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Table 1 Variables, descriptions and sources

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method




Domestic investment (I)

Gross fixed capital formation, constant US$ per capita

WDI (2019)

Domestic credit (DC)

Domestic credit to the private Sector (percent of GDP)

WDI (2019)

Bank efficiency (BE)

Bank credit to bank deposit (percent)

GFDD (2019)

Broad money (BM)

Broad money growth (annual percent)

WDI (2019)

GDP per capita (GDP)

GDP per capita (constant US$)

WDI (2019)

Personal remittances (REM)

Personal remittances (percent of GDP)

WDI (2019)

  1. Source: Authors’ compilation
  2. Notes: WDI World Development Indicators; GFDD Global Financial Development Database