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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

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