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Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Regime
Edsel L. Beja Jr.
Kasarinlan : Philippine Journal of Third World Studies , 2006,
Abstract: Capital flight is the movement of capital from a resource-scarce developing country to avoid social controls, measured as net unrecorded capital outflow. Capital flight from the Philippines was USD 16 billion in the 1970s, USD 36 billion in the 1980s, and USD 43 billion in the 1990s. Indeed these figures are significant amounts of lost resources that could have been utilized to generate additional output and jobs. Capital flight from the Philippines followed a revolving-door process—that is, capital inflowswere used to finance the capital outflows. This process became more pronounced with financial liberalization in the 1990s. With these results, we argue that capital flight resulted in the hollowing out of the Philippine economy and, more important, neoliberal policies underpinned the process.
Capital Flight and Nigeria Economic Growth  [cached]
AJAYI LAWRENCE BOBOYE
Asian Journal of Finance & Accounting , 2012, DOI: 10.5296/ajfa.v4i2.2320
Abstract: This paper provides evidence on the negative impact of the assessment of capital flight on economic growth of Nigeria for 40 years (1970-2009). It provides a comprehensive analysis of capital flight and its resultant impact on domestic investment and the growth rate of the economy. The study used cointegration and Error Correction Mechanism (ECM) as its main estimation techniques. It was discovered that capital flight and its assessments are significant factors for explaining economic trends in Nigeria. It was also discovered that capital flight have negative impact on the economy. Consequently, it is recommended that funds from foreign sources in form of loans, gifts, grants and aids should be judiciously used for economic development of Nigeria. Above all, government should provide enabling environment for business to thrive thereby encouraging foreign direct investment and discouraging capital flight.
Capital Flight and Financial Globalisation: Will Further Opening up Increase Capital Flight out of Nigeria?
Adetiloye Kehinde Adekunle
International Business Management , 2012, DOI: 10.3923/ibm.2011.349.356
Abstract: Capital flight is a challenge to many emerging economies especially those with yet to be perfect financial structures and systems. This study undertakes a study of capital flight as it applies to the Nigerian environment in the face of the current episodes of financial globalisation and capital outflows out of the economy. It adopts paired sample and the ordinary least square techniques with the main variables of exchange rates, Kaopen, investment and others to perform its analyses. The main finding is that the Nigerian capital flight has not been significantly increased by the financial globalisation process but it also indicates that Kaopen (an index of financial globalisation) is significant in the process of acquisition of external assets and might therefore, jeopardise the country s ability to retain capital within the economy for development purposes. Exchange rates and domestic investment show significance and thus are impacted by the process. The study recommends the improvement in the domestic investment variables and a cleaner float of the currency to retain capital and improve the environment so that Nigeria can reap the benefits associated with the process of financial globalisation.
Estimates of Capital Flight and Its Behaviour Estimates of Capital Flight and Its Behaviour
Stijn Claessens
Revista de Análisis Económico (RAE) , 1997,
Abstract: This paper presents estimates of capital flight using eight alternative methodologies, with a focus on Latinoamerica. While these methodologies differ in approach, I show that the identities used in balance-of-payments data make most close in their final measurement. I document that capital flight is not an exclusively Latin America phenomenon, but is much wider spread than commonly thought. Compared to countries' exports, capital flight is evenly distributed, and the capital flights-exports Lorenz-curve is close to the 45-degree line. There also appear to be important common factors driving capital flight as there is considerable comovement across countries in certain years. This paper presents estimates of capital flight using eight alternative methodologies, with a focus on Latinoamerica. While these methodologies differ in approach, I show that the identities used in balance-of-payments data make most close in their final measurement. I document that capital flight is not an exclusively Latin America phenomenon, but is much wider spread than commonly thought. Compared to countries' exports, capital flight is evenly distributed, and the capital flights-exports Lorenz-curve is close to the 45-degree line. There also appear to be important common factors driving capital flight as there is considerable comovement across countries in certain years.
Capital Flight versus Domestic Investment in Developing Countries: An Empirical Analysis from Nigeria
Kehinde Adekunle Adetiloye
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n2p175
Abstract: Capital flight is a challenge for many developing countries of the world. The problem is more acute in a country like Nigeria where domestic investment has been severely affected. The study undertakes an empirical investigation of the problem using variables of investment, exchange rates and others in a vector error correction mechanism and the ordinary least regression analyses to test the level of significance of the impacts of each of the adopted variables. The results indicate that capital flight has negative but insignificant impact on domestic investment in Nigeria. This is as a result of the high level of capital flight or low level of investment undertaken over the years in the economy. The basic variable involved in the two is the exchange rate which is significant in investment but insignificant in capital flight. The paper recommends further floating of the exchange rate and transparency in its management. It also recommends that policies to encourage autonomous investment by both private and public sector be put in place.
ROLE OF HUMAN CAPITAL IN THE KNOWLEDGE ECONOMY РОЛЬ ЧЕЛОВЕЧЕСКОГО КАПИТАЛА В ЭКОНОМИКЕ ЗНАНИЙ РОЛЬ ЛЮДСЬКОГО КАП ТАЛУ В ЕКОНОМ Ц ЗНАНЬ
Т.А. ЛЕХ
Strategy of Ukraine : Economics, Sociology, Law , 2011,
Abstract: The article is devoted to the analysis the categories of "human capital ".Determined the structure of individual human capital. The article emphasizes the key role of human capital as a factor in economic growth and development in the knowledge economy. Статья посвящена анализу категории человеческий капитал . Определена структура индивидуального человеческого капитала. Обоснованна ведущая роль человеческого капитала как фактора экономического роста и развития в экономике знаний. Стаття присвячена анал зу категор людський кап тал . Визначено структуру ндив дуального людського кап талу. Об рунтована пров дна роль людського кап талу як чинника економ чного зростання та розвитку в економ ц знань.
An Economic Analysis of Capital Flight from Nigeria  [cached]
Taiwo Olubanjo Ajilore
International Journal of Economics and Finance , 2010, DOI: 10.5539/ijef.v2n4p89
Abstract: Available estimates of capital flight from Nigeria have several important limitations. This study takes cognizance of these limitations in estimating and subsequent analysis of trends of capital flight flows in Nigeria for the periods 1970 -2004 using the residual method of estimation, including necessary adjustments to account for the influence of trade faking and exchange rates movements. The study further seeks to verify if capital flight is indeed an important concern to economic management in Nigeria by exploring various economic issues that existing body of theoretical and empirical literature had linked to capital flight. For most of the periods, capital flight estimates had positive sign, indicating that residents consistently took capital out of Nigeria. The study further documented that trade faking is an important means through which capital flight is effected in Nigeria, with evidences that confirmed the existence of financial revolving door relationship between capital flight and external indebtedness in Nigeria. The study emphasized the need for decisive policies to strengthen macroeconomic management and macro-organizational fundamentals. A rather flexible trade and exchange regimes that result in a lowering down of tariff duties, and a more market determined exchange rates, are likely to wipe out the incentives for fabrication of traded values of exports and imports.
Capital Mobility in African Countries  [cached]
Solo Padawassou
International Journal of Business and Management , 2012, DOI: 10.5539/ijbm.v7n11p29
Abstract: It is well known that one of the important aspects of achieving sustainable development is to preserve macroeconomic stability, which is closely related to the extent of capital mobility. Given the importance of the subject for open economies, this paper examines the degree of capital mobility for African countries by using among other methodologies the Feldstein- Horioka coefficients. To determine those coefficients, we use time series data and methods, along with the Dynamic Heterogeneous panel approach. We find significant cross-country heterogeneity in the dynamic of income per capita, investment rate, and saving rate; and conclude that it is invalid to pool data across our sample countries. Furthemore, the empirical findings reveal that for African countries included in the sample, the estimated saving retention coefficients are at the same time, small and high indicating respectively higher and lower degrees of capital mobility and therefore, challenging the results of Feldstein – Horioka on developing countries.
THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY  [PDF]
Alin Marius Andrie?
CES Working Papers , 2009,
Abstract: All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.
The Impact of Foreign Capital on the Country Economy  [cached]
Sofia L. Eremina
Management Science and Engineering , 2009,
Abstract: An influence effect of penetration of foreign direct investments (FDI) is not clear for economy of a home country. There are quantitative and qualitative indicators measuring the role of foreign direct investments: macro economical indicator characterizes an ability of a country to attract FDI; and micro economical indicator characterizes how transnational the country is. The effects for countries exporters and importers of capital are being discovered through the effects of issues (employment, competition), surplus and rent payments. To measure out the investment effect is possible within portfolio theory. It is offered to modify the criteria accepted for factories to measure out macro economical effectiveness of foreign investment. Figuring out the macro economical effects assumes an analysis of foreign capital inflow on the size of GDP, level of export / import and employment. Due to help of Pierson’s correlation coefficient it was found out that there is a connection between these indicators without a temporal log at first and then with a temporal log in Russia, Hungary and China. We chose Hungary as it was the first country of Eastern Europe to attract the foreign capital; China as a country attracting the largest volume of FDI among the emerging markets countries. On a base of statistical materials of central banks in Russia, Hungary and China tables arranged and graphs were imaged. They help to make a conclusion that the inflow of foreign capital in home country is not absolutely positive. It leads to another conclusion: the national investors must be stimulated. Keywords: foreign direct investments; home countries; investment policy; correlation coefficient; effect valuation; temporal log
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