Fiscal policy, sustainable development and economic growth in Sub-Saharan Africa

Figures & Tables

Variable	Coefficient	Std. Error	t-Statistic	Prob.
C	−3.363890	4.877301	−0.689703	0.4907
COVID_19	1.466737	0.948605	1.546204	0.1227
LGDP	−0.779806	0.445451	−1.750600	0.0807
FDI_IN	−0.176804	0.043234	−4.089431	0.0001
INF	−0.042423	0.017833	−2.378924	0.0178
GEXP	0.327189	0.050106	6.529888	0.0000
GREV	−0.008383	0.004700	−1.783494	0.0751
LEXDBT	3.244088	0.412203	7.870115	0.0000

Weighted Statistics

R-squared	0.388070	Mean dependent var		53.85568
Adjusted R-squared	0.379014	S.D. dependent var		6.458399
S.E. of regression	5.089391	Sum squared resid		12251.60
F-statistic	42.85202	Durbin-Watson stat		0.087935
Prob(F-statistic)	0.000000

Test Summary	Chi-Sq. Statistic	Chi-Sq. d.f.	Prob.
Period random	7.105856	5	0.2129

Variable	Random			Fixed
Specification 1(economic growth)
Constant	5.23 (0.00)	4.74 (0.00)	9.80 (0.0000)	5.23 (0.00)	4.691142 (0.00)	1.67 (0.0680)
GREV	−2.10 (0.00)	0.002756 (0.00)	4.23 (0.1562)	−1.79 (0.00)	−0.002682 (0.00)	−2.63 (0.0001)
LEXDBT		0.852010 (0.00)	4.90 (0.0000)		0.854330 (0.00)	−2.15 (0.0004)
GEXP		0.007857 (0.14)	4.96 (0.4519)		−0.008050 (0.13)	3.52 (0.000)
FDI-IN			−2.55 (0.000)			1.99 (0.0000)
INF			−1.46 (0.1993)			−1.49 (0.2368)
COVID-19			−1.69 (0.0929)			5.87 (0.0063)
SDGI			−8.44 (0.1690)			5.49 (0.0000)
r-square	0.0220	0.8283	0.4623	0.0337	0.8380	0.9263
Specification 2 (sustainable development)

Constant	55.41066 (0.00)	50.52686 (0.000)	50.86463 (0.0000)	55.05783 (0.00)	50.52686 (0.000)	50.98589 (0.0000)
GREV	0.028355 (0.00)	0.013836 (0.0002)	0.015733 (0.0010)	0.022187 (0.00)	−0.013836 (0.0034)	0.016246 (0.0007)
GEXP		0.200334 (0.0001)	0.216319 (0.0001)		0.200334 (0.0001)	0.215639 (0.0001)
EXDBT		1.02 (0.000)	1.05 (0.0000)		1.02 (0.0000)	1.07 (0.000)
INF			0.027956 (0.1490)			0.024139 (0.2115)
FDI-IN			0.097386 (0.0338)			0.098652 (0.0321)
COVID-19			1.852777 (0.0729)
r-square	0.059255	0.256440	0.265914	0.114397	0.279453	0.260922

Variable	Coefficient	Std. Error	t-Statistic	Prob.
C	1.67E+11	8.98E+10	1.860341	0.0680
FDI_IN	1.99E+09	2.88E+08	6.908865	0.0000
INF	−1.49E+08	1.25E+08	−1.195486	0.2368
GEXP	3.52E+09	7.44E+08	4.737338	0.0000
LEXDBT	−2.15E+10	5.66E+09	−3.796408	0.0004
COVID_19	5.87E+09	2.07E+09	2.836836	0.0063
SDGI	5.49E+09	7.47E+08	7.351761	0.0000

R-squared	0.926342	Mean dependent var		4.38E+10
Adjusted R-squared	0.918588	S.D. dependent var		9.19E+09
S.E. of regression	2.62E+09	Akaike info criterion		46.31429
Sum squared resid	3.92E+20	Schwarz criterion		46.55042
Log likelihood	−1475.057	Hannan-Quinn critter.		46.40731
F-statistic	119.4739	Durbin-Watson stat		0.321630
Prob(F-statistic)	0.000000

Test Summary	Chi-Sq. Statistic	Chi-Sq. d.f.	Prob.
Period random	7.105856	5	0.2129

Variable	Coefficient	Std. Error	t-Statistic	Prob.
C	−9.80E+11	5.42E+10	−18.09365	0.0000
FDI_IN	−2.55E+09	5.58E+08	−4.569103	0.0000
INF	−1.46E+08	1.13E+08	−1.285308	0.1993
GEXP	−4.96E+08	6.59E+08	−0.752848	0.4519
LEXDBT	4.90E+10	2.83E+09	17.32790	0.0000
COVID_19	−1.69E+10	1.00E+10	−1.683419	0.0929
SDGI	−8.44E+08	6.13E+08	−1.377329	0.1690

Weighted Statistics

R-squared	0.462339	Mean dependent var		4.89E+10
Adjusted R-squared	0.456014	S.D. dependent var		9.57E+10
S.E. of regression	7.06E+10	Sum squared resid		2.54E+24
F-statistic	73.09219	Durbin-Watson stat		0.090762
Prob(F-statistic)	0.000000

Variable	Coefficient	Std. Error	t-Statistic	Prob.
RESID (−1)	−0.330852	0.028179	−11.74090	0.0000

R-squared	0.218061	Mean dependent var		0.019285
Adjusted R-squared	0.218061	S.D. dependent var		0.125627
S.E. of regression	0.111088	Akaike info criterion		−1.554748
Sum squared resid	5.503913	Schwarz criterion		−1.545570
Log likelihood	348.4862	Hannan-Quinn critter.		−1.551130
Durbin-Watson stat	1.609995

Variable	Coefficient	Std. Error	t-Statistic	Prob.
C	5.401775	0.436325	12.38017	0.0000
COVID_19	−0.169079	0.097537	−1.733475	0.0837
FDI_IN	−0.026747	0.004356	−6.139958	0.0000
INF	−0.003466	0.001839	−1.884640	0.0601
GEXP	−0.010800	0.005361	−2.014645	0.0445
GREV	−0.003389	0.000460	−7.374836	0.0000
LEXDBT	0.854217	0.022195	38.48771	0.0000
SDGI	−0.008294	0.004726	−1.754702	0.0800

R-squared	0.837217	Mean dependent var		23.51832
Adjusted R-squared	0.834808	S.D. dependent var		1.291364
S.E. of regression	0.524860	Akaike info criterion		1.565120
Sum squared resid	130.3009	Schwarz criterion		1.634573
Log likelihood	−368.4114	Hannan-Quinn critter.		1.592418
F-statistic	347.5303	Durbin-Watson stat		1.625492
Prob(F-statistic)	0.000000

Test Summary	Chi-Sq. Statistic	Chi-Sq. d.f.	Prob.
Period random	15.354873	6	0.1077

Variable	Coefficient	Std. Error	t-Statistic	Prob.
C	5.322903	0.427170	12.46087	0.0000
COVID_19	−0.170892	0.130229	−1.312240	0.1901
FDI_IN	−0.027783	0.004246	−6.543574	0.0000
INF	−0.003540	0.001791	−1.976201	0.0487
GEXP	−0.010429	0.005210	−2.001461	0.0459
GREV	−0.003412	0.000449	−7.600533	0.0000
LEXDBT	0.858349	0.021607	39.72518	0.0000
SDGI	−0.008525	0.004609	−1.849509	0.0650

Weighted Statistics

R-squared	0.840123	Mean dependent var		16.95701
Adjusted R-squared	0.837757	S.D. dependent var		1.264494
S.E. of regression	0.514364	Sum squared resid		125.1418
F-statistic	355.0747	Durbin-Watson stat		0.250019
Prob(F-statistic)	0.000000

Variable	Coefficient	Std. Error	t-Statistic	Prob.
COVID_19	0.176905	0.114530	1.544615	0.1243
LGDP	1.132146	0.220929	5.124474	0.0000
FDI_IN	0.019913	0.020189	0.986305	0.3254
INF	−0.019326	0.014209	−1.360091	0.1756
GEXP	−0.527016	0.068951	−7.643376	0.0000
GREV	−0.081587	0.006980	−11.68816	0.0000
LEXDBT	3.761310	0.194858	19.30286	0.0000
C	−43.70971	6.886643	−6.347027	0.0000

R-squared	0.983893	Mean dependent var		53.72947
Adjusted R-squared	0.983238	S.D. dependent var		1.840258
S.E. of regression	0.238257	Akaike info criterion		0.012497
Sum squared resid	9.763856	Schwarz criterion		0.154406
Log likelihood	6.875311	Hannan-Quinn critter.		0.070035
F-statistic	1500.955	Durbin-Watson stat		0.170516
Prob(F-statistic)	0.000000

Test Summary	Chi-Sq. Statistic	Chi-Sq. d.f.	Prob.
Period random	8.989246	6	0.1742