Marchés boursiers et croissance économique. Une analyse comparative entre l'Afrique subsaharienne et l'Asie du sud-est.

Annexe 15: Correction de l'hétéroscédasticité de White de g sur capbours

En ASS.

Linear regression Number of obs = 90

F( 5, 84) = 6.64

Prob > F = 0.0000

R-squared = 0.1563

Root MSE = .44116

------------------------------------------------------------------------------

| Robust

capbours | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

g | -.0303195 .0178232 -1.70 0.093 -.0657629 .005124

dext | .0324315 .0468142 0.69 0.490 -.0606636 .1255266

open | -.2563541 .1758606 -1.46 0.149 -.6060721 .0933639

inv | .0184888 .0075133 2.46 0.016 .0035477 .0334298

G² | -.0029651 .0027627 -1.07 0.286 -.0084589 .0025287

_cons | 1.034297 .5871868 1.76 0.082 -.133388 2.201983

------------------------------------------------------------------------------

Annexe 16: Résultat du modèle à effets fixe de g sur capbours

En ASS.

FE (within) regression with AR(1) disturbances Number of obs = 86

Group variable: ident Number of groups = 4

R-sq: within = 0.0130 Obs per group: min = 20

between = 0.3737 avg = 21.5

overall = 0.0496 max = 22

F(5,77) = 0.20

corr(u_i, Xb) = 0.2029 Prob > F = 0.9601

------------------------------------------------------------------------------

capbours | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

g | -.0091411 .0261806 -0.35 0.728 -.0612733 .0429912

dext | .0488854 .0818348 0.60 0.552 -.1140686 .2118394

open | -.210358 .3701301 -0.57 0.571 -.9473812 .5266652

inv | .0022593 .0073169 0.31 0.758 -.0123105 .016829

G² | -.0011132 .0044201 -0.25 0.802 -.0099146 .0076883

_cons | .949761 .6895991 1.38 0.172 -.4234062 2.322928

-------------+----------------------------------------------------------------

rho_ar | .53175544

sigma_u | .2189655

sigma_e | .37659061

rho_fov | .25265746 (fraction of variance because of u_i)

------------------------------------------------------------------------------

F test that all u_i=0: F(3,77) = 1.22 Prob > F = 0.3073

En ASE.

FE (within) regression with AR(1) disturbances Number of obs = 88

Group variable: ident Number of groups = 4

R-sq: within = 0.1860 Obs per group: min = 22

between = 0.5261 avg = 22.0

overall = 0.0070 max = 22

F(5,79) = 3.61

corr(u_i, Xb) = -0.6286 Prob > F = 0.0054

------------------------------------------------------------------------------

capbours | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

g | .0180562 .0065027 2.78 0.007 .0051128 .0309995

inv | -.0019474 .0044326 -0.44 0.662 -.0107703 .0068754

open | -.2440331 .1927593 -1.27 0.209 -.627711 .1396448

dext | -.156405 .1208824 -1.29 0.199 -.3970154 .0842055

G² | .0021161 .000728 2.91 0.005 .0006671 .0035651

_cons | 2.130034 .499348 4.27 0.000 1.136107 3.123961

-------------+----------------------------------------------------------------

rho_ar | .50894785

sigma_u | .2447812

sigma_e | .17317649

rho_fov | .66643546 (fraction of variance because of u_i)

------------------------------------------------------------------------------

F test that all u_i=0: F(3,79) = 2.97 Prob > F = 0.0368