Robbing the Riches: Capital Flight, Institutions, and Instability
IMF Working Papers, October 1, 2005
Source details
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- Robbing the Riches: Capital Flight, Institutions, and Instability
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Bibliographic details
- Authors: Sweta Chaman Saxena, Meenakshi Rishi, Valerie Cerra
- Published: October 1, 2005
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451862188.001
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.
- 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.
Authors and Publication
- By Sweta Chaman Saxena, Meenakshi Rishi, Valerie Cerra
- October 1, 2005
- Series: Working Paper No. 2005/199
- Issue: 199
- Volume: 2005
- Pages: 39
- DOI: https://doi.org/10.5089/9781451862188.001
- ISBN: 9781451862188
- ISSN: 1018-5941
- Stock No: WPIEA2005199
Research Focus and Methodology
- Objective: Test whether unsound macroeconomic policies or weak institutions lead to capital flight.
- Data: Panel data for a large set of developing, emerging market and transition countries.
- Additional tests: The revolving door hypothesis linking debt accumulation and capital flight.
- Analysis: Contribution of institutions to several channels in the relationship between debt accumulation and capital flight.
Relevant Topics and Keywords
- Subject areas: Balance of payments, Capital outflows, Currency crises, Domestic savings, External debt, Financial crises, Foreign direct investment, National accounts
- Keywords: Africa, capital flight, capital flight equation, capital flight literature, Capital outflows, Currency crises, debt, debt accumulation, Domestic savings, flight of capital, Foreign Aid, Foreign direct investment, Global, impact capital flight, Institutions, WP
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Source: IMF Working Paper "Robbing the Riches: Capital Flight, Institutions, and Instability", October 1, 2005.