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]
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.
|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|
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Web page: http://mpra.ub.uni-muenchen.de
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