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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







































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