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 |
|