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Capital Flight from AfricaCauses, Effects, and Policy Issues$
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S. Ibi Ajayi and Léonce Ndikumana

Print publication date: 2014

Print ISBN-13: 9780198718550

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780198718550.001.0001

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Capital Flight from Africa

Capital Flight from Africa

Measurement and Drivers

(p.14) (p.15) 2 Capital Flight from Africa
Capital Flight from Africa

Léonce Ndikumana

James K. Boyce

Ameth Saloum Ndiaye

Oxford University Press

This chapter describes the methodologies used to measure capital flight and presents updated estimates of its magnitude for 39 African countries over the period 1970–2010. It gives a global context of the problem and provides comparative indicators on capital flight from other developing regions. The chapter explores empirically the role of domestic and external factors in driving capital flight, including structural factors, the macroeconomic environment, governance, risk and returns to investment, capital account openness, and financial development. The analysis takes into account economic as well as non-economic dimensions, and recognizes the importance of both the domestic and global contexts. The ultimate objective is to contribute to the policy debate on capital flight both in Africa and globally.

Keywords:   capita flight, Africa, sub-Saharan Africa, balance of payments, residual method, trade misinvoicing, odious debts, revolving door, current account, capital account openness

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