ࡱ> 02/Y bjbj[[ 49 \9 \ ``  8'C0WWWWWFFF>@@@@@@$!>dFFFFFdWWyFWW>F>W$?A@*0!!!FFFFFFFddFFFFFFF!FFFFFFFFF`+ : FOREIGN CAPITAL INFLOWS AND GROWTH: AN EMPIRICAL ANALYSIS OF WAMZ EXPERIENCE Anthony Orji Department of Economics, University of Nigeria, Nsukka, Enugu State, Nigeria. Email: tonyorjiuss@yahoo.com; Phone: +2348038559299 And Akachukwu, Stanley Uche Department Of Economics, University of Nigeria, Nsukka, Enugu State, Nigeria. Email: akachukwustan@gmail.com; Phone: +2348034278926 And Elijah Ayobami ILORI Department Of Economics, University of Nigeria, Nsukka, Enugu State, Nigeria. Email: ayobami_sp2003@yahoo.com; Phone: +2348062717472 ABSTRACT Using the Seemingly Unrelated Regression Estimation (SURE) technique, we examine the implications of four different types of foreign capital inflows, namely; Foreign Direct Investment (FDI), Official Development Assistance (ODA), Foreign Private Investment (FPI) and Remittances (REM) on output growth of the West Africa Monetary Zone (WAMZ) economies over the period 1981-2010. Our results show that there are differences in the growth impact of the various forms of foreign capital inflows in the WAMZ countries. The result also shows that more than one form of capital inflow contributed positively to output growth in Nigeria. Again, we find that ODA positively contributes more to output growth in Sierra Leone and Ghana, whereas, FDI foster more output growth in Nigeria and Gambia. Remittances have the highest contribution in Liberia and finally none of the inflows has positively impacted on Guineas economic growth. We therefore recommend that WAMZ countries should endeavour to create competitive economic environments that will be attractive to foreign investors since promoting trade and investment through sound economic policies and strengthened institutions are essential in maximizing the benefits from Foreign Capital Inflows in the region. Keywords: Foreign Capital Inflows, Investment, WAMZ and Economic Growth. JEL Classification: B22; C23; O11; O55; F35; F43  Corresponding Author     NZ[\  H }       㽩㽕r^M< h{256OJQJ^JmH sH  he>h{2OJQJ^JmH sH &he>h{26OJQJ]^JmH sH #h:h{2OJQJ\^JmHjsHj h:h{2OJQJ^JmH sH &h:h{26OJQJ]^JmHjsHj&h:h{26OJQJ]^JmH sH h:h{26OJQJ]^J+jh:h{20J5OJQJU\^Jh:h{2OJQJ\^Jh:h{25OJQJ^J$MN\2 H ~    ( $d]a$gd{2 $dxa$gd{2 $xa$gd{2 $xa$gd{2$a$gd{2 ' ( . l q > D V $;´дЦЦЦЁwshsd\d\d\jhL^UhL^h~h{2OJQJh{2jh{20JUhld>&h:h{256OJQJ^JmH sH h{h{2OJQJ^JhDh{26OJQJ^Jh{h{26OJQJ^Jhe>h{26OJQJ^Jh{26OJQJ^J h{256OJQJ^JmH sH &he>h{256OJQJ^JmH sH $a dgd{2gd{2 $dxa$gd{2hld>jhL^UhL^21h:p/ =!"#$%  s666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH66666666666666666666666666666666666666666666666666666666666666666p62&6FVfv2(&6FVfv&6FVfv&6FVfv&6FVfv&6FVfv&6FVfv8XV~ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ OJPJQJ_HmH nH sH tH N`N {2Normal dCJ^J_HaJmH sH tH DA D Default Paragraph FontRiR 0 Table Normal4 l4a (k ( 0No List L`L {2 No SpacingCJ^J_HaJmH sH tH B@B {20 Footnote Text CJ^JaJT/T {20Footnote Text CharCJOJPJQJ^JaJ@&`!@ {20Footnote ReferenceH*PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭V=ysHCTz?wo}e3Of ,7_Ջ7| V*|@B̬غ009&f1Q-Zє^ <7"K@DL~91x i;NQ!R0hq= $f[FjieGBDՎi|#aU j ?T u4(4G<0/2b[1fds+*IbN]:2sűć~™ 'Qb?b0Eu;&A y@t#XKjpS <1:_ Rj@5It|=\pTeVBkfoMُ1A6Yދ{qm=_$TZl|[Bi/(gr͠{(gY?J44AJb A?@3غmd2SfbGFl-tY.e* U{SW[rTwP:IT $jF$yHȑ]E]_jP˳# TMū(<^fW&"3- (wl2\O.jgȴFBn: YX8,45׍UJ5z"Y,8on]h*U]2#4k8psM-S5Iϣ,bAp):Ģ$lbyh$5Dr+W@.-e#Iד' [i~~~0>tA0ZYpL|)$ jLvorUUS|cum,nmW x?C=CAP:Ө ƛ2,4;kkrP;KPT[][^#A*?حZh,2B^@<:!wN9˃/$lyȳyBrJu[pNPw[Bu[.uڕPXxޤ"=7({ڕQcyCR J" :JQmBN^h^Zzض$iU} ^ WBͩTZNU:6FG /PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!ZOtheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] Z    L# @0(  B S  ?*0>HYceD[^(=~ 5 q} 3 %@Zu>vZ~ uc{2[Nny]<Hu* 7.Yw #+$ %D%o'^W'"(K(X(,)\)fa)T./00@1(b1]M2M]2f2w2l 6a$7C8I8o8*a9%,<3j<aS=F>`>A`>ld>g@~|@AAGuE_FlGuH|H#I_{|]+*&6#TTE pc7~J0 (~E*n{R'0/L cT1CFI_.-v~;Pl V 4>D32>>FV4k,EHQU,wj_bRqX/8wAMUuLS]`8~ K;|0}6ena&@@UnknownG*Ax Times New Roman5Symbol3. *Cx Arial7.@ CalibriA$BCambria Math"qh(G(G!r $ !r0KHP  $P{22!xx AuthorTonyOh+'0h  $ 0 <HPX`AuthorNormalTony2Microsoft Office Word@F#@3A@3A!r՜.+,0 hp|     Title  !"#$%&()*+,-.1Root Entry F7?A31Table!WordDocument4SummaryInformation(DocumentSummaryInformation8'CompObjr  F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q