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

Annexe 22 : Résultat du modèle à effets aleatoires de g sur traval

En ASE.

RE GLS regression with AR(1) disturbances Number of obs = 92

Group variable: ident Number of groups = 4

R-sq: within = 0.1856 Obs per group: min = 23

between = 0.7365 avg = 23.0

overall = 0.5420 max = 23

Wald chi2(6) = 23.65

corr(u_i, Xb) = 0 (assumed) Prob > chi2 = 0.0006

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

traval | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

g | 1.555996 1.234686 1.26 0.208 -.8639439 3.975935

inv | 1.139562 .6273719 1.82 0.069 -.0900648 2.369188

open | 68.00078 18.89983 3.60 0.000 30.9578 105.0438

dext | -12.87751 19.91201 -0.65 0.518 -51.90433 26.1493

G² | .2118339 .1273671 1.66 0.096 -.0378011 .4614688

_cons | -226.0289 128.0162 -1.77 0.077 -476.936 24.87811

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

rho_ar | .39011364 (estimated autocorrelation coefficient)

sigma_u | 18.914585

sigma_e | 33.838156

rho_fov | .2380661 (fraction of variance due to u_i)

theta | .48847079

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

Annexe 23: Test de Hausman G sur traval

En ASS. ---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

traval | fixe . Difference S.E.

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

g | 2.997446 2.383457 .6139886 .

dext | 10.4207 8.06282 2.357882 2.657289

open | -38.55559 -23.12007 -15.43552 13.55344

inv | -.202066 -.1059948 -.0960711 .

G² | -.1029754 -.1293411 .0263657 .

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

b = consistent under Ho and Ha; obtained from xtregar

B = inconsistent under Ha, efficient under Ho; obtained from xtregar

Test: Ho: difference in coefficients not systematic

chi2(5) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 0.47

Prob>chi2 = 0.9932

(V_b-V_B is not positive definite)

En ASE. ---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

traval | fixe . Difference S.E.

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

g | 2.355963 1.555996 .7999674 .2090797

inv | .5228951 1.139562 -.6166664 .4933604

open | 3.453077 68.00078 -64.5477 25.53438

dext | -10.01043 -12.87751 2.867081 1.715848

G² | .3234502 .2118339 .1116163 .041703

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

b = consistent under Ho and Ha; obtained from xtregar

B = inconsistent under Ha, efficient under Ho; obtained from xtregar

Test: Ho: difference in coefficients not systematic

chi2(5) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 4.80

Prob>chi2 = 0.4406

(V_b-V_B is not positive definite)