Sub-Saharan Africa's Integration in the Global Financial Markets

Author/Editor:

Corinne Deléchat ; John Wakeman-Linn ; Smita Wagh ; Gustavo Ramirez

Publication Date:

May 1, 2009

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic results of recent studies, though our data do not allow us to make conclusive inferences about a causality relationship.

Series:

Working Paper No. 09/114

Subject:

English

Publication Date:

May 1, 2009

ISBN/ISSN:

9781451872613/1018-5941

Stock No:

WPIEA2009114

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

38

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