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THE                      JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.80, # 2, 2023, pp. 14-27

 Table 5: Pooled OLS regression analysis: Financial development and economic growth

       Post war period   War period              Prewar period
 Variables    1   2   3   4   1   2   3   4   1   2      3         4
 0.7875   -1.211   -4.623   19.9634   -2.330   -0.2096   39.7028   77.079   0.6067   4.4048   -43.806   -29.381
 -constant
 (0.242)   (0.797)   (0.873)   (0.526)   (0.152)   (0.970)   (0.480)   (0.241)   (0.694)   (0.291)   (0.125)   (0.435)
 0.9994   3.3196   1.6043   3.4234   0.9595   2.8681   1.1509   3.3859   0.3975   0.7646   0.5972   0.2525
 FD
 (0.053) **   (0.019) **   (0.044) **   (0.013) **   (0.480)   (0.338)   (0.343)   (0.227)   (0.755)   (0.704)   (0.668)   (0.904)
 1.0656   0 .8220   0.1279    -.0487          0.0761             0.0561
 OFFEXC    -   -   -   -                -                -
 (0.053) **   (0.174)   (0.541)   (0.797)     (0.561)            (0.659)
 -1.5062   -2.2312   -3.0979   -5.1683        1.8739             -.2836
 MS     -   -   -     -                 -                -
 (0.542)   (0.520)   (0.558)   (0.294)        (0.648)            (0.943)
 -0.1718   -2.8231   -0.2166   -1.0962        -1.3616            -1.7843
 LIR    -   -   -     -                 -                -
 (0.926)   (0.207)   (0.857)   (0.364)        (0.423)            (0.411)
 8.2999   -2.1729   -14.169   -28.809                  25.2815   19.942
 EXP    -   -   -   -                   -       -
 (0.570)   (0.892)   ( 0.608)   (0.357)               (0.089) *   (0.261)
 -8.574   -8.6172   -11.583   -13.340                  -2.6416   -2.4338
 Trade    -   -   -   -                 -       -
 (0.013) **   (0.036) **   (0.003) ***   (0.001) ***   (0.226) *   (0.323) *
 0.2161   0.2559    1.1632    1.0898                   1.3634    1.3521
 FDI   -   -   -   -                    -       -
 (0.177)   (0.122)*   (0.010)**   (0.020)             (0.000) ***   (0.000) ***
 0.8128   0.7458    2.6179    3.5237                   -2.5297   -3.3671
 Aid   -   -   -   -                    -       -
 (0.613)   (0.753)   (0.370)   (0.247)                 (0.210)   (0.136 )
 Obs   78   78   78   78   67   67   67   67   78   78   78        78
 R-^2   0.0411   0.0943   0.1595   0.2056     0.0077   0.0308   0.2865   0.3095   0.0013   0.0273   0.2212   0.2332







 Source: Authors computation using STATA ,2023
 Note: The dependent variable is the RGDP: Real GDP per capita. Figures in brackets imply t statistics. (***), (**), (*) reveal the 1%, 5%, and 10% level of significance, respectively.
 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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