Economic and Financial Review


Central Bank of Nigeria


Foreign capital flows, Emerging economies


The purpose of this paper is to analyse the effect of foreign capital flows on economic performance in three ways. First, it analyses empirically the direct effect of capital account liberalisation on growth; second, it continues to explore the subject by testing one of the indirect effects of capital flows on economic welfare, namely their influence on competitiveness; and finally, it breaks down the issue further by decomposing capital flows into their specific elements – FDI, portfolio investments, aid, debt, remittances and tests their effect on competitiveness.

Author Bio

Bassem Kamar is a Professor and Director of Research Dissemination at the International University of Monaco. He is also a training expert at the International Monetary Fund (IMF).

Publication Title

CBN Economic and Financial Review





Recommended Citation

Kamar, B. (2013). Empirical examination of foreign capital flows and growth nexus in emerging economies. CBN Economic and Financial Review, 51(4), 27 - 64.

Included in

Economics Commons



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.