Foreign Capital Flows and Economic Development in Africa : The Impact of BRICS versus OECD

This collection examines the extent to which foreign capital from conventional (OECD countries) and non-conventional (BRICS) sources has impacted economic development in Africa over the last two decades. It provides in-depth analyses of the nature, motives, and implications of this capital, and identifies drivers of contemporary rapid growth within and across African countries. Authored by leading experts, the book offers original insights for academics, policymakers, and practitioners studying the changes taking place in Africa as the continent strides more confidently toward integration with the global economy. Read more... Abstract: This collection examines the extent to which foreign capital from conventional (OECD countries) and non-conventional (BRICS) sources has impacted economic development in Africa over the last two decades. It provides in-depth analyses of the nature, motives, and implications of this capital, and identifies drivers of contemporary rapid growth within and across African countries. Authored by leading experts, the book offers original insights for academics, policymakers, and practitioners studying the changes taking place in Africa as the continent strides more confidently toward integration with the global economy Front Matter....Pages i-xxvi Front Matter....Pages 1-1 Exploring the Nature, Motives, and Implications of Foreign Capital in Africa....Pages 3-26 Front Matter....Pages 27-27 The Impact of China and South Africa in Urban Africa....Pages 29-49 China’s Financial and Aid Flows into Africa and their Effects....Pages 51-67 Enhancing the Impact of Chinese Development Finance for Sustained Poverty Alleviation in Africa....Pages 69-94 Front Matter....Pages 95-95 Foreign Direct Investment and Structural Change in Africa: Does Origin of Investors Matter?....Pages 97-125 BRICS versus G7 Countries’ Direct Investment Impact in Africa....Pages 127-145 BRIC versus OECD Foreign Direct Investment Impact on Development in Africa....Pages 147-161 Cross-Border Capital Flows and Economic Performance in Africa: A Sectoral Analysis....Pages 163-190 Front Matter....Pages 191-191 The Concept of Land in Ethiopian Tradition: Land, Power, and Famine....Pages 193-204 Your Next “Landlord” Will Not Be Ethiopian: How Globalization Undermines the Poor....Pages 205-219 The Truth About Land Grabs: A Review of the Oakland Institute’s Reports on Large-Scale Land Investments in the Twenty-First Century....Pages 221-245 International R&D Spillovers and Labor Productivity in Africa....Pages 249-270 Development Aid and International Trade in Sub-Saharan Africa: EU versus China....Pages 271-297 Changing International Trade Linkages in Sub-Saharan Africa: BRIC versus OECD Countries....Pages 299-321 Front Matter....Pages 323-323 Growth Impact of Aid Quantity and Quality in Africa....Pages 325-350 The Role of Foreign Aid in the Fast-Growing Rwandan Economy: Assessing Growth Alternatives....Pages 351-373 Anatomy of Foreign Aid in Ethiopia....Pages 375-398 Front Matter....Pages 399-399 Remittances and Economic Development in Africa: A Review of Empirical Evidence....Pages 401-421 Have Debt Relief Initiatives Yielded Varying Effects in Resource and Non-resource Endowed Countries in Africa?....Pages 423-447 Debt Sustainability and Direction of Trade: What Does Africa’s Shifting Engagement with BRIC and OECD Tells Us?....Pages 449-475 Front Matter....Pages 399-399 Managing Resource Price Volatility: Exploring Policy Options for the Democratic Republic of Congo....Pages 477-503 Back Matter....Pages 505-514 This proposed book intends to provide a reference resource to showcase insightful perspectives on the 21st century realities of foreign capital flow and their implications on the economic development of Africa. The foreign capital sources will constitute foreign direct investment (multinational corporations and, small and medium multinational enterprises), development aid, remittances and foreign debt. Our main goal and novel1 contribution to the literature will be to answer a question that has never been asked before 'Who benefits Africa more in the 21st century, the BRICS2 or OECD3 countries?' Effectiveness of foreign capitals from conventional sources (OECD countries) will be analyzed and compared to those from non-conventional sources (BRICS countries) that have gained prominence in recent years. The book will offer hard-headed prognosis on the state of Africa's external financial resources and how to facilitate efficient policies necessary for meaningful, sustained and inclusive growth. It will provide an in-depth analysis of fundamental domestic factors [such as information and communication technologies (ICTs) and non-ICTs infrastructure development (socio-economic infrastructures); policies; financial sector liberalization and access to financial resources; innovation, research and development and; resource extraction] that determine how foreign capital flow impact economic development in Africa with differential effects across the continent. We expect the outcome of this book to be profoundly refreshing with evident methodological pluralism and conceptual reflexivity. Our vision is to deliver a comprehensive work of reference to be cited as an authoritative source on the subject. This title will have a particular relevance and resonance with the changes currently taking place in Africa as the continent strides out more confidently towards effective integration in the global economy. We envision a volume of compelling academic and policy significance. This collection examines the extent to which foreign capital from conventional (OECD countries) and non-conventional (BRICS) sources has impacted economic development in Africa over the last two decades. It provides in-depth analyses of the nature, motives, and implications of this capital, and identifies drivers of contemporary rapid growth within and across African countries. Authored by leading experts, the book offers original insights for academics, policymakers, and practitioners studying the changes taking place in Africa as the continent strides more confidently toward integration with the global economy. The major themes addressed in this book include: The implications of growing Chinese engagement in Africa BRICS countries' versus OECD countries' investment contributions to Africa The politics of land, land grab, and the puzzle of inclusive development in Africa Foreign research and development spillovers, trade linkages, and productivity in Africa Foreign aid effects on social sector, growth, and structural change in Africa Remittances, foreign debt, resource management, and economic development in Africa