Investissements directs étrangers et investissements domestiques en Afrique subsaharienne : effets d’éviction ou de stimulation ?

We examine FDI’s effects of on domestic investment in Sub-Saharan Africa. Our model’s assumptions are inspired from the theoretical model of Agosin and Mayer (2001). Two assumptions have special interest: (i) the first is that multinational firms crowd-out local firms ; (ii) the second supports the idea of crowding-in local investment. The empirical study uses the GMM of Arellano and Bond (1991) applied to a panel of countries in Sub-Saharan Africa over the period 1990-2005. The results show that FDI exert crowd-out effects in the short-run as well as in the long-run. This result is robust even if we control by countries’ exports specializations. However, we find out that FDI can facilitate the transfer of investments from the agricultural sector to the manufacturing sector in non-abundant natural resources countries.