Global Journal of Management and Business Research, B: Economics and Commerce, Volume 20 Issue 1

Global Journal of Management and Business Research: B Economics and Commerce Volume 20 Issue 1 Version 1.0 Year 2020 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Online ISSN: 2249-4588 & Print ISSN: 0975-5853 Institutional Quality and Financial Development in West Africa Economic and Monetary Union Dongbei University of Finance and Economic (DUFE) 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. Keywords: institutional quality, financial policy development, static and dynamic panel, a composite indicator of financial development. GJMBR-B Classification: JEL Code: E00, G20, E44 InstitutionalQualityandFinancialDevelopmentinWestAfricaEconomicandMonetaryUnion Strictly as per the compliance and regulations of: By SOW Djeri, Liangsheng Du (Prof), M’ baye Mamadou (Phd), Nyande Fania & Gnangoinyobouet Thierry Bienvenu © 2020. SOW Djeri, Liangsheng Du (Prof), M’ baye Mamadou (Phd), Nyande Fania & Gnangoinyobouet Thierry Bienvenu. This is a research/review paper, distributed under the terms of the Creative Commons Attribution-Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-nc/3.0/) , permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.