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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]

Author

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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.

Suggested Citation

  • Kinda, Tidiane, 2008. "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]
    ," MPRA Paper 19159, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:19159
    as

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    File URL: https://mpra.ub.uni-muenchen.de/19159/1/MPRA_paper_19159.pdf
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    References listed on IDEAS

    as
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    3. 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.
    4. Elizabeth Asiedu, 2004. "Policy Reform and Foreign Direct Investment in Africa: Absolute Progress but Relative Decline," Development Policy Review, Overseas Development Institute, vol. 22(1), pages 41-48, January.
    5. Mark S. Carlson & Leonardo Hernández, 2002. "Determinants and Repercussions of the Composition of Capital Inflows," IMF Working Papers 02/86, International Monetary Fund.
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    More about this item

    Keywords

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

    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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