Sub-Saharan Africa's Integration in the Global Financial Markets
TLDR
In this paper, the authors used 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.Abstract:
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.read more
Citations
More filters
Journal ArticleDOI
Capital Flows and Economic Growth in Ghana
TL;DR: The authors examined the effect of capital flows on economic growth in Ghana over the period 1970-2014 using autoregressive distributed lag (ARDL) model and found that the impact of trade, gross capital formation and population growth on growth is mixed.
Dissertation
Regional integration and sustainable growth in sub-sahara Africa : a case study of the East Africa community
TL;DR: In this paper, regional integration contributes to growth and convergence, and regional integration leads to the sustainability of macroeconomic policies, and contributes to macroeconomic convergence, according to the authors.
Journal ArticleDOI
Capital flows and economic growth revisited: evidence from five Sub-Saharan African countries
TL;DR: In this paper, the authors examined the differential effects of capital flows on economic growth in five Sub-Saharan African (SSA) countries over the period 1970-2014 using the autoregressive distributed lag methodology.
Posted Content
Regional Financial Integration in Sub-Saharan Africa - An Empirical Examination of its Effects on Financial Market Development
Leo Frey,Ulrich Volz +1 more
TL;DR: In this paper, the authors examined the effects of political agreements on regional financial integration (RFI) on financial market development and access to and cost of finance in Sub-Saharan Africa.
References
More filters
Journal ArticleDOI
The quality of government
TL;DR: The authors investigated empirically the determinants of the quality of governments in a large cross-section of countries and found that countries that are poor, close to the equator, ethnolinguistically heterogeneous, use French or socialist laws, or have high proportions of Catholics or Muslims exhibit inferior government performance.
ReportDOI
Reversal of fortune: geography and institutions in the making of the modern world income distribution*
TL;DR: In this article, the authors argue that the reversal in relative incomes of colonized countries during the past 500 years resulted from societies with good institutions taking advantage of the opportunity to industrialize.
Journal ArticleDOI
A New Measure of Financial Openness
Menzie D. Chinn,Hiro Ito +1 more
TL;DR: In this paper, a new index is proposed to measure the extent of openness in cross-border financial transactions, based on the information from the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER).
Journal ArticleDOI
What Matters for Financial Development? Capital Controls, Institutions, and Interactions
Menzie D. Chinn,Hiro Ito +1 more
TL;DR: In this article, the authors investigate whether financial openness leads to financial development after controlling for the level of legal development using a panel encompassing 108 countries over the period 1980 to 2000, and find that trade openness is a prerequisite for capital account liberalization while banking system development is a precondition for equity market development.
Journal ArticleDOI
Does Financial Liberalization Spur Growth
TL;DR: This paper showed that equity market liberalization, on average, leads to a 1% increase in annual real economic growth and that the largest growth response occurs in countries with high-quality institutions.