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Table 4 Correlation matrix: test of multicollinearity

From: Do remittances promote financial development in Africa?

  CRD BDP M2 REM LOGGDP PCGDP INF FDI EXP
CRD 1         
BDP 0.772** 1        
M2 0.676** 0.822** 1       
REM 0.021 0.125** 0.137** 1      
LOGGDP 0.375** 0.366** 0.355** −0.140** 1     
PCGDP 0.152** 0.243** 0.226** −0.105** 0.377** 1    
INF −0.025 −0.070* −0.044 −0.024 −0.012 −0.036 1   
FDI −0.071* 0.023 0.058 0.260** −0.069* 0.049 0.039 1  
EXP 0.105** 0.170** 0.083** 0.060 0.140** 0.477** 0.004 0.226** 1