Most of the literature that explored the relationship between financial development and economic growth taking into consideration the roles played by institutional quality in the ECOWAS region still debates on the roles of institutional quality on economic growth. This study used data from 1996-2017 for 15 emerging economies within the ECOWAS by applying two-step SYS GMM (SGMM) estimators. The following conclusions were developed: first, the study discovered that financial development has no significant and positive impact on economic growth in the ECOWAS region. Secondly, regulatory quality and control of corruption, which are considered as institutional quality variables, have opposing results with control of corruption reducing growth as well as regulatory quality variable increasing growth. Again, the results indicate that capital formation has a positive association with growth and labor force influencing growth negatively. Finally, due to a lack of proper corruption control systems in the region and poor financial sector development, growth cannot improve.

中文翻译：

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金融发展，机构质量与经济增长：来自西非国家经济共同体国家的证据

大多数探讨金融发展与经济增长之间关系的文献都考虑到西非国家经济共同体地区机构质量所起的作用，但仍在争论机构质量对经济增长的作用。本研究通过应用两步SYS GMM（SGMM）估算器，使用了1996-2017年ECOWAS中15个新兴经济体的数据。得出以下结论：首先，该研究发现，金融发展对西非经共体地区的经济增长没有显着而积极的影响。其次，监管质量和腐败控制被视为制度质量变量，在控制腐败会减少增长以及监管质量变量会增加增长方面产生相反的结果。再次，结果表明，资本形成与增长呈正相关，而劳动力对增长产生消极影响。最后，由于该地区缺乏适当的腐败控制系统以及金融部门发展不佳，增长无法改善。