Infrastructures institutionnelles et développement financier en zone CEMAC

This dissertation proposes to evaluate the impact of institutional development on the financial development in the Central Africa Economic and Monetary Community (CAEMC).An econometric and statistical approach is used in order to realise this objective. According to the methodology suggested by Demirguc-Kunt & Levine (1996) and by Chouchane Verdier (2004), the statistical approach makes it possible to build the financial development indice of the countries of the mentioned zone. This statistical approach reveals the delay by these countries in term of financial development compared to other countries. Following the methodology proposed by Demetriades & Luintel (1996)and by Ito (2005), the econometric approach, with the aid of sargan test and the Arrelano & Bond (1991)test on our dynamic panel data, highlights the negative impact of the weakness of the level of institutional development on the financial development.It can explain why financial liberalization is only slightly beneficial with the financial development.