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Sub-Saharan Africa's Integration in the Global Financial Markets
Author:
Ms. Corinne C Delechat
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,
Mr. John Wakeman-Linn
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Ms. Smita Wagh
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Mr. Gustavo Ramirez
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 114
Language:
English
Publication Date:
01 May 2009
DOI:
https://doi.org/10.5089/9781451872613.001
ISBN:
9781451872613
ISSN:
1018-5941
Pages:
38
Keywords:
WP; capital flow; capital market; market; FDI inflow; capital market development; market size; development institution; Capital flows; Private capital flows; Capital inflows; Foreign direct investment; Financial sector development; Sub-Saharan Africa; Africa; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic results of recent studies, though our data do not allow us to make conclusive inferences about a causality relationship.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund