Variables

Descriptions

Sources of data

Endogenous Variable

GI

The Gini index

Calculations of authors from world bank data [21]

Exogenous variables of financial development

BC

Bank credit to the private sector with respect to GDP

Extract of the data base of the world bank

MM

Increase in the monetary mass

DB

Density of the banking network

Calculations of authors from gross data supplied by COBAC and the BCEAO banking commission to the number of annual bank tellers of each member country.

Exogenous control variables

Y

Gross domestic product

Extract of the database of the world bank

POP

The population growth rate

RI

The rate of inflation

GE

Government expenditure

ET

Exposure to trade

COR

Corruption

Data from worldwide governance indicators (WGI) that are produced by [22] .

GG

Good governance

PS

Political stability

HC

Human capital

UNESCO

ε

The error term

μ

Country fixed effects

ν

The fixed effects of time