This study evaluates the influence of capital market development and financial development on growth in the three West African countries. Data used for the research is from the World Bank and Pen World Table (PWT). This research uses the Panel ARDL test to examine the long-term relationship, as well as the error correction model to analyze the existence of a short-term relationship. The results show that in both the long term and short term, there is a negative influence of capital market development on economic growth. On the same line, in the long term, financial development is also negatively associated with growth and has no significant impact on economic growth. The ECM results indicate that there is a long-run causality effect between capital market development, financial development, and economic growth.

中文翻译：

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资本市场和金融发展对增长：小组 ARDL 分析

本研究评估了资本市场发展和金融发展对三个西非国家增长的影响。用于研究的数据来自世界银行和 Pen World Table (PWT)。本研究使用 Panel ARDL 检验来检验长期关系，以及误差校正模型来分析短期关系的存在。结果表明，无论从长期还是短期来看，资本市场发展对经济增长都有负面影响。同样，从长期来看，金融发展也与增长负相关，对经济增长没有显着影响。ECM 结果表明，资本市场发展、金融发展和经济增长之间存在长期因果关系。