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Periodical issue Periodical issue Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Africa and the world economy: a focus on capital
Editors:Fosu, AugustinISNI
Krishnan, PramilaISNI
Ndikumana, LeonceISNI
Periodical:Journal of African Economies (ISSN 0963-8024)
Period:Supplement 2 (December)
Geographic term:Africa
Subjects:global economy
capital movements
brain drain
foreign investments
economic development
cost-benefit analysis
Abstract:Capital - physical, human or financial - is a vital factor in the growth and development of African economies, especially within the setting of the global economy. The three articles in the present issue look at the behaviour of capital in Africa, especially in the light of the world economy within which African countries operate. Paul Collier, Anke Hoeffler and Catherine Pattillo observe that capital flight and the brain drain from Africa are persistent and that stemming these outflows requires building appropriate institutions to provide stability and reduce capital risks. Susan M. Collins reports that though there is little evidence that opening up capital regimes enhances capital inflows, foreign direct investment (FDI), in particular, increases growth in developing countries, primarily through improvements in total factor productivity. T. Paul Schultz finds that, consistent with recent evidence from other countries, private returns to education increase with higher levels of education; he argues that there is need for redistributive measures in favour of the less well off, both on equity and efficiency grounds. The issue is introduced by Augustin Kwasi Fosu, Pramila Krishnan and Leonce Ndikumana, who provide an overview for the above three papers. [Journal abstract, edited]