Africana Periodical Literature 
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| Title: | External financial flows: the case of Africa |
| Author: | Sideri, S. |
| Year: | 1992 |
| Periodical: | African Review of Money, Finance and Banking - Supplement to 'Savings and Development' |
| Issue: | 1 |
| Pages: | 89-115 |
| Language: | English |
| Geographic term: | Subsaharan Africa |
| Subjects: | capital movements development cooperation |
| External link: | https://www.jstor.org/stable/23027453 |
| Abstract: | By analysing the predicament in which Africa, mostly sub-Saharan Africa, finds itself, the paper assesses past contributions and the future role of the flow of external finance in the region's development. The easy appeal of the current wisdom - Africa needs more trade and more aid - seems to ignore the more recent evolution of the world economy, with its reduced availability of more export opportunities and extra financial resources for Africa, as well as research findings which indicate the existence of untapped internal resources, the mobilization of which cannot be obtained without assuming different governments and different development policies. Yet, it is their dependence on foreign assistance that has contributed to the growing 'incapacitation' of many governments in Africa to actually manage the allocation and use of resources according to any given set of priorities. More aid will not necessarily result in the more efficient governments hoped for by the international agencies. As for different development policies, these must address more explicitly the informal or parallel systems that have emerged in each country and, considering the further marginalization of the continent, must of necessity be more inward-looking and possibly more regionally-oriented. Bibliogr., notes, ref., sum. also in French. |
