非洲民间资本流动与经济增长外文文献翻译（节选）

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1、2800单词， 1.6万英文字符 ， 5100汉字 文献出处： Agbloyor E K, Abor J Y, Adjasi C K D, et al. Private capital flows and economic growth in Africa: The role of domestic financial marketsJ. Journal of International Financial Markets, Institutions and Money, 2014, 30: 137-152. http:/w ww.w 原文 Private capital flows and

2、 economic growth in Africa: The role of domestic financial markets Elikplimi Komla Agbloyor, Joshua Yindenaba Abor, Charles Komla Delali Adjasi, Alfred Yawson Abstract This study examines the relation between private capital flows and economic growth in Africa during the period 19902007. We estimate

3、 the empirical relation with a panel Instrumental Variable Generalized Method of Moments (IV-GMM) estimator which allows for arbitrary heteroskedasticity and endogeneity. Decomposing private capital flows into its component parts, we find that foreign direct investment, foreign equity portfolio inve

4、stment and private debt flows all have a negative impact on economic growth. Countries with strong domestic financial markets, however, benefit more by being able to transform the negative impact of private capital flows into a positive one. Private capital flows, thus, promote economic growth in th

5、e presence of strong domestic financial markets. These results suggest that strong financial markets are needed for private capital flows to impact economic growth positively. Our results are robust to the control of population size, savings, financial openness and institutional quality. Keywords: A

6、frica; Capital flows; Economic activity; Financial markets 1. Introduction 如何翻译外文文献 Most African countries experienced anaemic growth after independence in the 1970s through to the early 1990s. Easterly and Levine (1997) described Africa as a growth tragedy. It must be noted, however, that the growth dynamics in Africa have changed since the early 1990s. Many of the worlds fastest growing economies are now in Africa and most African countries are