Demachi, Kazue (2013): Capital Flight and Transfer from Resource-Rich Developing Countries.
Preview |
PDF
MPRA_paper_50273.pdf Download (959kB) | Preview |
Abstract
This paper analyzes the influence of international resource price movements on capital outflows from resource-rich developing countries (RRDCs) by distinguishing capital flight and capital transfers. The volume of capital flight and transfers are calculated and their determinants are analyzed using macro-panel data constituting 21 resource-rich developing countries from 1990 to 2011. Through the regression analysis, the linkage between capital flight and resource revenue as well as that between capital flight and debt is suggested. The results of this analysis suggest the need to focus on capital outflow from RRDCs through transnational companies.
Item Type: | MPRA Paper |
---|---|
Original Title: | Capital Flight and Transfer from Resource-Rich Developing Countries |
Language: | English |
Keywords: | Africa, Asia, capital flight, resource rich developing countries |
Subjects: | F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements F - International Economics > F2 - International Factor Movements and International Business > F23 - Multinational Firms ; International Business |
Item ID: | 50273 |
Depositing User: | Kazue Demachi |
Date Deposited: | 01 Oct 2013 12:29 |
Last Modified: | 26 Sep 2019 09:22 |
References: | Ajayi, S. I. (1995). Capital Flight and External Debt in Nigeria. AERC Research Paper, 35, African Economic Research Consortium. Asiedu, E. (2006). Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability. The World Economy, 29(1), 63-77. Auty, R. M. (1990). Resource-Based Industrialization: Sowing the Oil in Eight Exporting Countries. Oxford: Clarendon Press. Auty, R. M. (2006). Mining Enclave to Economic Catalyst: Large Mineral Projects in Developing Countries. Brown Journal of World Affairs, 13(1), 135-145. Avery, R. B. (1977). Error Components and Seemingly Unrelated Regressions. Econometrica, 45(1), 199-209. Barnes, S. T. (2005). Global Flows: Terror, Oil & Strategic Philanthropy. Review of African Political Economy, 32(104/105), 235-252. Boyce, J. K. (1992). The Revolving Door? The External Debt and Capital Flight: A Philippine Case Study. World Development, 20(3), 335-349. Boyce, J. K, & Ndikumana, L. (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. Breitung, J. (2000). The Local Power of Some Unit Root Tests for Panel Data. In B. Baltagi (Ed.), Advances in Econometrics 15: Nonstationary Panels, Panel Cointegration, and Dynamic Panels (pp. 161-178). Amsterdam: JAI Press. Budina, N., Pang, G. & van Wijnbergen, S. (2007). Nigeria’s Growth Record: Dutch Disease or Debt Overhang? World Bank Policy Research Working Paper, 4256. Budina, N. & and van Wijnbergen, S. (2008). Managing Oil Revenue Volatility in Nigeria: The Role of Fiscal Policy. In D. S. Go & J. Page (Eds.), Africa at a Turning Point?: Growth, Aid, and External Shocks. Washington D.C.: World Bank Publications. Cuddington, J. T. (1986). Capital Flight: Estimates, Issues, and Explanations. Princeton Studies in International Finance, 58, 1-40. Cuddington, J. T. (1987). Macroeconomic Determinants of Capital Flight: An Econometric Investigation. In D. R. Lessard & J. Williamson (Eds.), Capital Flight and Third World Debt (pp. 85-100). New York: Institute for International Economics. Cuddington, J. T. (1989). Commodity Export Booms in Developing Countries. The World Bank Research Observer, 4(2), 143-165. Corden, W. M. & Neary, J. P. (1982). Booming Sector and De-Industrialisation in a Small Open Economy. The Economic Journal, 92, 825-848. Corden, W. M. (1984). Booming Sector and Dutch Disease Economics: Survey and Consolidation. Oxford Economic Papers, new Series 36(3), 359-380. de Mello Jr., L. R. (1997). Foreign direct investment in developing countries and growth: A selective survey. The Journal of Development Studies, 34(1), 1-34. Dooley, M. (1988). Capital Flight: A Response to Differences in Financial Risks. IMF Staff Papers, 35(3), 422-436. Dooley, M., Helkie, W., Tryon, R. & Underwood, J. (1986). An Analysis of External Debt Positions of Eight Developing Countries through 1990. Journal of Development Economics, 21, 283-318. Dornbusch, R. (1985). External Debt, Budget Deficits, and Disequilibrium Exchange Rates. In G. W. Smith & J. T. Cuddington (Eds.), International Debt and the Developing Countries (pp. 213-235). Washington D.C.: World Bank. Ferguson, J. (2005). Seeing Like an Oil Company: Space, Security, and Global Capital in Neoliberal Africa. American Anthropologist, 107(3), 377-382. Ferguson, J. (2006). Global Shadows: Africa in the global order. Durham and London: Duke University Press. Gelb, A. H. (1988). Oil Windfalls: Blessing or Curse. Oxford: Oxford University Press. Hermes, N. & Lensink, R. (1992). The Magnitude and Determinants of Capital Flight: The Case for Six Sub-Saharan African Countries. De Economist, 140(4), 515-530. International Monetary Fund (2009). Balance of Payment and International Investment Position Manual: Sixth Edition. International Monetary Fund. Retrieved from http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm. International Monetary Fund (2012). Macroeconomic Policy Frameworks for Resource-rich Developing Countries. International Monetary Fund. Retrieved from http://www.imf.org/external/np/pp/eng/2012/082412.pdf. International Monetary Fund (2013). Balance of Payments, CD-ROM. Jones, G. (1993). British Multinational Banking 1830-1990. New York: Oxford University Press. Jones, G. (2005). Multinationals and Global Capitalism: from the Nineteenth to the Twenty-first Century. Oxford and New York: Oxford University Press. Kant, C. (1996). Foreign Direct Investment and Capital Flight. Princeton Studies in International Finance, 80, 1-33. Karl, T. L. (1997). Paradox of Plenty. Berkeley and Los Angeles: University of California Press. Karl, T. L. (2007). Ensuring Fairness. In M. Humphreys, J. D. Sachs & J. E. Stiglitz (Eds.), Escaping Resource Curse (pp. 256-285). New York: Colombia University Press. Lessard, D. R. & Williamson, J. (1987). The Problem and Policy Responses. In D. R. Lessard & J. Williamson (Eds.), Capital Flight and Third World Debt (pp. 201-254). Washington D.C.: Institute for International Economics. Levin, A., Lin, C. F., & Chu, C. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108, 1–24. Morgan Guaranty Trust Company (1986). World Financial Markets, March. New York: Morgan Guaranty Trust Company of New York. National Bureau of Statistics Nigeria (2011). Foreign Trade Statistics: Second Quarter 2011, 499. Abuja: National Bureau of Statistics. Ndikumana, L. & Boyce, J. K. (2003). Public Debt and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries. World Development, 31 (1), 107-130. Ndikumana, L. & Boyce, J. K. (2011a). Capital flight from sub-Saharan Africa: linkages with external borrowing and policy options. International Review of Applied Economics, 25(2), 149-170. Ndikumana, L. & Boyce, J. K. (2011b). Africa’s Odious Debts. London: Zed Books. Nissanke, M. (2010). Commodity Market Structures, Evolving Governance and Policy Issues. In M. Nissanke & G. Mavrotas (Eds.), Commodities, Governance and Economic Development under Globalization (pp. 65-98). Hampshire and New York: Palgrave Macmillan. Otusanya, O. J. (2011). The role of multinational companies in tax evasion and tax avoidance: The case of Nigeria. Critical Perspective on Accounting, 22, 316-332. Pastor, M., Jr. (1990). Capital Flight from Latin America. World Development, 18(1), 1-18. Ross, M. (2012). The Oil Curse. Princeton: Princeton University Press. Sachs, J. & Warner, A. W. (1995). Natural Resource Abundance and Economic Growth. NBER Working Paper 5398. Cambridge, MA: NBER. Sachs, J. & Warner, A. W. (2001). The Curse of Natural Resources. European Economic Review 45, 827-838. Schneider, B. (2003). Measuring Capital Flight: Estimates and Interpretations. Working Paper 194. London: Overseas Development Institute. Shaxson, N. (2011). Treasure Islands. London: Bodley Head/Random House. Walter, I. (1987). The Mechanism of Capital Flight. In D. R. Lessard & J. Williamson (Eds.), Capital Flight and Third World Debt (pp. 103-128). Washington, D.C.: Institute for International Economics. Walter, I. (1989). Secret Money. London: Unwin Hyman Limited. World Bank (1993). Global Economic Prospects and the Developing Countries. Washington D.C.: World Bank. World Bank (2011). The Changing Wealth of Nations. Washington D.C.: World Bank. World Bank (2013a). World Development Indicators. Retrieved from World DataBank, http://databank.worldbank.org/data/. World Bank (2013b). International Debt Statistics. Retrieved from World DataBank, http://databank.worldbank.org/data/. World Economic Forum, the World Bank & the African Development Bank (2011). The Africa Competitiveness Report 2011. Geneva: World Economic Forum. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/50273 |