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La Mobilité des Capitaux en Afrique de l'Ouest: Investigations sur des pays de la CEDEAO

Koté, Lassine and Sorgho, Zakaria and Ouedraogo, Carine (2015): La Mobilité des Capitaux en Afrique de l'Ouest: Investigations sur des pays de la CEDEAO.

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Abstract

This paper examines the mobility of capital within fourteen (14) ECOWAS Members over the period 1980-2011 using Feldstein-Horioka’s Model. First, we investigate the free-flow of capital within the ECOWAS States, and secondly, we analyze the capital flows accounting the governance of state: high governance (country GOUV1) and low governance (GOUV2 countries). Using an autoregressive lag model, we estimate the coefficients of money savings. The results show that the capital is relatively more fluid within ECOWAS comparing to Europeans developed countries. Specifically, capital flows are more mobile in non-UEMOA countries and countries’ GOUV1 than in those of WAEMU and countries’ GOUV2. Further, the results show that the common currency is not a determinant of the free-flow of capital within the ECOWAS while the good governance is a fundamental factor.

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