The article examines the interconnections between capital flows, institutions and real sector growth in Africa. We show that capital flows (foreign direct investment, private debt and equity) have no direct favourable impact on the real sector. Initial assessments show that countries with robust institutional frameworks can benefit significantly from capital flows, as institutions moderate the positive impact of capital flows on real sector growth. Our marginal effect analyses show that the impact of private capital on real sector components is dependent on the type of capital, sector and the percentile level on institutions, in some cases, at the 90th percentile. © 2020 John Wiley & Sons, Ltd.

中文翻译：

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非洲的私人资本流动，实际部门增长和机构质量

本文探讨了非洲资本流动，机构与实际部门增长之间的相互关系。我们表明，资本流动（外国直接投资，私人债务和股权）对实体部门没有直接的有利影响。初步评估表明，拥有健全制度框架的国家可以从资本流动中受益，因为制度可以缓和资本流动对实体部门增长的积极影响。我们的边际效应分析表明，私人资本对实体部门构成的影响取决于资本的类型，部门和机构的百分位水平，在某些情况下，取决于第90个百分位。分级为4 +©2020 John Wiley＆Sons，Ltd.