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

Source: Author Figure1: Circle of correlation Table 1: Contributions of variables F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 Bank credit to bank deposits (%) 0.573 15.814 51.152 12.470 13.716 1.541 1.898 0.002 0.077 2.509 0.239 0.009 Deposit money banks' assets to GDP (%) 9.419 10.680 0.003 1.251 1.224 0.124 67.543 3.522 3.306 2.103 0.625 0.201 Domestic credit to private sector (% of GDP) 9.526 9.528 0.503 7.556 11.760 1.509 9.133 1.361 0.184 1.332 0.398 47.211 Financial system deposits to GDP (%) 7.017 2.772 29.006 4.271 2.904 0.991 7.573 0.000 2.067 41.375 1.979 0.044 Liquid liabilities to GDP (%) 7.229 9.242 14.819 12.769 9.921 0.516 0.178 0.043 3.111 38.977 2.974 0.221 Private credit by deposit money banks and other financial institutions to GDP (%) 9.627 9.158 0.468 7.756 12.941 0.262 6.407 1.108 0.000 0.365 0.023 51.885 Voiceand Accountability 6.578 18.489 0.555 0.831 1.046 71.181 0.244 0.335 0.403 0.027 0.116 0.196 Political Stability No Violence 6.859 7.593 1.076 47.864 34.606 0.762 0.000 1.107 0.064 0.017 0.034 0.017 Government Effectiveness 11.319 2.079 0.595 1.253 1.443 7.463 0.369 0.874 69.399 3.846 1.359 0.002 Regulatory Quality 10.556 3.813 0.419 3.297 4.604 6.075 5.717 41.591 11.899 5.198 6.768 0.063 Rule of Law 10.942 4.409 0.937 0.639 2.613 6.321 0.027 1.757 4.243 2.556 65.514 0.042 Control of Corruption 10.355 6.422 0.468 0.043 3.224 3.255 0.911 48.300 5.245 1.694 19.971 0.111 Source:Author Bank credit to bank deposits (%) Financial system deposits to GDP (%) Liquid liabilities to GDP (%) VoiceandAccountabili ty Political StabilityNoViolence GovernmentEffective ness RegulatoryQuality RuleofLaw ControlofCorruption -1 -0.75 -0.5 -0.25 0 0.25 0.5 0.75 1 -1 -0.75 -0.5 -0.25 0 0.25 0.5 0.75 1 F2 (9,58 %) F1 (74,76 %) VARIABLES (AXES F1 ET F2 : 84,33 %) Variables actives © 20 20 Global Journals 28 Global Journal of Management and Business Research Volume XX Issue I Version I Year 2020 ( ) B Institutional Quality and Financial Development in West Africa Economic and Monetary Union