Table 3: Regression estimates of bmod1. Dependent variable: income per capita (in natural logarithm).

 Independent variables III III
OLSTSLSOLSTSLSOLSTSLS

Aid−0.012***−0.014***−0.006***−0.009***−0.007***−0.008***
(2.59)(2.61)(3.12)(2.95)(3.01)(2.65)
Initial income0.001***0.00030.001***−0.0007***0.001***−0.0009
(3.15)(1.25)(3.11)(2.77)(2.9)(1.06)
Inflation−0.003−0.004−0.001***−0.001***−0.001**−0.025***
(0.98)(1.32)(2.58)(2.69)(2.11)(3.01)
Corruption 0.116***0.123*0.161**0.0270.166***0.09**
(3.22)(1.55)(2.01)(1.13)(3.02)(1.98)
Corruption * aid0.002***0.0010.00020.0002*0.00070.0006*
(2.61)(1.25)(1.41)(1.74)(1.09)(1.65)
Aid * aid0.0004***0.0005***0.0004***0.001***0.0004***0.001***
(2.99)(2.86)(3.1)(2.97)(3.22)(3.72)
Investment0.0001−0.0004***0.0004***−0.0006**0.00030.0001**
(0.56)(2.95)(4.21)(1.97)(1.47)(2.36)
Intra-ECOWAS trade−0.0010.0130.012***0.025*0.011***0.028*
(1.55)(1.02)(3.89)(1.75)(4.32)(1.88)
Broad money supply 0.029***0.001*0.003***0.0010.003***0.0001
(4.54)(1.79)(2.85)(1.26)(2.94)(1.56)
Trend 0.003**−0.013**0.002*−0.0070.006**0.014
(1.98)(2.44)(1.78)(0.84)(1.97)(1.45)
War−0.158*−0.031−0.156*−0.049*
(1.77)(1.13)(1.66)(1.71)
UEMOA−0.186***−0.007−0.187***−0.336**
(3.96)(0.78)(3.25)(1.97)
Corruption_1994 0.0660.786
        (1.02)(1.41)
c4.921***6.882***4.919***7.281***4.84***6.355***
(5.01)(3.25)(3.79)(5.02)(7.16)(7.01)
Number of countries141414141414
Observations419419419419419419
Adjusted 0.530.120.610.640.610.6
F statistics116***45***56***138***211***122***

***Indicates significance at the 1 percent level.
**Indicates significance at the 5 percent level.
*Indicates significance at the 10 percent level.
t statistics are in parenthesis.