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Notes: The probabilities for the Fisher tests are computed using an asymptotic chi-square distribution. All other tests assume asymptotic normality. Individual effects are the exogenous variables. There were balanced observations for each test, ADF = augmented Dickey-Fuller test ,
The p-values are in parenthesis. *Significant at the 10% level. **Significant at the 5% level ,
, Tunisia Group 2: 600<GDP<900 Cameroon, Group 1: GDP>900 Algeria, vol.3
,
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Zimbabwe Access to the sea Countries with access Morocco ,
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, Group2:50%<Open<90% Algeria, vol.3
, Equatorial Guinea or Republic of Equatorial Guinea. Small_Afr refers to three small countries: Mayotte, Saint Helena, and West Sahara. The statistics came from three main sources: data on GDP per capita were extracted from Maddison, openness was measured as the ratio of trade to GDP (Source: Penn World Table