The model is also estimated using regional dummy variables to ensure that the results are not
driven by regional disparities—see column (6) of Table 5 and column (5) of Table 6. All of the
egional dummy variables are positive and statistically significant. The results indicate that Asia,
Africa and the Middle East are growing faster than the benchmark group which is South America
and the West Indies. The incorporation of the dummy variables however, do not change the overall
results in that the stock market is important in influencing economic growth.