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

The determinants of private capital inflows in WAEMU: A panel data approach

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Investissements directs étrangers; Investissements de portefeuille; Dettes à court et long terme; facteurs externes; facteurs internes; UMOA; Seemingly unrelated regression (search for similar items in EconPapers)
JEL-codes: F21 F32 F34 F41 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (2)

Published in Revue de la Stabilité Financière dans l'Union Economique et Monétaire Ouest Africaine June.2(2008): pp. 41-68

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:19159

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