Capital Flight from Beautiful Places: the case of three Caribbean countries

Henry, Lester

doi:10.1080/02692179600000019

Cited by 22 publications

(16 citation statements)

References 5 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…4 The determinants literature concentrates on identifying variables that are responsible for capital flight in a country or a cross-section of countries. Primarily, this literature identifies macroeconomic policies and outcomes of macro policies-such as overvalued exchange rates, high budgetary deficits, high inflation, interest rate differentials, and domestic tax and trade policies-as significant determinants of capital flight (Cuddington, 1987;Lessard and Williamson, 1987;Boyce, 1992;Dooley and Kletzer, 1994;Henry 1996;Bhattacharya 1999).…”

Section: Background Literaturementioning

confidence: 99%

Robbing the Riches: Capital Flight, Institutions, and Instability

Saxena

Rishi²,

Cerra³

2005

IMF Working Papers

View full text Add to dashboard Cite

This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.Capital flight may undermine economic growth and the effectiveness of debt relief and foreign aid. This paper is the first attempt to test whether unsound macroeconomic policies or weak institutions lead to capital flight, using panel data for a large set of developing, emerging market and transition countries. In addition, the paper tests the revolving door hypothesis that links debt accumulation and capital flight, and analyzes the contribution of institutions to several channels in this relationship. JEL Classification Numbers: F20; F34; F35; O17

show abstract

Section: Background Literaturementioning

confidence: 99%

Robbing the Riches: Capital Flight, Institutions, and Instability

Saxena

Rishi²,

Cerra³

2005

IMF Working Papers

View full text Add to dashboard Cite

show abstract

“…Araştırmacılara göre, aşırı değerli döviz kuru ve ser-maye girişleri sermaye kaçışlarının diğer belirleyicileridir. Henry (1996) Kurumsal göstergelerin sermaye kaçışlarının belirleyicilerine dahil eden ça-lışmalardan ilki Alesina ve Tabellini (1989)'ye aittir. Araştırmacılar politik risk ve dış borçlanmanın sermaye kaçışlarının en önemli belirleyicilerinden olduğunu ifade etmektedirler.…”

Section: Literatür Taramasıunclassified

“…Buna göre, ticari açıklık ve dış borçlarda meydana gelen artışlar sermaye kaçışlarını artırmaktadır. Dış borçlar ile ilgili olarak elde edilen bulgular, Hermes ve Lensink (1992), Pastor (1990), Mikkelsen (1991), Henry (1996) (2012) sonuçlarını desteklemektedir. Kurumsal göstergelerin yer aldığı model sonuçlarına bakıldığında; politik risk, yolsuzluk, sosyoekonomik durum, yatırım iklimi, iç karı-şıklık, askeriyenin politikaya etkisi, bürokratik kalite ve demokratik hesap verebilirlik, dış karışıklık değişkenleri tüm modellerde negatif ve anlamlı tespit edilmiştir.…”

Section: Dünya Bankası Yöntemi İle öLçülen Sermaye Kaçışlarına Ait Reunclassified

“…Politik risk ve yolsuzlukla ilgili olarak elde edilen bulgu Ndikumana ve Boyce (2003), Le ve Rishi (2006) ve Baek ve Yang (2008) politik risk ve yolsuzluk seviyesindeki artışın sermaye kaçışlarını arttıracağı belirttikleri çalışmaları ile ör-tüşmektedir. Sosyoekonomik durum ile ilgili olarak elde edilen sonuç ise işsizlik seviyesindeki azalmanın sermaye kaçışlarını azaltacağı bulgusunu elde eden Henry (1996)'nin çalışmasını desteklemektedir. Yatırım iklimi değişkeninden elde edilen bulgu, kamusal hakların sağlanmasıyla iyileşen yatırım ikliminin sermaye kaçışlarını azaltacağını sonucuna ulaşan Ali ve Walters (2011)'ın çalışması ile örtüşmektedir.…”

Section: International Journal Of Economic and Administrative Studiesunclassified

See 1 more Smart Citation

Geçi̇ş Ekonomi̇leri̇nde Sermaye Kaçişlarinin Ekonomi̇k Ve Kurumsal Beli̇rleyi̇ci̇leri̇

Ozturk¹,

Artan²

2016

UİİİD

View full text Add to dashboard Cite

1Nuran ÖZTÜRK 2 Seyfettin ARTAN 3 ÖZ Sermaye kaçışları, tanımı, ölçülmesi, belirleyicileri ve etkileri açısından teorik ve ampirik iktisat yazını-nın temel tartışma konularından biridir. Bu çalışmada, sermaye kaçışlarının ekonomik ve kurumsal belirleyicileri 26 geçiş ekonomisi için panel veri analiz yöntemi kullanılarak test edilmiştir. Elde edilen sonuç-lara göre, bakiye ve sıcak para yöntemleri kullanılarak ölçülen sermaye kaçışlarının belirleyicileri, sermaye kaçışı ölçüm yöntemine göre farklılık arz etmektedir. Sıcak para yöntemine göre ölçülen sermaye kaçışlarının temel belirleyicisi ekonomik faktörlerdir. Buna karşılık, bakiye yöntemine göre ölçülen sermaye kaçışları ekonomik faktörlerden ziyade kurumsal faktörler tarafından belirlenmektedir. ECONOMIC AND INSTITUTIONAL DETERMINANTS OF CAPITAL FLIGHT IN TRANSITION ECONOMIES ABSTRACTCapital flight is one of the main discussion points in the theoretical and empirical economic literature in terms of its definition, measurement, determinants and impacts. In this paper economic and institutional determinants of capital flight are examined using panel data for 26 transition economies. Our empirical results show that determinants of capital flight derived from residual and hot money methods are different from each other base upon measuring method. Main determinants of capital flight for hot money method are economic variables. On the other hand, capital flight measured by using residual method is affected by institutional variables rather than economic variables.JEL Classification: F32, B25, C33, O11

show abstract

“…Certain empirical studies have sought to verify the significance of the identified socio-economic pull and push factors. Henry (1996) examined the causes of Capital Flight for 3 Caribbean countries using time-series analysis over the period [1971][1972][1973][1974][1975][1976][1977][1978][1979][1980][1981][1982][1983][1984][1985][1986][1987]. The result reveals that external debt, real interest rate differentials and unemployment rate are significant causes of Capital Flight.…”

Section: Determinants Of Capital Flight Widening Savings Gapmentioning

confidence: 99%

Capital Flight to Savings Gap in Nigeria: An Assessment of the Socio-Economic Determinants

Dim¹,

Ezenekwe²

2014

IJEF

View full text Add to dashboard Cite

Capital Flight has long been recognized as a problem for developing nations. Savings gap in some of these nations has widened over the years due to rising Capital Flight. This has limped domestic investment growth, employment creation and poverty alleviation. With these in view, this study seeks to underscore the socio-economic determinants of Capital Flight in Nigeria. Approaching the study, two measures of Capital Flight (hot money method and residual method) are modeled against a number of socio-economic factors identified in the literature. Fully Modified Ordinary Least Square, Seemingly Unrelated Regression and Error Correction Mechanism are employed to sieve out the significant determinants of Capital Flight in Nigeria. Amongst the host, only lagged Capital Flight, fiscal balance and exchange rate are found to be the significant determinants of Capital Flight in the country. The study concludes that unless sound macroeconomic measures are taken to address these factors, Capital Flight will remain high in Nigeria. Domestic investment will remain very low. Poverty levels will remain high, and the quest for economic development will remain elusive. The key out of Nigeria's colossal savings gap is keeping domestic capital at home. This is achievable using the strategies discussed in the study.

show abstract

Capital Flight from Beautiful Places: the case of three Caribbean countries

Cited by 22 publications

References 5 publications

Robbing the Riches: Capital Flight, Institutions, and Instability

Robbing the Riches: Capital Flight, Institutions, and Instability

Geçi̇ş Ekonomi̇leri̇nde Sermaye Kaçişlarinin Ekonomi̇k Ve Kurumsal Beli̇rleyi̇ci̇leri̇

Capital Flight to Savings Gap in Nigeria: An Assessment of the Socio-Economic Determinants

Contact Info

Product

Resources

About