Financial Development, Institutions and Economic Growth in WAEMU Countries

摘要

This paper aims to study the impact of financial development and the institutional environment on economic growth in the countries of the WAEMU (West Africa Economic and Monetary Union) zone. We used a standard growth model like Eggoh (2010) with a cointegration technique on panel data. We used the 2017 World Bank database (World Bank data, 2017).The results showed that money supply to GDP (M2/GDP), domestic bank credit to GDP (CB/GDP) and regulatory quality (QR) have a positive and significant impact on long-term economic growth. However, the positive effect of respect for law and order is not significant.