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Institutions and Financial Development in African Countries: An Empirical Analysis

Séraphin PRAO Yao* and Kamalan Eugène
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Séraphin PRAO Yao*: Professor-Researcher at Alassane Ouattara University (Ivory Coast)
Kamalan Eugène: Professor-Researcher at Alassane Ouattara University (Ivory Coast)

Business, Management and Economics Research, 2018, vol. 4, issue 5, 43-50

Abstract: This study empirically investigates the impact of institutional variables on financial development in 29 African countries. The Pooled Mean Group estimation method was applied to annual data covering the 2000 to 2014 period. The results show that in the short run, economic freedom has a positive impact on financial development. In the long term, democracy has a negatve impact on financial development while corruption and economic freedom positively affect financial development. This suggests that promoting economic freedom is conducive to financial development. However, in African countries, democracy is not in favour of financial development.

Keywords: Legal institutions; Financial development; Financial intermediaries; Democracy. (search for similar items in EconPapers)
JEL-codes: F30 N20 O43 (search for similar items in EconPapers)
Date: 2018
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