QUALITE INSTITUTIONNELLE ET DEVELOPPEMENT FINANCIER DANS LA CEMAC: UNE ANALYSE PANEL VAR

Résumé

The countries of CEMAC have been reporting for several decades a credit rationing problem. However, a series of reforms was made there in the early 1990s with the aim of promoting the financial development of the region. The obvious failure of these reforms to date has led to the search for the reasons. One of the arguments widely accepted in the literature is that of the quality of institutions. This is why this study aims to determine the effect of institutional quality on the financial development of CEMAC countries. To do this, data, ranging from 1985 to 2016, from the World Bank, the BEAC and the International Country Risk Guide made it possible to estimate a VAR Panel using the generalized moments method. As a result, it emerged that the institutional quality in CEMAC is not yet capable of promoting the financial development of the countries of this region. These include the quality of bureaucracy, corruption control, democratic accountability and the legal and judicial system. However, by acting positively on the business climate of the region, the financial development of these countries comes out beneficial. It also appears that the budgetary balance and economic growth of the countries of this region are favorable to the financial development of these countries.