05900oam 22011894 450 991078833450332120230721045703.01-4623-8705-51-4527-0163-697866128432971-4518-7261-51-282-84329-X(CKB)3170000000055271(EBL)1608304(SSID)ssj0000943265(PQKBManifestationID)11550393(PQKBTitleCode)TC0000943265(PQKBWorkID)10974719(PQKB)10976566(OCoLC)644162938(MiAaPQ)EBC1608304(IMF)WPIEE2009114(EXLCZ)99317000000005527120020129d2009 uf 0engurcn|||||||||txtccrSub-Saharan Africa's Integration in the Global Financial MarketsWashington, D.C. :International Monetary Fund,2009.1 online resource (39 p.)IMF Working Papers"May 2009."1-4519-1691-4 Includes bibliographical references.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 Results4. 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 SourcesIII. Determinants of Capital Flows: Descriptive Statistics and CorrelationsIV. Private Capital Flows and Growth; ReferencesThe 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.IMF Working Papers; Working Paper ;No. 2009/114Capital movementsAfrica, Sub-SaharanEconomic developmentAfrica, Sub-SaharanInternational financeExports and ImportsimfFinance: GeneralimfInternational InvestmentimfLong-term Capital MovementsimfFinancial Aspects of Economic IntegrationimfEconomic Growth of Open EconomiesimfEconomic Development: Financial MarketsimfSaving and Capital InvestmentimfCorporate Finance and GovernanceimfInstitutions and GrowthimfEconomywide Country Studies: AfricaimfFinancial Markets and the MacroeconomyimfInternational economicsimfFinanceimfCapital flowsimfPrivate capital flowsimfCapital inflowsimfFinancial sector developmentimfForeign direct investmentimfBalance of paymentsimfFinancial marketsimfCapital movementsimfFinancial services industryimfInvestments, ForeignimfSouth AfricaimfCapital movementsEconomic developmentInternational finance.Exports and ImportsFinance: GeneralInternational InvestmentLong-term Capital MovementsFinancial Aspects of Economic IntegrationEconomic Growth of Open EconomiesEconomic Development: Financial MarketsSaving and Capital InvestmentCorporate Finance and GovernanceInstitutions and GrowthEconomywide Country Studies: AfricaFinancial Markets and the MacroeconomyInternational economicsFinanceCapital flowsPrivate capital flowsCapital inflowsFinancial sector developmentForeign direct investmentBalance of paymentsFinancial marketsCapital movementsFinancial services industryInvestments, ForeignInternational Monetary Fund.African Dept.DcWaIMFBOOK9910788334503321Sub-Saharan Africa's Integration in the Global Financial Markets3685550UNINA