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- Title
Financial Development and Economic Growth in the WAEMU States.
- Authors
LÉON, Konan
- Abstract
This paper investigates the link between financial development and economic growth in the West African Economic and Monetary Union (WAEMU) economies. Using annual data on the growth rate of the per capita gross domestic product, financial development indicators and control variables over the period from 1962 to 2002, the study tests the impact of financial development on economic growth within the Zellner SUR framework. The results are as follows: 1) overall, the effect of financial development on economic grow is weak but Cote d'Ivoire enjoys the highest gain from financial development; 2) the results corroborate the findings that financial development plays a poor role in promoting economic growth in developing countries than in developed markets; 3) the study makes some recommendations to strengthen the financial structure so as to make the maximum gain from it.
- Subjects
COTE d'Ivoire; ECONOMIC development; ECONOMIC indicators; MONETARY unions; GROSS domestic product
- Publication
Banking & Finance Letters, 2010, Vol 2, Issue 2, p283
- ISSN
1308-6588
- Publication type
Article