TY  - BOOK
AU  - Deléchat,Corinne
AU  - Wakeman-Linn,John
AU  - Wagh,Smita
TI  - Sub-Saharan Africa's Integration in the Global Financial Markets
T2  - IMF Working Papers
SN  - 9781451916911
AV  - HG3891 -- .D454 2009eb 
U1  - 332332.042332/.042 
PY  - 2009///
CY  - Washington
PB  - International Monetary Fund
KW  - Capital movements -- Africa, Sub-Saharan
KW  - Economic development -- Africa, Sub-Saharan
KW  - International finance
KW  - Electronic books
N1  - Intro -- Contents -- I. Introduction -- II. Recent trends in financial globalization in SSA -- III. Determinants of Private Capital Flows to SSA -- A. Recent Literature -- B. Estimation strategy and Model -- C. Empirical Analysis -- IV. Do private capital flows have an impact on growth in SSA? -- A. Correlation Analysis -- B. Testing channels of transmission of private capital flows on growth -- C. How do Private Capital Flows Affect Growth? -- V. Conclusion -- Tables -- 1. Private Capital  Flows: Volatility -- 2. Capital Market  Development in Sub-Saharan Africa -- 3. Baseline OLS Estimation Results -- 4. Instrumental Variables Estimation Results -- 5. Correlations: Net Capital Flows and Real Growth -- 6. Channels of Transmission Between Capital Flows and Growth -- 7. Estimation Results: Linear Growth Model with Capital Flows -- Figures -- 1. Private Capital Inflows  to Sub-Saharan Africa, 2000-07 -- 2. Global Liquidity -- 3. Domestic -- 4. Recipients of Private Capital Flows -- 5. Top Ten Recipients of Private Capital -- 6. External Vulnerability -- 7. Sub-Saharan Africa: Capital Flows and Real GDP Growth -- Appendices -- I. Capital Flows Data -- II. Variables Definitions and Sources -- III. Determinants of Capital Flows: Descriptive Statistics and Correlations -- IV. Private Capital Flows and Growth -- References
N2  - 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
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ER  -