Global Journal of Management and Business Research, B: Economics and Commerce, Volume 23 Issue 1

Working Papers in Economics n°0435, Faculty of Economics, University of Cambridge. 38. Pesaran, M.H., (2007). A simple panel unit root test in the presence of cross-section dependence. Journal Applied Econometrics, 22(2), 265–312 . 39. Pesaran, M.H., (2015). Testingweak cross-sectional dependence in large panels. Econometric Reviews34, 1089–1117. 40. Westerlund, J., (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics. 69(6), 709-748. 41. Chamon M., (2003). Why can’t Developing countries borrow fromabroard in they own currenc y.SSRN Electronic Journal1 0.2139/ssrn.320001 . 42. Sokolova, M. V., (2015): « Strategic currency choice in international trade », Doi: 10.13140/RG.2.1.46 92.0402. A nnexe • Westerlund (2007) Pa -5.949 0.990 0.839 Pt -8.912 -3.793 0.000 Ga -6.613 1.851 0.968 Gt -3.931 -3.480 0.000 Statistic Value Z-value P-value With 5 series and 4 covariates Results for H0: no cointegration Calculating Westerlund ECM panel cointegration tests..... . xtwest A_OSIN A_EXPORT INFL FINDEV SOLVENCY, constant lags(1) leads(0) Original Sin and Natural Cover in CEMAC Area • Common-Correlated Effects estimation of heterogeneous dynamic panel Heterogenous constant partialled out. Cross Sectional Averaged Variables: A_EXPORT INFL FINDEV SOLVENCY Mean Group Variables: A_EXPORT INFL FINDEV SOLVENCY D.A_OSIN D.A_OSIN .2568605 .1100074 2.33 0.020 .04125 .4724711 SOLVENCY -.0106231 .0046388 -2.29 0.022 -.019715 -.0015311 FINDEV .0687849 .0399235 1.72 0.085 - .0094637 .1470336 INFL -.7909411 2.287909 -0.35 0.730 -5.275159 3.693277 A_EXPORT .2407159 .3715683 0.65 0.517 -.4875445 .9689763 Mean Group: A_OSIN Coef. Std. Err. z P>|z| [95% Conf. Interval] p-value = 0.0213 CD Statistic = 2.30 Root MSE = 0.09 variables partialled out = 25 R-squared (MG) = 0.97 variables in mean group regression = 25 R-squared = 0.18 cros s-sectional lags = 0 Prob > F = 0.00 Number of F(50, 70) = 6.52 with cross-sectional averages = 14 without cross-sectional averages = 18 Degrees of freedom per group: Obs per group (T) = 24 Time Variable (t): years Number of groups = 5 Panel Var iable (i): Id Number of obs = 120 (Dynamic) Common Correlated Effects Estimator - Mean Group . xtdcce2 A_OSIN D.A_OSIN A_EXPORT INFL FINDEV SOLVENCY, crosssectional(A_EXPORT INFL FINDEV SOLVENCY) cr_lags(0) 41 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( ) B © 2023 Global Journals