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Date of Award

Spring 2013

Document Type

Restricted Thesis: Campus only access

Degree Name

Bachelor of Arts




Between 1980 and 2000, private capital inflows to Sub Saharan Africa (SSA) have exhibited extremely low rates of growth relative to flows to other developing regions such as Latin America and Asia. With little access to private capital, SSA countries often turn to the International Monetary Fund as a lender of last resort. To ensure repayment and promote economic growth and stability, the IMF imposes conditions on countries entering into Fund Agreements. A common goal of these conditions is to improve countries’ abilities to attract international capital from sources other than the Fund. This paper examines the relationship between participation in International Monetary Fund programs and private capital inflows to SSA using a dataset for 21 SSA countries from 1993-2010. After correcting for selection bias, this study finds that on average, IMF program participation corresponds with a 63% increase in private capital flows.