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

Download or read book Sub-Saharan Africa's Integration in the Global Financial Markets written by Corinne Deléchat and published by International Monetary Fund. This book was released on 2009-05-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.