Les déterminants des flux de capitaux privés dans l’UMOA: Une approche empirique sur données de panel

Kinda, Tidiane (2008): Les déterminants des flux de capitaux privés dans l’UMOA: Une approche empirique sur données de panel. Published in: Revue de la Stabilité Financière dans l'Union Economique et Monétaire Ouest Africaine , Vol. 2, No. June (June 2008): pp. 41-68.

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.

• Item Type: MPRA Paper
• English Title: The determinants of private capital inflows in WAEMU: A panel data approach
• Language: French
• Keywords: Investissements directs étrangers; Investissements de portefeuille; Dettes à court et long terme; facteurs externes; facteurs internes; UMOA; Seemingly unrelated regression
• Subjects: F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems; F - International Economics > F3 - International Finance > F32 - Current Account Adjustment ; Short-Term Capital Movements; F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F41 - Open Economy Macroeconomics

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