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Les déterminants des flux de capitaux privés dans l’UMOA: Une approche empirique sur données de panel
[The determinants of private capital inflows in WAEMU: A panel data approach]

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  • Kinda, Tidiane

Abstract

This article uses the push-pull factors approach to analyze the determinants of private capital flows (foreign direct investments, portfolio investments, and debt) in West African Economic and Monetary Union (WAEMU) over the period 1970-2003. The results show that (i) infrastructure, trade openness, and political instability are the main determinants of foreign direct investments; (ii) economic growth, trade openness, and infrastructure significantly explain portfolio investments; and (iii) inflation, infrastructure, and public consumption determine debt flows. Robustness checks show that these results do not depend on particular countries in the sample.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19159.

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Date of creation: 2008
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Publication status: Published in Revue de la Stabilité Financière dans l'Union Economique et Monétaire Ouest Africaine June.2(2008): pp. 41-68
Handle: RePEc:pra:mprapa:19159

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Related research

Keywords: Investissements directs étrangers; Investissements de portefeuille; Dettes à court et long terme; facteurs externes; facteurs internes; UMOA; Seemingly unrelated regression;

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  1. Mark S. Carlson & Leonardo Hernández, 2002. "Determinants and Repercussions of the Composition of Capital Inflows," IMF Working Papers 02/86, International Monetary Fund.
  2. Dasgupta, Dipak & Ratha, Dilip, 2000. "What factors appear to drive private capital flows to developing countries? and how does official lending respond?," Policy Research Working Paper Series 2392, The World Bank.
  3. Fernandez-Arias, Eduardo, 1996. "The new wave of private capital inflows: Push or pull?," Journal of Development Economics, Elsevier, Elsevier, vol. 48(2), pages 389-418, March.
  4. Joseph E. Stiglitz, 1999. "Reforming the Global Economic Architecture: Lessons from Recent Crises," Journal of Finance, American Finance Association, American Finance Association, vol. 54(4), pages 1508-1522, 08.
  5. Asiedu, Elizabeth, 2002. "On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?," World Development, Elsevier, Elsevier, vol. 30(1), pages 107-119, January.
  6. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
  7. Fernandez-Arias, Eduardo & Montiel, Peter J, 1996. "The Surge in Capital Inflows to Developing Countries: An Analytical Overview," World Bank Economic Review, World Bank Group, World Bank Group, vol. 10(1), pages 51-77, January.
  8. Gooptu, Sudarshan, 1994. "Are portfolio flows to emerging markets complementary or competitive?," Policy Research Working Paper Series 1360, The World Bank.
  9. Chuhan, Punam & Claessens, Stijn & Mamingi, Nlandu, 1998. "Equity and bond flows to Latin America and Asia: the role of global and country factors," Journal of Development Economics, Elsevier, Elsevier, vol. 55(2), pages 439-463, April.
  10. Kim, Yoonbai, 2000. "Causes of capital flows in developing countries," Journal of International Money and Finance, Elsevier, Elsevier, vol. 19(2), pages 235-253, April.
  11. Elizabeth Asiedu, 2004. "Policy Reform and Foreign Direct Investment in Africa: Absolute Progress but Relative Decline," Development Policy Review, Overseas Development Institute, Overseas Development Institute, vol. 22(1), pages 41-48, 01.
  12. Mark Carlson & Leonardo Hernandez, 2002. "Determinants and repercussions of the composition of capital inflows," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 717, Board of Governors of the Federal Reserve System (U.S.).
  13. Yung-Hsiang Ying & Yoonbai Kim, 2001. "An Empirical Analysis on Capital Flows: The Case of Korea and Mexico," Southern Economic Journal, Southern Economic Association, vol. 67(4), pages 954-968, April.
  14. Young Seok Ahn & Slamet Seno Adji & Thomas Willett, 1998. "The Effects of Inflation and Exchange Rate Policies on Direct Investment to Developing Countries," International Economic Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(1), pages 95-104.
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