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]
AbstractThis 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 InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 19159.
Date of creation: 2008
Date of revision:
Publication status: Published in Revue de la Stabilité Financière dans l'Union Economique et Monétaire Ouest Africaine June.2(2008): pp. 41-68
Investissements directs étrangers; Investissements de portefeuille; Dettes à court et long terme; facteurs externes; facteurs internes; UMOA; Seemingly unrelated regression;
Find related papers by JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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