Capital Flows and Current Account：资本流动和经常账户.pdf

____________________________________________________________________ CREDIT Research Paper No. 07/07 _____________________________________________________________________ Capital Flows and Current Account Sustainability: The Ghanaian Experience by Maxwell Opoku-Afari Abstract Both theoretical and operational definitions of current account sustainability show a persistent and fragile current account balance (deficit) for Ghana. This has created a financing gap in the Ghanaian economy, typically filled by capital inflows, in particular aid. Even as Ghana depends to a large extent on aid inflows it has tended to be pro- cyclical. It is evident from the analysis that current account sustainability in Ghana is very sensitive to donor flow dynamics rather than trade flows. To make Ghanaian current account deficits sustainable a more stable and predominant trade contribution is required. Remittances from abroad are of increasing importance since 2000 and are relatively stable and counter-cyclical, and if managed can contribute to current account sustainability. _____________________________________________________________________ Centre for Research in Economic Development and International Trade, University of Nottingham ____________________________________________________________________ CREDIT Research Paper No. 07/07 Capital Flows and Current Account Sustainability: The Ghanaian Experience by Maxwell Opoku-Afari JEL Classification: F32, F35, F41 Keywords: Current Account, Sustainability, Capital Inflows Outline 1. Introduction 2. Concept of Sustainability 3. Current Account Sustainability Criteria 4. Is the Ghanaia