|_Ho: There is no causality_<br>**Granger Causality**<br>**(in consta**|**Anne**<br>**Test : Extern**<br>**nt 2004 U.S. d**|**x Table 5**<br>**al Debt and St**<br>**ollars, interest r**|**ock of Capital**<br>**ate adjusted)**|**Flight**||
|---|---|---|---|---|---|
|ECT Dk|Dd Dk|ECT and Dd<br>Dk|ECT Dd|Dk Dd|ECT and Dk<br>Dd|
|**Angola**<br>0.41788<br>0.672023|0.241938<br>0.636021|2.100584<br>0.178515|2.415106<br>0.151156|0.258223<br>0.625056|1.945564<br>0.200879|
|**Benin**|0.004154|||1.61007||
|**Botswana**|0.949169<br>0.409302<br>0.74848|||0.217174<br>3.123682<br>0.055236*||
|**Burkina Faso**<br>1.690029<br>0220058|1.042466<br>0431291|1.476567<br>025293|0.335943<br>0719905|<br>0.997546<br>0452146|0.73127<br>0649156|
|.<br>**Burundi**<br>18.17464<br>0021051**|.<br>9.700535<br>0045995**|.<br>11.8784<br>003382**|.<br>0.04823<br>0953639|.<br>0.473504<br>0758544|.<br>1.679934<br>0359144|
|. <br>**Cameroon**<br>1.78101<br>|. <br>0.488404<br>|. <br>1.541656<br>|.<br>1.906184<br>|.<br>0.862715<br>|.<br>1.149892<br>|
|0.196901<br> <br>|0.744194<br>|0.221229<br>|0.177471<br>|0.504936<br>|0.374691<br>|
|**Cape Verde**<br>2.591028<br>|1.13606<br>|1.411981<br>|0.098271<br>|2.283073<br>|3.338429<br>|
|0.222018<br>**Central African Republic**<br>3.313143<br>0.053629 *|0.489187<br>4.444347<br>0.022802 **|0.422971<br>3.259323<br>0.028633 **|0.909204<br>0.160777<br>0.852391|0.264279<br>1.352639<br>0.277568|0.175028<br>0.98091<br>0.436518|
|**Chad**<br>1.671093<br>0.217488|3.726533<br>0.045497 **|3.078471<br>0.044531 **|4.631567<br>0.024795 **|2.765113<br>0.091266 *|4.765437<br>0.009199 ***|
|**Comoros**|0.008435<br>0.991605|||1.787062<br>0.199297||
|**Congo, Dem. Rep.**<br>1.46002<br>0.249989|2.161578<br>0.153057|1.679773<br>0.194843|1.585274<br>0.223377|0.364603<br>0.551001|1.906494<br>0.15236|
|**Congo, Rep.**<br>5.13489<br>00132**|0.10384<br>0749846|4.696247<br>0009467***|0.885712<br>04245|0.421849<br>0521713|0.628224<br>0603312|
|. <br>**Cote d'Ivoire**<br>8031642|.<br>0034455|. <br>5499269|.<br>2280346|.<br>0176117|.<br>2519504|
|<br>.<br>0001832***|.<br>085413|.<br>0004423***|.<br>01216|.<br>0678053|.<br>0079143*|
|. <br>**Ethiopia**<br>1.193948<br>|.<br>0.089862<br>|. <br>2.922208<br>|.<br>3.544607<br>|.<br>4.353454<br>|. <br>2.530034<br>|
|0.31852<br><br>|0.766649<br>|0.052004 *<br>|0.042962 **<br>|0.046509 **<br>|0.07827 *<br>|
|**Gabon**<br>5.061177|0.328795|3.563467|1.788002|5.093416|4.672135|
|0.017298 **|0.573095|0.033687 **|0.194317|0.035988 **|0.013118 **|
|**Ghana**<br>4.327609|0.308617|2.013637|0.590835|1.248252|0.779276|
|0.026683 **<br>**Guinea**<br>1.392675<br>0.302707|0.818884<br>0.090833<br>0.914098|0.118252<br>1.477657<br>0.295306|0.562812<br>2.347191<br>0.15773|0.317502<br>1.225476<br>0.343349|0.575721<br>12.32462<br>0.001688 ***|
|**Kenya**<br>1.843394<br>0.17765|0.106305<br>0.746904|1.462066<br>0.246991|1.426369<br>0.257706|1.061386<br>0.31204|1.87307<br>0.157971|
|**Lesotho**<br>8.361762|2.142927|5.116942|5.957385|5.467525|4.651736|
|0.007337 ***|0.142799|0.010579 **|0.019784 **|0.011077 **|0.01466 **|
|**Madagascar**<br>5586807|3352197|268249|2325204|3307464|2750163|
|.<br>0011338**|.<br>0038385**|.<br>0050144*|.<br>0122409|.<br>0040028**|.<br>0046073**|
|. <br>**Malawi**<br>2.097858<br>0142275|. <br>0.913369<br>0347701|. <br>1.426669<br>025671|.<br>1.348157<br>0276647|. <br>0.717045<br>0404558|. <br>0.957424<br>0426987|
|.<br>**Mali**|.<br>1.410611<br>|.|.|.<br>0.948947<br>|.|
|**Mauritania**<br>2.128951|0.799564<br>1.410611|1.749266|2.163408|0.912333<br>0.948947|2.623779|
|0.140882<br>**Mauritius**|0.246577<br>1.856076|0.183772|0.136824|0.339704<br>8.921076|0.073712 *|
||0.195464|||0.002772 **|*|
|**Mozambique**|4.579226|||0.528749||
|**Niger**|0.120213<br>4.525489<br>0042677**|||0.751099<br>1.099652<br>0303639||
|**Nigeria**<br>11.47962|. <br>0.038587|8.099936|0.127838|.<br>0.348233|0.716886|
|0.000247 ***|0.84574|0.000525 ***|0.880526|0.560022|0.55054|
|**Rwanda**<br>0.879677<br>|0.81028<br>|1.555964<br>|0.726163<br>|0.737219<br>|0.884253<br>|
|0.432014<br>**Sao Tome and Principe**|0.534817<br>1.984674<br>|0.216968|0.497404|0.578677<br>0.843194<br>|0.526241|
|**Senegal**<br>3.026643|0.175215<br>0.517518|1.33384|1.8839|0.551788<br>2.278258|2.427403|
|0.075091 *<br>**Seychelles**<br>0.476943|0.675814<br>2.225177|0.297232<br>2.181923|0.182388<br>1.211814|0.116322<br>0.832623|0.07794 *<br>1.521829|
|0.651971<br>**Sierra Leone**<br>6.692795|0.229212<br>3.544831|0.235178<br>2.815403|0.387757<br>0.768378|0.586724<br>1.850073|0.359311<br>1.721741|
|0.008365 ***<br>**South Africa**<br>13.52634|0.025794 **<br>7.316608|0.043803 **<br>8.858546|0.481179<br>0.371603|0.16343<br>0.085616|0.178361<br>0.984753|
|0.03481 **|0.073479 *|0.055105 *|0.717491|0.788896|0.50489|
|**Sudan**<br>0.076698<br>0926428|3.877609<br>0023709**|2.467992<br>0065762*|4.510388<br>0023462**|2.187926<br>0119563|3.064941<br>003126**|
|.<br>**Swaziland**|. <br>0.393667<br>|.|.|.<br>4.557907<br>**|.|
|**Tanzania**<br>7.399259<br>|0.759155<br>0.450747<br>|5.043122<br>|5.829838<br>|0.016129 <br>0.936972<br>|5.406402<br>|
|0.012823 **<br>**Togo**<br>2.096576|0.509299<br>0.843142|0.016268 **<br>1.033536|0.009687 ***<br>3.0912|0.344075<br>4.662829|0.006467 ***<br>7.456286|
|0.169276|0.546613|0.460832|0.08604 *|0.015723 **|0.001889 ***|
|**Uganda**<br>2.649585|0.809018|1.315982|2.521046|1.617592|1.572878|
|0.103418|0.561032|0.308579|0.113792|0.215506|0.218052|
|**Zambia**<br>1.521122|3.233826|4.936607|0.973881|0.269668|0.531629|
|0.250326<br>**Zimbabwe**<br>1.950167|0.035304 **<br>1.80689|0.004598 ***<br>2.127996|0.400259<br>1.96472|0.922692<br>2.864882|0.79754<br>3.156701|
|0.172788<br>Note: F-test results are given in the first line, the probability v<br>level (shown with *); if it is between 0.05 and 0.01, we reject H<br>level (***).|0.194301<br>alues are given in the s<br>0 at 5 percent significa|0.121722<br>econd line. For probabil<br>nce level (shown with *|0.170756<br>ity value between 0.05 an<br>*); and when it is less tha|0.084676 *<br>d 0.1, we reject H0 a<br>n 0.01, we reject H0|0.041152 **<br>t 10 percent significance<br>at 1 percent significance|

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