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International Financial Integration and Growth in Developing Countries: Issues and Implications for Africa

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  • Susan M. Collins
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    Abstract

    This paper examines international financial integration, economic growth and the linkages between them, focusing on Africa. A central theme is the importance of distinguishing between policy based (de jure ) indicators of integration and (de facto ) indicators based on actual capital flows or stocks. The paper reviews trends in both sets of integration indicators and uses growth accounting to summarise key features of Africa's growth experience. The linkage between them is examined through an extensive review of recent literature as well as some new empirical evidence. The review finds little evidence relating de jure integration to growth, but this may reflect relatively uninformative available indicators. In contrast, the paper concludes that there is strong evidence associating FDI inflows with increased growth and that this relationship seems to hold for Africa. Copyright 2004, Oxford University Press.

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    Bibliographic Info

    Article provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.

    Volume (Year): 13 (2004)
    Issue (Month): 02 (December)
    Pages: ii55-ii94

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    Handle: RePEc:oup:jafrec:v:13:y:2004:i:02:p:ii55-ii94

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    Cited by:
    1. Eswar S. Prasad & Kenneth Rogoff & Shang-Jin Wei & M. Ayhan Kose, 2007. "Financial Globalization, Growth and Volatility in Developing Countries," NBER Chapters, in: Globalization and Poverty, pages 457-516 National Bureau of Economic Research, Inc.
    2. Barry Bosworth, 2005. "Managing Capital Inflows: What Have We Learned?," Papers Presented at Global Meetings of the Emerging Markets Forum 2005inflows, Emerging Markets Forum.
    3. Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," NBER Working Papers 14691, National Bureau of Economic Research, Inc.
    4. Gregory Price, 2008. "NEA Presidential Address: Black Economists of the World You Cite!!," The Review of Black Political Economy, Springer, vol. 35(1), pages 1-12, March.
    5. Honohan, P. & Beck, T.H.L., 2007. "Making finance work for Africa," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125420, Tilburg University.

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