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L’impact des entrées de capitaux privés sur la croissance économique dans les pays en développement

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  • Sterdyniak, Henri

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  • Zaiter Lahimer, Mahjouba

Abstract

Our thesis focuses on private capital inflows affect on economic growth in developing countries. For our analysis, we distinguish three types of private flows: foreign direct investment, bank loans and portfolio investment. From a theoretical view, the capital inflows affect positively economic growth through risk diversification and investment improving. The negative effects result from crowding out effect, financial instability and crises propagation. Econometrically, we proceed by doing two different econometric studies on a panel of 71 developing countries. The first study examines the effect of private capital inflows on economic growth between 1980 and 2007 using GMM system introduced by Blundell and Bond (1998). The results are quite diverse. The effects of The FDI stocks are positive for almost all groups. For the portfolio investment, the effect shows the importance of progressive and controlled liberalization. The result concerning bank loan seem to depend on development level. The second study addresses the interaction of capital flows with the financial development, human development, institutional development and infrastructure. The results indicate that the effect of capital flows on economic growth depends on the level of development. An important interaction effect is associated to the intuitional development for the portfolio investment.

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This book is provided by Paris Dauphine University in its series Economics Thesis from University Paris Dauphine with number 123456789/7670 and published in 2011.

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Keywords: GMM system; Dynamic panel; Economic growth; Capital inflows; Financial liberalization; Système GMM; Panel dynamique; Croissance économique; Flux de capitaux; Libéralisation financière;

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