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The Landscape of Capital Flows to Low-Income Countries

  • Thomas William Dorsey
  • Zuzana Brixiova
  • Sukhwinder Singh
  • Helaway Tadesse

This paper reviews trends in capital flows and capital-like flows such as official grants and remittances to low-income countries over the period 1981-2006. The survey reveals a broadbased increase in such flows as a share of low-income country GDP across major regions, countries with differing commodity export composition, and countries with differing debt relief status. The increase in inflows is dominated by an increase in private sector inflows, mostly in the form of private transfers and foreign direct investment. Official sector inflows have remained comparatively constant as a share of low-income country GDP and even declined in the most recent years. The paper concludes with some tentative policy conclusions and has a discussion of data issues in the annexes.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/51.

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Length: 78
Date of creation: 01 Feb 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/51
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  1. Busse, Matthias & Groizard, Jose Luis, 2006. "Foreign direct investment, regulations, and growth," Policy Research Working Paper Series 3882, The World Bank.
  2. Agnès Bénassy-Quéré & Maylis Coupet & Thierry Mayer, 2007. "Institutional Determinants of Foreign Direct Investment," The World Economy, Wiley Blackwell, vol. 30(5), pages 764-782, 05.
  3. Andrew Berg & Mumtaz Hussain & Shaun K. Roache & Amber Mahone & Tokhir N. Mirzoev & Shekhar Aiyar, 2007. "The Macroeconomics of Scaling Up Aid: Lessons from Recent Experience," IMF Occasional Papers 253, International Monetary Fund.
  4. W. A. Naude & W. F. Krugell, 2007. "Investigating geography and institutions as determinants of foreign direct investment in Africa using panel data," Applied Economics, Taylor & Francis Journals, vol. 39(10), pages 1223-1233.
  5. Samir Jahjah & Ralph Chami & Connel Fullenkamp, 2003. "Are Immigrant Remittance Flows a Source of Capital for Development?," IMF Working Papers 03/189, International Monetary Fund.
  6. Asiedu, Elizabeth, 2002. "On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?," World Development, Elsevier, vol. 30(1), pages 107-119, January.
  7. Barry P. Bosworth & Susan M. Collins, 1999. "Capital Flows to Developing Economies: Implications for Saving and Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 143-180.
  8. Helaway Tadesse & Mark Lewis & Jörg Zeuner & James John & Luzmaria Monasi & Paolo Dudine, 2006. "Weathering the Storm So Far: The Impact of the 2003–05 Oil Shock on Low-Income Countries," IMF Working Papers 06/171, International Monetary Fund.
  9. Jan Kees Martijn & Gabriel Di Bella & Shamsuddin Tareq & Benedict J. Clements & Abebe Aemro Selassie, 2006. "Designing Monetary and Fiscal Policy in Low-Income Countries," IMF Occasional Papers 250, International Monetary Fund.
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