Abstract

The present article deals with the empirical links between the financial development and the economic growth in the WAEMU zone. The sample includes eight countries and concerns the period 1990-2014. The study is based on the VAR approach (Vector auto regression), test of co-integration of Johansen and models with correction of error of the integrated variables. The results suggest that the financial development and the economic growth are co-integrated. Besides these relations are characterized by causality in the sense of Granger unidirectional going from the financial development towards the economic growth. These results show that the countries of the WAEMU zone have to set up appropriate measures to booster the development of their financial systems.

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