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International Financial Integration and Growth in Developing Countries: Issues and Implications for Africa

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  • Susan M. Collins

Abstract

This paper examines international financial integration, economic growth and the linkages between them, focusing on Africa. A central theme is the importance of distinguishing between policy based (de jure ) indicators of integration and (de facto ) indicators based on actual capital flows or stocks. The paper reviews trends in both sets of integration indicators and uses growth accounting to summarise key features of Africa's growth experience. The linkage between them is examined through an extensive review of recent literature as well as some new empirical evidence. The review finds little evidence relating de jure integration to growth, but this may reflect relatively uninformative available indicators. In contrast, the paper concludes that there is strong evidence associating FDI inflows with increased growth and that this relationship seems to hold for Africa. Copyright 2004, Oxford University Press.

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  • Susan M. Collins, 2004. "International Financial Integration and Growth in Developing Countries: Issues and Implications for Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 13(02), pages 55-94, December.
    • Handle: RePEc:oup:jafrec:v:13:y:2004:i:02:p:ii55-ii94
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    Cited by:

    1. Donadelli, M. & Gufler, I. & Paradiso, A., 2024. "Financial market integration: A complex and controversial journey," International Review of Financial Analysis, Elsevier, vol. 92(C).
    2. Ekpo Akpan & Chuku Chuku, 2017. "Working Paper 291 - Regional Financial Integration and Economic Activity in Africa," Working Paper Series 2403, African Development Bank.
    3. Gregory Price, 2008. "NEA Presidential Address: Black Economists of the World You Cite!!," The Review of Black Political Economy, Springer;National Economic Association, vol. 35(1), pages 1-12, March.
    4. Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," NBER Working Papers 14691, National Bureau of Economic Research, Inc.
    5. Ali Gulzar, 2020. "Financial Sector Reforms and its Impact on Economy of Pakistan," Asian Journal of Law and Economics, De Gruyter, vol. 11(2), pages 1-18, August.
    6. Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications - Books, The World Bank Group, number 6626.
    7. Barry Bosworth, 2005. "Managing Capital Inflows: What Have We Learned?," Papers Presented at Global Meetings of the Emerging Markets Forum 2005inflows, Emerging Markets Forum.

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