Economic and Financial Review


Central Bank of Nigeria


Capital Flows, Macroeconomic Stability, Macroeconomics, Remittances


This article examines the impact of foreign capital flow in industrialised countries. The theoretical foundation for the proposition that capital flows can promote macroeconomic performance and stability of emerging economies was entrenched in the 2-gap model, which posits that development may be hampered by the existence of both the savings and foreign exchange gaps in the developing countries.

Author Bio

At the time of going to press, Professor Ndubisi I. Nwokoma is an economist and Fellow of the Chartered Institute of Stockbrokers. He is also a Professor and Head, Department of Economics, University of Lagos, Akoka, Lagos, Nigeria. He was, until recently, the Chief of Financing, Industry and Investment in the Economic Development and NEPAD Division of the United Nations Economic Commission for Africa, in Addis Ababa, Ethiopia.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Nwokoma, Ndubuisi I. (2013). Capital Flows and Macroeconomic Stability: Theoretical and Conceptual Considerations. CBN Economic and Financial Review. 51(4), 1-26.

Included in

Economics Commons



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