Sub-Saharan Africa's Integration in the Global Financial Markets

• Record Nr.: UNINA9910788334503321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2009
• ISBN: 1-4623-8705-5; 1-4527-0163-6; 9786612843297; 1-4518-7261-5; 1-282-84329-X
• Descrizione fisica: 1 online resource (39 p.)
• Collana: IMF Working Papers
• Soggetti: Capital movements - Africa, Sub-Saharan; Economic development - Africa, Sub-Saharan; International finance; Exports and Imports; Finance: General; International Investment; Long-term Capital Movements; Financial Aspects of Economic Integration; Economic Growth of Open Economies; Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance; Institutions and Growth; Economywide Country Studies: Africa; Financial Markets and the Macroeconomy; International economics; Finance; Capital flows; Private capital flows; Capital inflows; Financial sector development; Foreign direct investment; Balance of payments; Financial markets; Capital movements; Financial services industry; Investments, Foreign; South Africa
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: "May 2009."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; Figures; 1. Private Capital Inflows to Sub-Saharan Africa, 2000-07; II. Recent trends in financial globalization in SSA; 2. Global Liquidity; Tables; 1. Private Capital Flows: Volatility; 3. Domestic; 4. Recipients of Private Capital Flows; 5. Top Ten Recipients of Private Capital; III. Determinants of Private Capital Flows to SSA; 6. External Vulnerability; 2. Capital Market Development in Sub-Saharan Africa; A. Recent Literature; B. Estimation strategy and Model; C. Empirical Analysis; 3. Baseline OLS Estimation Results; 4. Instrumental Variables Estimation Results IV. Do private capital flows have an impact on growth in SSA?; A. Correlation Analysis; 7. Sub-Saharan Africa: Capital Flows and Real GDP Growth; B. Testing channels of transmission of private capital flows on growth; 5. Correlations: Net Capital Flows and Real Growth; 6. Channels of Transmission Between Capital Flows and Growth; C. How do Private Capital Flows Affect Growth?; 7. Estimation Results: Linear Growth Model with Capital Flows; V. Conclusion; Appendices; I. Capital Flows Data; II. Variables Definitions and Sources; III. Determinants of Capital Flows: Descriptive Statistics and CorrelationsIV. Private Capital Flows and Growth; References
• Sommario/riassunto: 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.