تدفقات رؤوس الأموال الدولية وأثرها على التنمية الاقتصادية دراسة

Abstract

This dissertation aims to study the impact of international capital flows on the economic development indicators of Algeria, Egypt, Morocco and Tunisia. To meet this objective, the phases of capital flows, motivations of capitals transfer, and their forms are presented. To achieve the objectives of this study, econometric methods were used through the application of dynamic data panels. The obtained results show that there are different impacts of international capital flows on the indicators of economic development. Both foreign direct investment and aid had a positive impact. They contributed to raising the growth rate of average real income per capita in the long term in contrast to foreign loans that had a negative impact. In the short term, foreign direct investment had a negative impact on the growth rate, unlike both foreign loans and aid, which had a positive impact. Keywords: International capital flows; Direct foreign investment; Indirect foreign investment; Foreign loans; Grants and official aid; Economical development