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Robbing the Riches Capital Flight, Institutions, and Instability

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 transitio...

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Bibliographic Details
Main Author: Saxena, Sweta
Other Authors: Cerra, Valerie, Rishi, Meenakshi
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2005
Series:IMF Working Papers
Subjects:
Economic & Financial Crises & Disasters
Wealth
Investments, Foreign
Shadow Economy
Finance
Financial Crises
Saving
Formal And Informal Sectors
Balance Of Payments
Long-term Capital Movements
Exports And Imports
International Lending And Debt Problems
International Economics
External Debt
Domestic Savings
Debts, External
National Accounts
Institutional Arrangements
Foreign Exchange
Currency Crises
Saving And Investment
Foreign Aid
Macroeconomics
Macroeconomics: Consumption
Capital Outflows
Capital Movements
International Factor Movements And International Business: General
International Investment
Foreign Direct Investment
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary: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
Physical Description:39 pages
ISBN:9781451862188

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