Beja, Edsel Jr. (2007): Capital Flight and Economic Performance.
This is the latest version of this item.
Download (254kB) | Preview
Capital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroeconomy more effectively, the Philippines remains caught in the perpetuity of crises, its economy hollowed-out, the people trapped in poverty, and once again, the country is frustrated from realizing a takeoff.
|Item Type:||MPRA Paper|
|Institution:||Ateneo de Manila University|
|Original Title:||Capital Flight and Economic Performance|
|Keywords:||Capital flight; economic growth; Philippines|
|Subjects:||O - Economic Development, Technological Change, and Growth > O5 - Economywide Country Studies > O53 - Asia including Middle East
E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E10 - General
O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General
|Depositing User:||Edsel Beja, Jr.|
|Date Deposited:||13. Sep 2007|
|Last Modified:||13. Feb 2013 02:01|
Alam, Imam and Rahim Quazi (2003). “Determinants of Capital Flight: An Econometric Case Study of Bangladesh,” International Review of Applied Economics, 17(1): 85-103.
Alfaro, Laura, Sebnem Kalemli-Ozcam, and Vadym Volosovych (2007). “Why Doesn’t Capital Flow from Rich to Poor Countries? An Empirical Investigation,” Review of Economics and Statistics, forthcoming.
Baker, Raymond (2005). Capitalism’s Achilles Heel, New York: Wiley.
Balisacan, Arsenio (2006). “Why Does Poverty Persists in the Philippines: Facts, Fancies, and Policies” paper presented at the Whither the Philippines in the 21th Century Conference, Institute of Southeast Asian Studies, Singapore, 13-14 July.
Beja, Jr., Edsel (2005). “Capital Flight: Meanings and Measures” in Gerald Epstein (ed.), Capital Flight and Capital Controls in Developing Countries, Northampton: Edward Elgar: 58-84.
Beja, Jr., Edsel (2006a). “Was Capital Fleeing Southeast Asia? Estimates from Indonesia, Malaysia, the Philippines, and Thailand,” Asia Pacific Business Review, 12(3): 261-283.
Beja, Jr., Edsel (2006b). “Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Era,” Kasarinlan: Philippine Journal of Third World Studies, 26(1): 55-74.
Beja, Jr., Edsel (2007). “Forensic Accounting: Hidden Balance of Payments of the Philippines,” Loyola Schools Review, forthcoming.
Bello, Walden (2004). The Anti-Development State: The Political Economy of Permanent Crisis in the Philippines, Diliman, Philippines: University of the Philippines Press.
Bowles, Samuel and Herbert Gintis (1988). “Contested Exchange: Political Economy and Modern Economic Theory,” American Economic Review, 78(2): 145-150.
Boyce, James K. (1992). “The Revolving Door? External Debt and Capital Flight: Philippine Case Study,” World Development, 20(3): 335-349.
Boyce, James K. (1993). The Political Economy of Growth and Impoverishment in the Marcos Era, Manila: Ateneo de Manila University Press.
Boyce, James K. and Leonce Ndikumana (2001). Is Africa a Net Creditor? New Estimates of Capital Flight from Severely Indebted Sub-Saharan African countries, 1970-96. Journal of Development Studies, 38(2): 27-56.
Chang, Kevin, Stijn Claessens and Robert Cumby (1997). “Conceptual and Methodological Issues in the Measurement of Capital Flight,” International Journal of Financial Economics, 2(2): 101-119.
Chipalkatti, Riranjan, and Meenakshi Rishi (2001). “External Debt and Capital Flight in the Indian Economy,” Oxford Development Studies, 29(1): 31-44.
Claessens, Stijn and David Naude (1993). “Recent Estimates of Capital Flight,” World Bank Working Paper No. 1186, World Bank
Cuddington, John (1987). “Macroeconomic Determinants of Capital Flight” in Donald Lessard and John Williamson (ed.), Capital Flight and Third World Debt, Washington, DC: Institute for International Economics.
Cumby, Robert and Richard Levich (1987). Definitions and Magnitudes: On the Definition and Magnitude of Recent Capital Flight” in Donald Lessard and John Williamson (ed.), Capital Flight and the Third World Debt, Washington, DC: Institute of International Economics
Demir, Firat (2004). “A Failure Story: Politics and Financial Liberalization in Turkey, Revisiting the Revolving Door Hypothesis,” World Development, 32(5): 851-869.
Gordon, David and Ross Levine (1989). “The ‘Problem’ of Capital Flight – A Cautionary Note,” World Economy, 12(2): 237-252.
Dytianquin, Norman (1989). “The Economics of Debt-Equity Swaps,” ISS Working Paper No. 69, Institute of Social Studies.
Harrigan, Jane, George Mavrotas, and Zulkornain Yusop (2000). “On the Determinants of Capital Flight. A New Approach,” Journal of the Asia Pacific Economy, 7(2): 203-241.
Henry, James (2005). The Blood Bankers, New York: Four Walls and Eight Windows.
Ingo, Walter (1987). “The Mechanisms of Capital Flight” in Donald Lessard and John Williamson (ed.), Capital Flight and the Third World Debt, Washington DC: Institute for International Economics.
Ingo, Walter (1990). The Secret Money Market, New York: Harper & Row.
Kant, Chandler (2002). “What is Capital Flight?” The World Economy, 25(3): 341-358
Lamberte, Mario, Joseph Lim, Rob Vos, Josef Yap, Elizabeth Tan and Maria Socorro Zingapan (1992). Philippine External Finance, Domestic Resource Mobilization and Development in the 1970s and 1980s, Makati, Philippines: Philippine Institute of Development Studies
Lessard, Donald and John Williamson (1987). Capital Flight and the Third World Debt, Washington, DC: Institute of International Economics.
Lopez, Julio (1998). “External Financial Fragility and Capital Flight in Mexico,” International Review of Applied Economics, 12(2): 257-270.
Lucas, Robert (1990). “Why Doesn’t Capital Flow from Rich to Poor Countries?” American Economic Review, 80(2): 92-96.
Mikkelsen, Jan (1991). “An Econometric Investigation of Capital Flight,” Applied Economics, 23(1): 73-85
Ndikumana, Leonce, and James K. Boyce (2003). Public debts and private assets: Explaining capital flight from sub-Saharan African countries. World Development, 31(1): 107-130.
Oshima, Harry (1987). Economic Growth in Monsoon Asia, Tokyo: University of Tokyo Press.
Pastor, Manuel (1990). Capital Flight and the Latin American Debt Crisis, Washington DC: Economic Policy Institute.
Pincus, Jonathan and Rizal Ramli (2004). “Deepening or Hollowing Out: Financial Liberalization, Accumulation and Indonesia’s Economic Crisis” in Jomo K.S. (ed.), After the Storm: Crisis, Recovery, and Sustaining Development in Four Asian Economies, Singapore: Singapore University Press: 116-149
Schineller, Lisa (1997a). “An Econometric Model of Capital Flight from Developing Countries,” Discussion Paper No. 579, Board of Governors of the Federal Reserve System.
Schineller, Lisa (1997b). “Nonlinear Econometric Analysis of Capital Flight,” Discussion Paper No. 594, Board of Governors of the Federal Reserve System.
Tornell, Aaron and Andres Velasco (1992). “The Tragedy of the Commons and Economic Growth: Why Does Capital Flow from Poor to Rich Countries?” Journal of Political Economy, 100(6): 1208-1231.
Vos, Rob (1992). “Private Foreign Assets Accumulation, Not Just Capital Flight: Evidence from the Philippines,” Journal of Development Studies, 28(3): 500-537.
Vos, Rob and Josef Yap (1996). The Philippine Economy: East Asia’s Stray Cat?, New York: St. Martins.
Available Versions of this Item
- Capital Flight and Economic Performance. (deposited 13. Sep 2007) [Currently Displayed]