In the attempt to establish new sources of economic growth in the West African Economic and Monetary Union (WAEMU) countries except Gunea Bissau for sustainable growth of the region, this study aims to empirically assess the role of internet and revisit the impact of human capital in these countries based on panel data from 2009 to 2014. We firstly use the principal component analysis technique to build the internet network development index and the human capital index. Then we estimate a Cobb-Douglas function under the neoclassical Solow model to establish the relationship between gross domestic product and internet and human capital by using the fixed effects estimation technique. The findings indicate that internet network development constitutes an important pillar for economic growth in WAEMU countries at the current prevailing economic environment. In addition, they reveal that the performance of human capital in terms of economic growth is weak, a result which can be attributed to the poor quality of educational systems of the union. Physical capital is another source of economic growth of the WAEMU countries established by this study. Policy message drawn from this study encourages strategies aiming to strengthen internet network development in WAEMU countries.
The effect of financial development on economic growth coupled with exchange rate fluctuation on economic growth can be significant in a country. We investigated the impact of the economic credits on the inflation and economic growth in Togo. We endeavored to bring out the nature of the relationship between changes in credit to the economy and inflation level and analyzed the effect of credit to economic growth. To achieve this objective we used two approaches. First, the theoretical approach, which showed that the economy is simultaneously facing high inflation rate and low economic grow rate. Secondly, in the empirical approach, it appeared that the impact of credit to the economy on inflation and growth depended on many factors that are unique. We utilized panel data and a model of the production function of Cobb Douglas with technological progress to investigate the impact of change in credit level on change in inflation level and on economic growth in Togo. The time series analysis was based on some economic test that assisted us to the choice of correct model. We realized that inflation has no significant effect on the economic credit. However, any economic growth improvement influenced negatively the economic credits, hence confirming the fact that Togolese economic growth carrier sectors benefited only a bit from the economic credits.
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