An Empirical Estimation of the Underground Economy in Ghana

Table 5

Estimated currency demand model.

Variable	A priori expectation	Coefficient	𝑡-statistic
𝛼0	+/−	310.680	1.305
𝛼1	+	−5.149	−1.299
𝛼2	+	47.757***	11.661
𝛽1	+	0.397***	4.292
𝛽2	+/−	−0.207***	−5.921
𝛽3	+/−	3.764*	2.143
𝛽4	+	−0.010	−0.142
𝛽5	+	0.092	1.379
𝛼3	−	−0.833	−1.368
𝛼4	+	1.805*	2.351
𝛾	+	1.894**	3.303

Note: ^∗𝑃<0.05, ^∗∗𝑃<0.01, and ^∗∗∗𝑃<0.001.
𝑅²=0.85;
Durbin-Watson statistics = 2.42,
Breush-Godfrey serial correlation LM test, 𝐹-stat = 1.605 (0.227).
Heteroscedasticity white test, 𝐹-stat = 2.29 (0.220).
Jarque-Bera statistic = 11.3217 (0.326).