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

of financial development in this part of the world on the one hand and to bring a new composite indicator of financial development into the financial development debate on the other hand. This work tells us first that when a financial system works effectively, it results in mobilization and adequate allocation of available economic resources. We have developed a new composite indicator of financial development, built for 97 countries between 1996 and 2016. It brings together several aspects of financial development. This is a more comprehensive and accurate indicator of the real financial development of countries. Secondly, through our econometric work, we have achieved results. Indeed, estimating our static panel model gives us results that validate the relevance of our composite indicator of financial development. Indeed, as in our regressions (Dynamic and Static Panel), the coefficient of the new composite indicator is "positive and significant." Indeed, all of these results reinforce the idea that our new composite indicator of financial development has its relevance (Relevance that we capture by its ability to measure the performance of financial systems for different countries). R eferences R éférences R eferencias 1. Acemoglu, D., Johnson, S., Robinson, J., and Thaicharoen, Y. (2004), "Institutional Causes, Macroeconomic Symptoms: Volatility, Crises, and Growth," Journal of Monetary Economics, Vol. 50, N°1, pp. 49-123. 2. Anayiotos G. C. & Toroyan H. (2009), "Institutional Factors and Financial Sector Development: Evidence from Sub-Saharan Africa," IMF Working Paper WP/09/258. 7, 197–208. 3. Blundell, R. and Bond, S., (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models,” Journal of Econometrics, 87:115-143. 4. Kaufmann D., Kraay A., Mastruzzi M. (2003), «Governance Matters III; Governance Indicators for 1996- 2002», World Bank Policy Research Working Paper, n°2772, Washington D.C. 5. Kaufmann, D., Kraay, A. and Zoido-Lobaton, P. (1999), “Aggregating Governance Indicator,” World Bank Policy Research Working Paper No. 2195, Washington, D. C. 6. Kaufmann, Kray, Zoido-Lobation (2002), "Governance Matters II: Updated Indicators for 2000-01", World Bank Policy Research Working Paper No. 2772 7. Kaufmann, D., Kraay, A.and M. Mastruzzi (2008), “Governance Matters VI: Governance Indicators for 1996-2006”, World Bank Policy Research wp, No. 4280. 8. Kuipou, T, C., Nembot N, L., Tafah O, E., (2012), « Financial Development and Economic Growth in CEMAC Countries », Global Journal of Management and Business Research, volume XII version 1. 9. La Porta, R., F. Lopez-de-Silanes, A. Shleifer et R. W. Vishny, (1998), “Legal Determinants of External Finance,” Journal of Finance, 52: 1131-1150. 10. La Porta R., Lopez-de-Silanes F., Shleifer A. &Vishny R. (1998), "Law and Finance," Journal of Political Economy, 106(6), 1113–1155. 11. Law S. H. & Azman-Saini W. (2008), the Quality of Institutions and Financial Development. MPRA Paper, (12107). 12. Singh R. J., Kpodar K. & Ghura D. (2009), "Financial Deepening in the CFA Franc Zone: The Role of Institutions," IMF Working Paper WP/09/113. 13. Solow, R. (1956), “A contribution to the theory of economic growth,” The Quarterly Journal of Economics 70, 65. 14. Stiglitz J. (1994), “The role of the state in financial markets” Proceedings of the World Bank Annual Conference on Development Economics, 1993, Supplement to the World Bank Economic Review and the World Bank Research Observer, pp. 19-52. 15. World Bank, [2007] World Development Indicators, Washington DC © 2020 Global Journals 35 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 16. World Bank, [2007] Doing Business 2008, Washington DC Acronyms and abbreviations FD: Financial Development INST: Institution INTECO: Economic Institutions INSTFIN: Financial Institutions INSTPO: Political Institutions GDP: Gross Domestic Product GFDD: Global Financial Development Database GMM: Generalized Method of Moment OECD: Organization for Economic Co-operation and Development 17. World Bank, [2008] Worldwide Governance Indicators: 1996-2007, Washington, D.C. 18. Wurgler J. (2000), "Financial Markets and the Allocation of Capital," Journal of Financial Economics, 58(1-2), 187–214.