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Macroeconomic Determinants Of Capital Flight
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Book Synopsis Macroeconomic Determinants of Capital Flight by : Friday Osemenshan Anetor
Download or read book Macroeconomic Determinants of Capital Flight written by Friday Osemenshan Anetor and published by . This book was released on 2019 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of the study was to examine the macroeconomic determinants of capital flight from the Sub-Saharan African (SSA) countries between the period 1981-2015. The study used secondary data obtained from the World Bank Development Indicators (WDI) and applied the autoregressive distributed lag (ARDL) model technique to determine the macroeconomic factors influencing capital flight from the SSA region. The results of the study showed that economic growth had a significant negative relationship with capital flight in both the long-run and short-run. Also, the outcome of the study revealed that external debt had a significant positive relationship with capital flight in the short-run. In addition, the study noted that economic variables such as interest rate spread, inflation, and trade openness have no significant influence on capital flight in the SSA region. Overall, the study revealed that economic growth rate and external debt constitute the macroeconomic fundamentals that influence the rate of capital flight from SSA countries.
Book Synopsis Capital Flight and Capital Controls in Developing Countries by : Gerald A. Epstein
Download or read book Capital Flight and Capital Controls in Developing Countries written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.
Book Synopsis Macroeconomic Determinants of Capital Flight by :
Download or read book Macroeconomic Determinants of Capital Flight written by and published by . This book was released on 2013 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study intends to examine empirically factors explaining the macroeconomic determinants of capital flight which is Foreign Direct Investment (FDI), external debt, stock market and political risk in Malaysia. For the empirical work, the Augmented Dickey-Fuller (ADF), Phillips-Peron (PP) and Kwiatkowski-Phillips-Schmidit-Shin (KPSS) tests were conducted to examine the order of integration of the variables. Bounds test for cointegration, and autoregressive-Distributed Lag (ARDL) approcah were tested with annual time series data for the period from 1975 to 2010 to determine the factors affecting capital flight in Malaysia using World Bank (1985), Cuddington (1986) as well as Morgan Guaranty Trust Company (1986) measures.
Book Synopsis Economic Growth and Financial Development by : Muhammad Shahbaz
Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by Springer Nature. This book was released on 2021-09-21 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Book Synopsis Capital Flight from Africa by : S. Ibi Ajayi
Download or read book Capital Flight from Africa written by S. Ibi Ajayi and published by OUP Oxford. This book was released on 2014-11-06 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in the context of the development policy discourse at national and international level. This part takes stock of the existing evidence on the nature, causes, and consequences of capital flight. It provides the most recent data on the magnitude of capital flight from 39 African countries, and a detailed analysis of the impact of capital flight on economic development in general and on poverty reduction in particular. The second part examines economic factors and impacts of capital flight. It presents analysis of capital flight in a flow of funds context, the impact of capital flight on macroeconomic outcomes with a focus on growth, and the linkages between capital flight and monetary policy, financial liberalization, and the global financial system. The third part explores the domestic and international institutional environment and its relevance for capital flight and stolen asset recovery. It discusses the role of governance, tax evasion, and secrecy jurisdictions in driving capital flight. The last part of the book offers suggestions for strategies to address the problem of capital flight from African countries.
Book Synopsis Economic Effects and Structural Determinants of Capital Controls by : Mr.Vittorio Grilli
Download or read book Economic Effects and Structural Determinants of Capital Controls written by Mr.Vittorio Grilli and published by International Monetary Fund. This book was released on 1995-03 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.
Book Synopsis Capital Flight by : John T. Cuddington
Download or read book Capital Flight written by John T. Cuddington and published by . This book was released on 1986 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants and Systemic Consequences of International Capital Flows by : Mr.Timothy D. Lane
Download or read book Determinants and Systemic Consequences of International Capital Flows written by Mr.Timothy D. Lane and published by International Monetary Fund. This book was released on 1991-04-15 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
Book Synopsis An Economic Analysis of Capital Flight from Nigeria by : Simeon Ibidayo Ajayi
Download or read book An Economic Analysis of Capital Flight from Nigeria written by Simeon Ibidayo Ajayi and published by World Bank Publications. This book was released on 1992 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Volatility of Capital Flows in Emerging Markets by : Maria Sole Pagliari
Download or read book The Volatility of Capital Flows in Emerging Markets written by Maria Sole Pagliari and published by International Monetary Fund. This book was released on 2017-03-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period 1970Q1-2016Q1, we construct three measures of volatility, for total capital flows and key instruments. Second, we perform panel regressions to understand the determinants of volatility. The measures show that the volatility of all instruments is prone to bouts, rising sharply during global shocks like the taper tantrum episode. Capital flow volatility thus remains a challenge for policy makers. The regression results suggest that push factors can be more important than pull factors in explaining volatility, illustrating that the characteristics of volatility can be different from those of the flows levels.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Capital Flight by : Donald R. Lessard
Download or read book Capital Flight written by Donald R. Lessard and published by . This book was released on 1987 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Growth and Financial Development by : Muhammad Shahbaz
Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Book Synopsis An Econometric Model of Capital Flight from Developing Countries by : Lisa M. Schineller
Download or read book An Econometric Model of Capital Flight from Developing Countries written by Lisa M. Schineller and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes capital flight from a group of seventeen developing nations over the period 1978 to 1993. The paper briefly discusses several empirical definitions of capital flight and presents estimates of capital flight for the sample based on some of these measures. In general, the data reveal periodic episodes of dramatic flight through the late 1980s, at which point many nations began to experience strong capital inflows. Anecdotal evidence for the nations in our sample underpins our hypothesis that capital flight is driven by a heightened, pervasive risk which reflects the degree of domestic acroeconomic imbalance which is domestically undiversifiable. Our econometric model of the determinants of capital flight extends previous empirical studies of flight by expanding both the cross section of nations and time horizon of analysis. Given the panel data set, we consider a country specific error component to account for the possibility of unobserved country heterogeneity and employ fixed-effects and random-effects estimation. We instrument for potentially endogenous explanatory variables and in doing so consider a fixed-effects system. The results, based on several different measures of flight, highlight the importance of modelling flight with a country specific error component. While other proxies of the risk associated with macroeconomic imbalance are not significant, the central government surplus is negatively, statistically significantly related to flight. This highlights the motivation of investors to move capital both to escape future taxation directly and indirectly via monetization of deficits. Therefore, even when taking into account other measures of risk the higher taxation risk, both directly and indirectly through expectations of future inflation, dominates the regressions. Key Words: macroeconomic risk, panel data.
Book Synopsis A Nonlinear Econometric Analysis of Capital Flight by : Lisa M. Schineller
Download or read book A Nonlinear Econometric Analysis of Capital Flight written by Lisa M. Schineller and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Flight by : Rudiger Dornbusch
Download or read book Capital Flight written by Rudiger Dornbusch and published by . This book was released on 1990 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Flight by : Leonce Ndikumana
Download or read book Capital Flight written by Leonce Ndikumana and published by . This book was released on 2015 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the nature of capital flight, the methodologies used to measure it, and its drivers. The paper presents updated estimates of the magnitude of capital flight from 39 African countries for which adequate data are available for the period 1970-2010. It gives a global context of the problem of capital flight from Africa by providing comparative indicators on capital flight and related flows for other developing regions. The paper undertakes a detailed econometric analysis of the drivers of capital flight from African countries. It explores empirically the role of domestic and external factors in driving capital flight, including structural factors, the macroeconomic environment, governance, risk and returns to investment, capital account openness, and financial development. The first objective of the study is to contribute to the literature by providing the most comprehensive analysis of capital flight from Africa that takes into account economic as well as non-economic dimensions, and recognizes the importance of both the domestic and global contexts. The second objective is to contribute to the policy debate on capital flight both in Africa and globally.
