The level of development of the bank sector (BANK). Demirguc-Kunt and Levine (1996) have stated that the level of development of a capital market is positively associated with the activity of the bank sector. These two mechanisms, by providing yhe necessary capital for investment projects, realize complementary activities. The amount of credit accorded to the private sector divided by GDP is retained in this study to measure the level of development of the bank sector.