Institutional Quality and Financial Development in West Africa Economic and Monetary Union
Keywords:
institutional quality, financial policy development, static and dynamic panel, a composite indicator of financial development
Abstract
Having become aware of the financial status of underdeveloped countries of the West African Economic and Monetary Union (WAEMU) and the potential role of institutional factors in the effectiveness of financial development policies, this study proposes an analysis of the impact of institutional quality on the success of their financial development policy. The results of the study show that institutions have a decisive impact on the finance effect on economic growth and development. The study explains that since independence (1960) to the present, various financial development policies have not paid off. The author, therefore, assigns a cause for these, institutional deficiencies, and inconsistencies in the choice of economical and financial policies and shortcomings in the quality of governance. This study emphasizes the role of institutions and a favorable legal and institutional environment for the formation of a foundation for healthy financial development.
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2020-02-03
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