prop.	0.97959	0.0115	0.00709	0.00104	0.00054	0.00025
Cumulative Prop.	0.97959	0.99108	0.99817	0.99921	0.99975	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4749	−0.7855	−0.3174	0.08518	0.22193	0.01493
Govt effectiveness	−0.3356	0.01966	0.38024	0.03291	−0.0596	−0.8589
Political stability	−0.1841	−0.026	−0.3183	−0.6014	−0.7075	−0.0435
Regulatory quality	−0.2752	−0.0632	0.61875	−0.5891	0.27555	0.33834
Rule of law	−0.4965	0.10895	0.29702	0.52697	−0.4798	0.38147
Voice and accountability	−0.5529	0.60503	−0.427	−0.0728	0.37487	0.01209
Gabon
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	10.765	0.3765	0.18377	0.04436	0.01233	#######
Variance Prop.	0.9458	0.03308	0.01615	0.0039	0.00108	0
Cumulative Prop.	0.9458	0.97887	0.99502	0.99892	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4431	−0.4316	0.48622	−0.6035	0.12934	8.28E-15
Govt effectiveness	−0.3656	−0.2429	−0.0882	0.44061	0.32476	−0.7071
Political stability	−0.2602	0.21895	0.63658	0.43124	−0.5414	#######
Regulatory quality	−0.3656	−0.2429	−0.0882	0.44061	0.32476	0.70711
Rule of law	−0.4458	−0.207	−0.5737	−0.1247	−0.6432	#######
Voice and accountability	−0.5195	0.7778	−0.1171	−0.2143	0.25584	3.98E-15
Gambia, The
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	17.6606	0.35169	0.13878	0.02946	3.61E-16	#######
Variance Prop.	0.9714	0.01934	0.00763	0.00162	0	0
Cumulative Prop.	0.9714	0.99075	0.99838	1	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3798	0.27614	0.2253	−0.2491	−0.0216	−0.8162
Govt effectiveness	−0.3798	0.27614	0.2253	−0.2491	0.71765	0.38943
Political stability	−0.236	−0.6223	0.68715	0.29146	5.25E-15	1.49E-14
Regulatory quality	−0.3798	0.27614	0.2253	−0.2491	−0.6961	0.42679
Rule of law	−0.4638	0.28452	−0.2423	0.80327	1.69E-14	5.17E-14
Voice and accountability	−0.5445	−0.5505	−0.5629	−0.2892	#######	#######
Ghana
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	54.8415	0.95493	0.33409	0.23382	0.07973	0.0143
Variance Prop.	0.97136	0.01691	0.00592	0.00414	0.00141	0.00025
Cumulative Prop.	0.97136	0.98828	0.99419	0.99834	0.99975	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4862	−0.1978	0.2297	−0.6698	0.44693	0.153
Govt effectiveness	−0.345	0.39424	0.03958	0.02554	0.10598	−0.8439
Political stability	−0.154	−0.0837	0.17221	−0.4086	−0.8744	−0.0903
Regulatory quality	−0.2493	0.83169	−0.1131	−0.0508	−0.0831	0.47318
Rule of law	−0.4644	−0.1223	0.63056	0.58089	−0.0714	0.17091
Voice and accountability	−0.5857	−0.303	−0.7111	0.20931	−0.1116	0.05689
Guinea
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	20.9456	0.29441	0.13439	0.07719	0.03082	0.00374
Variance Prop.	0.97484	0.0137	0.00626	0.00359	0.00143	0.00017
Cumulative Prop.	0.97484	0.98855	0.9948	0.99839	0.99983	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4057	0.31015	0.528	−0.2782	0.01699	0.61867
Govt effectiveness	−0.395	0.22633	−0.0648	−0.1657	−0.7901	−0.37
Political stability	−0.1852	−0.3047	0.69597	0.53315	−0.0124	−0.3226
Regulatory quality	−0.332	0.36586	−0.3776	0.74056	0.02778	0.25332
Rule of law	−0.4826	0.26715	−0.0645	−0.2281	0.61203	−0.5148
Voice and accountability	−0.5495	−0.7447	−0.2932	−0.1023	0.00525	0.21701
Guinea Bissau
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	6.83405	0.73436	0.11854	0.04359	0.00558	#######
Variance Prop.	0.8834	0.09493	0.01532	0.00563	0.00072	0
Cumulative Prop.	0.8834	0.97832	0.99365	0.99928	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3195	0.23669	0.05025	−0.2237	0.53787	0.70711
Govt effectiveness	−0.3195	0.23669	0.05025	−0.2237	0.53787	−0.7071
Political stability	−0.0534	−0.0911	−0.9679	−0.2281	0.00392	2.49E-15
Regulatory quality	−0.3979	0.41365	0.09931	−0.5043	−0.6374	#######
Rule of law	−0.5484	0.27212	−0.1756	0.76277	−0.1119	#######
Voice and accountability	−0.5778	−0.7966	0.13213	−0.1082	−0.0501	#######
Kenya
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	65.3807	0.71694	0.27671	0.16166	0.06968	0.00543
Variance Prop.	0.98153	0.01076	0.00415	0.00243	0.00105	8.2E-05
Cumulative Prop.	0.98153	0.99229	0.99645	0.99887	0.99992	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.48871	−0.1563	0.75723	0.25192	−0.2186	0.22826
Govt effectiveness	0.33458	0.31087	−0.0188	−0.1328	−0.4693	−0.7438
Political stability	0.15811	−0.2	0.23191	0.01998	0.78372	−0.5164
Regulatory quality	0.25217	0.84326	−0.0536	0.2722	0.31717	0.21853
Rule of law	0.48108	−0.0074	−0.0866	−0.8162	0.13105	0.27859
Voice and accountability	0.57375	−0.3575	−0.6017	0.42213	−0.0054	0.05195
Lesotho
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	30.2839	0.73238	0.37043	0.21181	0.10164	0.00123
Variance Prop.	0.95529	0.0231	0.01169	0.00668	0.00321	3.9E-05
Cumulative Prop.	0.95529	0.97839	0.99007	0.99676	0.99996	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.4063	0.10485	−0.2782	−0.5488	−0.6191	−0.2494
Govt effectiveness	0.42028	−0.0348	−0.318	0.0369	0.03878	0.84745
Political stability	0.20079	0.4122	0.36236	−0.5974	0.54647	0.05431
Regulatory quality	0.36525	−0.2919	−0.5416	0.05925	0.55198	−0.4242
Rule of law	0.48665	0.60785	0.13431	0.57856	−0.0752	−0.1878
Voice and accountability	0.49773	−0.6027	0.61551	0.04864	−0.0794	−0.0391
Liberia
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	45.4907	0.85765	0.20738	0.1718	0.07053	0.01448
Variance Prop.	0.97176	0.01832	0.00443	0.00367	0.00151	0.00031
Cumulative Prop.	0.97176	0.99008	0.99451	0.99818	0.99969	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.48506	−0.3757	0.32376	−0.5315	−0.458	−0.1627
Govt effectiveness	0.31457	−0.3351	−0.3739	0.11936	−0.0765	0.79299
Political stability	0.09345	0.11101	−0.0247	−0.6698	0.70826	0.16737
Regulatory quality	0.25312	−0.3879	−0.643	0.09182	0.22409	−0.5598
Rule of law	0.5304	−0.0905	0.51905	0.49611	0.44005	−0.0361
Voice and accountability	0.55824	0.75863	−0.2681	−0.0063	−0.1972	−0.0454
Libya
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	18.1524	0.66805	0.1844	0.10371	0.02338	#######
Variance Prop.	0.9488	0.03492	0.00964	0.00542	0.00122	0
Cumulative Prop.	0.9488	0.98372	0.99336	0.99878	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4223	0.23868	0.47767	−0.1925	0.70673	1.57E-14
Govt effectiveness	−0.3123	0.39021	−0.4784	−0.1421	−0.0338	−0.7071
Political stability	−0.2555	0.29882	0.15092	0.90024	−0.1105	#######
Regulatory quality	−0.3123	0.39021	−0.4784	−0.1421	−0.0338	0.70711
Rule of law	−0.507	−0.0243	0.44608	−0.2936	−0.6762	#######
Voice and accountability	−0.5516	−0.7407	−0.3039	0.16109	0.1698	2.58E-15
Madagascar
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	60.1679	0.40533	0.2519	0.1486	0.08113	0.03538
Variance Prop.	0.9849	0.00664	0.00412	0.00243	0.00133	0.00058
Cumulative Prop.	0.9849	0.99154	0.99566	0.99809	0.99942	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.42615	−0.1612	0.64702	0.42206	−0.3993	−0.1903
Govt effectiveness	0.41489	0.24517	0.03988	0.07848	0.07756	0.86833
Political stability	0.22228	−0.1931	−0.0503	0.47312	0.81228	−0.1647
Regulatory quality	0.32288	0.85431	−0.1016	0.0037	0.02656	−0.3935
Rule of law	0.46799	−0.2105	0.25946	−0.7656	0.25754	−0.1299
Voice and accountability	0.52306	−0.32	−0.7068	0.07553	−0.3282	−0.1046
Malawi
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	45.4725	1.26904	0.26329	0.22477	0.11922	0.01921
Variance Prop.	0.95998	0.02679	0.00556	0.00475	0.00252	0.00041
Cumulative Prop.	0.95998	0.98677	0.99233	0.99708	0.9996	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4422	0.13214	−0.7106	0.28205	−0.3987	−0.2087
Govt effectiveness	−0.3323	−0.3984	−0.0581	−0.0887	−0.1588	0.83328
Political stability	−0.1192	−0.1223	−0.3547	0.26551	0.87769	0.06485
Regulatory quality	−0.234	−0.8155	0.21076	0.11473	−0.0603	−0.4679
Rule of law	−0.4948	0.1141	−0.0446	−0.8154	0.19185	−0.1961
Voice and accountability	−0.6166	0.36159	0.5652	0.40503	0.07085	0.02294
Mali
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	51.3025	0.61511	0.37202	0.21995	0.10921	0.02707
Variance Prop.	0.97448	0.01168	0.00707	0.00418	0.00207	0.00051
Cumulative Prop.	0.97448	0.98617	0.99323	0.99741	0.99949	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.41586	−0.1187	0.49403	0.64298	−0.3419	0.1964
Govt effectiveness	0.40324	0.27401	0.03816	0.04296	0.03114	−0.8707
Political stability	0.20417	−0.2931	0.26631	0.06816	0.89131	0.04924
Regulatory quality	0.3065	0.80156	−0.2069	0.10664	0.22499	0.39846
Rule of law	0.45491	−0.0103	0.39952	−0.7539	−0.1793	0.18133
Voice and accountability	0.56735	−0.427	−0.6936	0.02048	−0.07	0.09648
Mauritania
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	54.0835	0.3788	0.16314	0.07417	0.01085	0.00484
Variance Prop.	0.98845	0.00692	0.00298	0.00136	0.0002	8.8E-05
Cumulative Prop.	0.98845	0.99538	0.99836	0.99971	0.99991	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.4309	0.26333	−0.0099	−0.033	0.85303	−0.127
Govt effectiveness	0.37188	0.32488	0.33754	0.44366	−0.3515	−0.5673
Political stability	0.2132	−0.0264	0.74292	−0.6096	−0.0926	0.14732
Regulatory quality	0.30917	0.40667	0.01109	0.31677	−0.1525	0.78441
Rule of law	0.48054	0.17273	−0.5778	−0.5221	−0.3418	−0.1264
Voice and accountability	0.55142	−0.7932	−0.0099	0.23973	−0.0103	0.09522
Mauritius
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	32.2703	0.42434	0.15721	0.03519	0.00187	6.40E-15
Variance Prop.	0.98119	0.0129	0.00478	0.00107	5.7E-05	0
Cumulative Prop.	0.98119	0.99409	0.99887	0.99994	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.39608	−0.1166	0.04067	−0.4617	−0.3387	0.70711
Govt effectiveness	0.39608	−0.1166	0.04067	−0.4617	−0.3387	−0.7071
Political stability	0.22371	0.73878	0.63356	0.02909	0.04375	4.83E-14
Regulatory quality	0.42865	−0.377	0.23846	−0.0887	0.78063	8.74E-13
Rule of law	0.49704	−0.251	0.10639	0.74966	−0.3415	#######
Voice and accountability	0.45321	0.47101	−0.726	0.05438	0.20659	2.37E-13
Mozambique
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	60.2145	0.76062	0.24916	0.17935	0.08047	0.00198
Variance Prop.	0.97932	0.01237	0.00405	0.00292	0.00131	3.2E-05
Cumulative Prop.	0.97932	0.99169	0.99574	0.99866	0.99997	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.45473	0.17855	−0.7518	0.3473	−0.0915	−0.259
Govt effectiveness	0.34847	−0.3236	−0.0705	0.00307	−0.4459	0.75505
Political stability	0.16483	0.17593	−0.1565	−0.0727	0.82885	0.47447
Regulatory quality	0.2617	−0.8514	0.07341	0.1215	0.31952	−0.2906
Rule of law	0.50478	0.0932	0.0296	−0.8262	−0.0598	−0.2222
Voice and accountability	0.56687	0.31457	0.63168	0.4203	0.01227	−0.0623
Namibia
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	29.7023	0.97632	0.53804	0.14532	0.05837	0.00326
Variance Prop.	0.94522	0.03107	0.01712	0.00463	0.00186	0.0001
Cumulative Prop.	0.94522	0.97629	0.99341	0.99804	0.9999	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3936	−0.0488	−0.2161	−0.8849	−0.0416	−0.106
Govt effectiveness	−0.4061	−0.2059	−0.2092	0.13328	0.26034	0.81448
Political stability	−0.1841	0.12668	0.14041	0.05255	−0.9263	0.26379
Regulatory quality	−0.2998	−0.8294	−0.0631	0.2456	−0.1538	−0.3664
Rule of law	−0.4471	0.45603	−0.6017	0.35921	−0.0101	−0.3178
Voice and accountability	−0.5971	0.20812	0.72373	0.0842	0.22072	−0.1435
Niger
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	30.4688	0.54396	0.2248	0.05104	0.01116	0.00579
Variance Prop.	0.97327	0.01738	0.00718	0.00163	0.00036	0.00019
Cumulative Prop.	0.97327	0.99065	0.99783	0.99946	0.99982	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3971	0.25475	0.44404	0.6957	−0.2999	−0.0795
Govt effectiveness	−0.3884	0.252	0.05376	0.00044	0.86187	−0.1999
Political stability	−0.1949	−0.0618	0.75025	−0.6179	−0.1165	−0.0012
Regulatory quality	−0.3086	0.44233	−0.1844	−0.1591	−0.0705	0.80301
Rule of law	−0.4492	0.29609	−0.4197	−0.3237	−0.3856	−0.5301
Voice and accountability	−0.5971	−0.7645	−0.1642	0.06446	0.00343	0.16702
Nigeria
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	59.4592	0.82246	0.26491	0.21747	0.04193	0.02741
Variance Prop.	0.97741	0.01352	0.00436	0.00358	0.00069	0.00045
Cumulative Prop.	0.97741	0.99093	0.99529	0.99886	0.99955	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.49035	0.1988	0.61091	−0.575	−0.0579	0.11355
Govt effectiveness	0.33374	−0.3406	0.01967	0.07823	−0.4192	−0.7684
Political stability	0.1567	0.13952	−0.1391	−0.1423	0.83532	−0.4676
Regulatory quality	0.24765	−0.8325	−0.1898	−0.2332	0.20839	0.3343
Rule of law	0.47317	−0.022	0.33263	0.76588	0.2066	0.18904
Voice and accountability	0.58173	0.36255	−0.6785	−0.0456	−0.1925	0.17497
Rwanda
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	37.4	0.57756	0.29603	0.18604	0.01402	0.00553
Variance Prop.	0.97195	0.01501	0.00769	0.00484	0.00036	0.00014
Cumulative Prop.	0.97195	0.98696	0.99466	0.99949	0.99986	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.438	−0.2665	0.61067	−0.5743	0.17777	−0.0526
Govt effectiveness	−0.3329	−0.2617	0.05202	0.54886	0.17562	−0.6971
Political stability	−0.1614	0.41768	0.63009	0.51327	−0.1815	0.32571
Regulatory quality	−0.2627	−0.4344	−0.1953	0.28717	0.48437	0.6221
Rule of law	−0.4953	−0.2767	−0.2361	0.00238	−0.7784	0.1285
Voice and accountability	−0.5975	0.64866	−0.3654	−0.1517	0.25314	−0.0411
Sao Tome
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	7.71756	0.46429	0.17843	0.04291	0.01348	8.76E-16
Variance Prop.	0.91694	0.05516	0.0212	0.0051	0.0016	0
Cumulative Prop.	0.91694	0.9721	0.9933	0.9984	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3229	0.46678	0.15906	−0.3875	0.04938	−0.7071
Govt effectiveness	−0.3229	0.46678	0.15906	−0.3875	0.04938	0.70711
Political stability	−0.1981	−0.6558	0.61821	−0.3509	0.15933	5.97E-15
Regulatory quality	−0.4123	0.05596	0.37309	0.47776	−0.6778	#######
Rule of law	−0.5567	−0.0103	−0.0712	0.50573	0.65508	1.40E-14
Voice and accountability	−0.5219	−0.3618	−0.6503	−0.3043	−0.2849	#######
Senegal
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	49.9046	0.705	0.33559	0.19022	0.03932	0.02662
Variance Prop.	0.97467	0.01377	0.00655	0.00372	0.00077	0.00052
Cumulative Prop.	0.97467	0.98844	0.995	0.99871	0.99948	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.47794	0.34294	0.77632	−0.0892	0.14377	0.15058
Govt effectiveness	0.37104	−0.3249	0.10188	0.15554	−0.0224	−0.8495
Political stability	0.17014	0.28733	−0.0411	0.50277	−0.793	0.07245
Regulatory quality	0.27002	−0.7734	0.13412	−0.2109	−0.3265	0.39976
Rule of law	0.47213	−0.099	−0.3268	0.58378	0.47985	0.29912
Voice and accountability	0.556	0.29376	−0.5104	−0.5743	−0.1149	−0.0328
Seychelles
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	10.772	0.41082	0.27306	0.14484	0.02431	#######
Variance Prop.	0.92662	0.03534	0.02349	0.01246	0.00209	0
Cumulative Prop.	0.92662	0.96196	0.98545	0.99791	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3229	0.26743	0.47766	−0.2071	0.23057	0.70711
Govt effectiveness	−0.3229	0.26743	0.47766	−0.2071	0.23057	−0.7071
Political stability	−0.2718	−0.3094	−0.3634	−0.8354	−0.0194	3.89E-16
Regulatory quality	−0.3911	0.43068	−0.1028	0.03125	−0.8062	#######
Rule of law	−0.5355	0.23136	−0.5759	0.32811	0.46954	3.45E-15
Voice and accountability	−0.5272	−0.7227	0.26348	0.32802	−0.1512	#######
Sierra Leone
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	35.5406	0.82596	0.38261	0.09081	0.03697	0.005
Variance Prop.	0.96363	0.0224	0.01037	0.00246	0.001	0.00014
Cumulative Prop.	0.96363	0.98603	0.9964	0.99886	0.99986	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4807	−0.3257	−0.7116	0.18375	−0.3034	0.17526
Govt effectiveness	−0.285	−0.3462	0.14818	0.15837	0.78478	0.36877
Political stability	−0.1067	−0.1532	−0.2587	−0.8692	0.25069	−0.2825
Regulatory quality	−0.2315	−0.4183	0.55812	−0.3189	−0.4786	0.35949
Rule of law	−0.4844	−0.1854	0.29136	0.25204	−0.005	−0.7632
Voice and accountability	−0.6229	0.7357	0.09156	−0.1429	0.01382	0.2043
Somalia
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	9.66047	0.7909	0.23697	0.09099	0.07407	0.02854
Variance Prop.	0.88775	0.07268	0.02178	0.00836	0.00681	0.00262
Cumulative Prop.	0.88775	0.96043	0.98221	0.99057	0.99738	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4934	0.33537	0.46835	0.14214	−0.5683	0.28566
Govt effectiveness	−0.3753	0.14205	−0.0934	−0.3067	−0.167	−0.8416
Political stability	−0.1563	−0.1137	0.75536	−0.0775	0.60848	−0.1259
Regulatory quality	−0.2162	0.25283	−0.1785	−0.805	0.19626	0.41335
Rule of law	−0.3045	0.60283	−0.3122	0.46208	0.4825	0.00804
Voice and accountability	−0.6722	−0.6535	−0.2684	0.13455	0.08723	0.1529
South Africa
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	7.71756	0.46429	0.17843	0.04291	0.01348	8.76E-16
Variance Prop.	0.91694	0.05516	0.0212	0.0051	0.0016	0
Cumulative Prop.	0.91694	0.9721	0.9933	0.9984	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.3229	0.46678	0.15906	−0.3875	0.04938	−0.7071
Govt effectiveness	−0.3229	0.46678	0.15906	−0.3875	0.04938	0.70711
Political stability	−0.1981	−0.6558	0.61821	−0.3509	0.15933	5.97E-15
Regulatory quality	−0.4123	0.05596	0.37309	0.47776	−0.6778	#######
Rule of law	−0.5567	−0.0103	−0.0712	0.50573	0.65508	1.40E-14
Voice and accountability	−0.5219	−0.3618	−0.6503	−0.3043	−0.2849	#######
Sudan
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	19.5954	0.45814	0.20809	0.12587	0.02328	0.01982
Variance Prop.	0.95912	0.02242	0.01019	0.00616	0.00114	0.00097
Cumulative Prop.	0.95912	0.98154	0.99173	0.99789	0.99903	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.434	−0.2535	−0.4658	0.52894	0.20712	−0.4558
Govt effectiveness	−0.3772	−0.3419	0.30534	−0.368	−0.5608	−0.4446
Political stability	−0.1437	0.09423	0.62897	0.70807	−0.2145	0.16585
Regulatory quality	−0.2335	−0.544	0.39122	−0.1765	0.64756	0.21442
Rule of law	−0.4236	−0.2102	−0.3642	−0.0098	−0.3509	0.72151
Voice and accountability	−0.6441	0.68542	0.09241	−0.2284	0.23271	−0.0217
Swaziland
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	15.1106	0.39887	0.25197	0.05855	0.01338	#######
Variance Prop.	0.95435	0.02519	0.01591	0.0037	0.00085	0
Cumulative Prop.	0.95435	0.97954	0.99546	0.99916	1	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4492	0.11832	0.27813	0.00037	0.84076	1.79E-14
Govt effectiveness	−0.335	−0.0906	0.36606	0.40368	−0.2875	−0.7071
Political stability	−0.1945	−0.7931	−0.4982	0.23517	0.17237	3.34E-15
Regulatory quality	−0.335	−0.0906	0.36606	0.40368	−0.2875	0.70711
Rule of law	−0.5228	−0.2203	0.09531	−0.7687	−0.2795	#######
Voice and accountability	−0.5125	0.54046	−0.6304	0.16692	−0.1414	#######
Tanzania
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	54.4799	1.02293	0.26752	0.16864	0.12254	0.01485
Variance Prop.	0.97153	0.01824	0.00477	0.00301	0.00219	0.00027
Cumulative Prop.	0.97153	0.98977	0.99454	0.99755	0.99974	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4475	0.1897	−0.804	0.31485	0.03925	−0.1292
Govt effectiveness	−0.3354	−0.3927	−0.0675	−0.0991	0.19838	0.82434
Political stability	−0.1427	0.00551	−0.157	−0.4674	−0.8544	0.08109
Regulatory quality	−0.2427	−0.8212	0.09694	0.24676	−0.1569	−0.4146
Rule of law	−0.4974	0.05372	0.1	−0.6765	0.40225	−0.3468
Voice and accountability	−0.6004	0.36409	0.5523	0.3925	−0.2068	0.07132
Togo
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	24.1122	0.67568	0.32881	0.09815	0.02879	0.01337
Variance Prop.	0.95467	0.02675	0.01302	0.00389	0.00114	0.00053
Cumulative Prop.	0.95467	0.98143	0.99445	0.99833	0.99947	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4325	−0.0125	−0.8156	0.37299	−0.0357	−0.0848
Govt effectiveness	−0.3928	0.04031	−0.0288	−0.3427	−0.1645	0.83593
Political stability	−0.2118	−0.4839	−0.1863	−0.7262	0.20978	−0.339
Regulatory quality	−0.3447	0.52699	0.12271	−0.2633	−0.5939	−0.4079
Rule of law	−0.4807	0.41368	0.24589	0.04667	0.7277	−0.075
Voice and accountability	−0.5138	−0.5614	0.47302	0.38028	−0.2131	−0.0841
Uganda
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	63.8922	0.84957	0.33722	0.20848	0.07751	0.01003
Variance Prop.	0.97732	0.013	0.00516	0.00319	0.00119	0.00015
Cumulative Prop.	0.97732	0.99031	0.99547	0.99866	0.99985	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.47237	0.47204	0.47351	−0.5409	−0.1053	−0.1619
Govt effectiveness	0.33824	−0.2986	0.16478	−0.1193	0.25669	0.83017
Political stability	0.15967	0.13345	−0.1323	0.2187	−0.8898	0.31575
Regulatory quality	0.25369	−0.805	0.03811	−0.2871	−0.2777	−0.3558
Rule of law	0.47358	−0.0474	0.3847	0.74946	0.12749	−0.2181
Voice and accountability	0.5902	0.14127	−0.7627	−0.0358	0.19492	−0.1037
Zambia
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	47.6698	0.72116	0.38538	0.19543	0.06518	0.02558
Variance Prop.	0.97161	0.0147	0.00786	0.00398	0.00133	0.00052
Cumulative Prop.	0.97161	0.98631	0.99417	0.99815	0.99948	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	−0.4562	−0.4403	−0.5514	0.47466	0.00911	0.26186
Govt effectiveness	−0.3593	0.26248	−0.179	0.15854	−0.1875	−0.8424
Political stability	−0.1518	−0.2005	−0.1858	−0.4409	0.81158	−0.2219
Regulatory quality	−0.2617	0.79525	−0.0485	0.23823	0.35746	0.335
Rule of law	−0.4754	0.12433	−0.1974	−0.6979	−0.4156	0.24463
Voice and accountability	−0.5876	−0.2216	0.76686	0.10698	0.07505	0.02208
Zimbabwe
	Comp 1	Comp 2	Comp 3	Comp 4	Comp 5	Comp 6
Eigenvalue	43.6282	0.37813	0.23857	0.14482	0.04048	0.02123
Variance Prop.	0.98148	0.00851	0.00537	0.00326	0.00091	0.00048
Cumulative Prop.	0.98148	0.98999	0.99535	0.99861	0.99952	1
Eigenvectors
Variable	Vector 1	Vector 2	Vector 3	Vector 4	Vector 5	Vector 6
Control of corruption	0.44395	−0.3746	0.80135	0.01799	0.05534	0.1306
Govt effectiveness	0.32439	−0.4166	−0.2544	0.1072	0.10564	−0.7962
Political stability	0.18354	0.18027	0.07816	−0.0598	−0.9447	−0.1779
Regulatory quality	0.26024	−0.5463	−0.4798	0.23896	−0.2119	0.54919
Rule of law	0.48575	0.12496	−0.2193	−0.8192	0.13131	0.10971
Voice and accountability	0.60026	0.58275	−0.0937	0.50638	0.17648	0.0612