Testing a Flow Model of Capital Flight in Five European Countries
AbstractThis paper examines the problem of capital flight in Europe. The authors calculate the volume of capital flight experienced by five European countries--France, Greece, Italy, Portugal, and Spain--and discuss its importance. A model of the short-run determinants of capital flight is developed, which places particular emphasis on factors reflecting uncertainty, and is then tested.for the five countries. Political risk and expected depreciation were significant for all countries and, in addition, rates of return were significant in the case of Portugal and Spain. The authors conclude by discussing the implications of these results for the process of European integration. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 61 (1993)
Issue (Month): 2 (June)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Yalta, A. Yasemin & Yalta, A. Talha, 2012.
"Does financial liberalization decrease capital flight? A panel causality analysis,"
International Review of Economics & Finance,
Elsevier, vol. 22(1), pages 92-100.
- A. Yasemin Yalta & A. Talha Yalta, 2011. "Does Financial Liberalization Decrease Capital Flight? A Panel Causality Analysis," Working Papers 1102, TOBB University of Economics and Technology, Department of Economics.
- Lensink, Robert & Hermes, Niels & Murinde, Victor, 2000.
"Capital flight and political risk,"
Journal of International Money and Finance,
Elsevier, vol. 19(1), pages 73-92, February.
- Fedderke, J. W. & Liu, W., 2002. "Modelling the determinants of capital flows and capital flight: with an application to South African data from 1960 to 1995," Economic Modelling, Elsevier, vol. 19(3), pages 419-444, May.
- Buch, Claudia M. & Heinrich, Ralph P. & Piazolo, Daniel, 1998. "Southern enlargement of the European Union and capital account liberalization: Lessons for Central and Eastern Europe," Kiel Working Papers 871, Kiel Institute for the World Economy.
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