1945

Economic Policy, Institutional Environment and Capital Flows

According to conventional economic wisdom, capital should flow from developed countries where it has lower returns on the margin to Africa and other developing areas where it has significantly higher marginal returns. Unfortunately, this is not the case as capital flows to Africa have been low, unstable and concentrated in a few sectors and a few countries. There are many reasons for this phenomenon. First, both in terms of perception and reality neither the global nor the regional environment has been friendly to Africa.

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