Financial Innovation and Sustainable Development in Selected Countries in West Africa

摘要: Financial innovation has given a new trend to modern financial system and its importance been widely recognized. This study investigated the effect of augmented with bank competition on sustainable development in eight West African countries. Data were sourced from World Bank indicators years 2000-2013. We used two proxies competitions, innovations regressed them growth indicator as well other control variables. Using panel data estimations, our results confirmed that an increase banking efficiency driven by would improve economic development. While significant, not significant; one displayed negative, while exhibited positive relationship These revealed differential effects different adopted system. That is, is sensitive choice proxy. A reduction demand for money caused could deter because individuals move away more liquid assets less assets. On hand, potentially lead if payment systems individual’s channeled productive sectors. therefore concluded policies which drive industry should be introduced ensure effective functioning