Abstract
Taking into account the effects of financial liberalization on activity, associated with the spread of financial crises in an environment of uncertainty and dependence of the economies on external financing, updates the question of the impact of external capital on growth economic.
 
 The purpose of this paper is to examine the impact of external capital on economic growth in developing country members of a monetary union.
 
 Following a dynamic least squares estimation on the data of the countries of the Economic and Monetary Community of Central Africa (EMCCA), we obtain that an increase in direct investment abroad positively influences the economic growth in these countries.
Highlights
Taking into account the effects of financial liberalization on activity (Cartapanis 2010, Arellano and al, 2016), following the spread of financial crises in an environment of uncertainty and dependence of the economies on external financing (Eichengreen and al. 1999), updates the issue of the impact of external capital on economic growth.External capital is generally presented as the set of real or financial means that enable a country to overcome its capital shortfall
The main statistical tests support the specification of our model using the dynamic least squares method. It appears that only foreign direct investment flows have a significant impact on economic growth in the Economic and Monetary Community of Central Africa (EMCCA) countries
Most disturbing in the results is the low contribution of human capital to wealth creation, which suggests that the zone's learning system is inappropriate in view of the real concerns of the EMCCA economies
Summary
Taking into account the effects of financial liberalization on activity (Cartapanis 2010, Arellano and al, 2016), following the spread of financial crises in an environment of uncertainty and dependence of the economies on external financing (Eichengreen and al. 1999), updates the issue of the impact of external capital on economic growth.External capital is generally presented as the set of real or financial means that enable a country to overcome its capital shortfall. 1999), updates the issue of the impact of external capital on economic growth. Two categories are distinguished for this purpose, including financial capital (external debt, official development assistance, concessional or non-concessional financial flows, portfolio investment, etc.) and foreign direct investment (FDI) (IMF, 2016). The limitations linked to the analysis of exogenous growth to explain the origin of technical progress (Solow, 1956) have led to the analysis of its endogenous determinants, among which we distinguish between education, health and research development (Romer 1990, Lucas 1988, Barro 1997). Much of the debate on the impact of external capital on economic growth revolves around two main lines of research related to the positive effects of external capital in the domestic country (Bekaert and Harvey, 2000), on the one hand and negative effects (Sachs, 1989), on the other hand
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