Page 25 - Azerbaijan State University of Economics
P. 25
Girma, Abebe Gule: The Role of Financial Development in Post-War Economic Growth
Table 4: Correlation matrix
No. of observations = 224
RGDP Off C.govt
FD Ms. LIR GNEXP D.saving Trade FDI Aid
G EXC debt
RGDPG 1
FD 0.093 1.000
Off EXC 0.134 -0.239 1.000
Ms. 0.013 0.776 -0.154 1.000
LIR -0.119 -0.223 -0.027 -0.199 1.000
GNEXP 0.108 -0.162 0.168 -0.219 -0.436 1.000
C.govt -0.074 -0.412 0.269 -0.206 0.017 0.411 1.000
debt
D.saving 0.155 0.450 -0.093 0.347 0.199 -0.552 -0.310 1.000
Trade -0.174 0.115 -0.142 -0.011 -0.237 0.099 0.047 -0.208 1.000
FDI 0.299 0.002 0.193 -0.067 0.017 0.098 0.185 -0.072 0.198 1.000
Aid -0.082 -0.279 0.269 -0.298 -0.203 0.552 0.618 -0.530 0.455 0.280 1.000
Source: Authors computation using STATA ,2023
RGDP; Real gross domestic annual growth, FD: financial development, Ms: annual
money supply growth, LIR: Lending interest rate, GNEXP: Gross national
expenditure, C. Govt debt: central government debt, D. saving: Domestic saving,
Trade: Trade openness, FDI: Foreign Direct Investment and Aid
25