Economic Dimensions of The Phenomenon of Capital Flows From Developing Countries “Applying on the Egyptian Economy”

The thesis hence aims at studying the economic dimensions of capital flows from developing countries phenomenon with an application of Egypt’s Economy The important results stem from this work are as fllowing: 1. There is no agreement in the economic literature on the definition of the capital flows from developing countries. This may lead to different estimations of the volume of the phenomenon. 2. Studying the trend and simultaneity of capital flows from the developing countries as a whole and on the level of the geographical regions and from Egyptian economy showed the following points: 2/1: The capital outflows are fluctuated, during the period of study, (1977 to 2004). 2/2: The simultaneity in capital flows from the developing countries on the geographical region has been achieved from 1977 to 1979, 1982 to 1986 and during year 1987. 2/3: The capital flows from the Egyptian economy are not in one trend, they are the most volatile compared to the capital flows from the developing countries on the Aggregate level and from the Middle East and North Africa during the period from 1977 to 2004. 3. Results of the econometric model of the determinants of capital flows from the Egyptian economy are represented in the following. 3/1: There is a positive relationship between the external debt and the capital flows from the Egyptian economy with statistically Significant at 0% level; the increase of the external debt with one billion dollars leads to the increase of the capital flows from the Egyptian economy as a percentage of the Gross Domestic production of 1.5%. 3/2: There is a positive relationship between the Capital Gains of the Egyptian stock exchange and the capital flows from the Egyptian economy with statistically Significant at 0% level; the increase of the Capital Gains of the Egyptian stock exchange by 1% leads to the increase of the capital flows from the Egyptian economy to the Gross Domestic production ratio by 0.1%. 3/3: There is a positive relationship between the financial repression and the capital ...