Descriptive statistics
| Variables | Mean | Median | Maximum | Minimum | SD | Observations |
|---|---|---|---|---|---|---|
| FD | 24.735 | 15.942 | 160.125 | 2.024 | 26.509 | 412 |
| EXD | 57.929 | 30.895 | 1,380.765 | 2.536 | 125.558 | 412 |
| FDI | 4.712 | 2.919 | 89.476 | −5.497 | 8.434 | 412 |
| GDPPC | 1,438.225 | 629.666 | 7,469.58 | 78.399 | 1,806.613 | 412 |
| MS | 39.177 | 29.203 | 117.961 | 7.218 | 25.173 | 412 |
| TO | 79.162 | 69.983 | 321.632 | 21.674 | 40.368 | 412 |
| RQ | −0.449 | −0.457 | 1.879 | −1.123 | 0.499 | 412 |
| RL | −0.5018 | −0.497 | 1.855 | −1.057 | 0.584 | 412 |
| GE | −0.554 | −0.579 | 1.609 | −1.036 | 0.565 | 412 |
| Variables | Mean | Median | Maximum | Minimum | SD | Observations |
|---|---|---|---|---|---|---|
| FD | 24.735 | 15.942 | 160.125 | 2.024 | 26.509 | 412 |
| EXD | 57.929 | 30.895 | 1,380.765 | 2.536 | 125.558 | 412 |
| FDI | 4.712 | 2.919 | 89.476 | −5.497 | 8.434 | 412 |
| GDPPC | 1,438.225 | 629.666 | 7,469.58 | 78.399 | 1,806.613 | 412 |
| MS | 39.177 | 29.203 | 117.961 | 7.218 | 25.173 | 412 |
| TO | 79.162 | 69.983 | 321.632 | 21.674 | 40.368 | 412 |
| RQ | −0.449 | −0.457 | 1.879 | −1.123 | 0.499 | 412 |
| RL | −0.5018 | −0.497 | 1.855 | −1.057 | 0.584 | 412 |
| GE | −0.554 | −0.579 | 1.609 | −1.036 | 0.565 | 412 |
Notes: The table presents the descriptive statistics for the 37 sampled African economies from 2002 to 2015. FD denotes financial development; EXD represents external debt; MS represents money supply; GE represents government effectiveness; RL means rule of law; RQ represents regulatory quality; FDI means foreign direct investment; GDPPC represents gross domestic product per capita; TO denote trade openness
Source: Authors’ computation (2017)