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Was Capital Fleeing Southeast Asia? Estimates from Indonesia, Malaysia, the Philippines, and Thailand


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  • Edsel L. Beja


Capital flight is the movement of capital from a resource-scarce developing country to avoid social control. It is measured as the net unrecorded capital outflow, or the residual between officially recorded uses and sources of funds. For Indonesia, Malaysia, the Philippines, and Thailand, we estimated total capital flight at US$ 658 billion (in 1995 prices) over the period 1970--2000. Including imputed interest earnings, we estimated the stock of capital flight at US$ 1 trillion as of 2002. The figures mean large amounts of lost resources that could have been utilized in the four countries to generate additional output and jobs.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Asia Pacific Business Review.

Volume (Year): 12 (2006)
Issue (Month): 3 (July)
Pages: 261-283

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Handle: RePEc:taf:apbizr:v:12:y:2006:i:3:p:261-283

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Cited by:
  1. Beja, Edsel Jr., 2009. "Things are different when you open up: Economic openness, domestic economy, and income," MPRA Paper 16552, University Library of Munich, Germany, revised 01 Aug 2009.
  2. Beja, Edsel Jr., 2007. "Capital Flight and Economic Performance," MPRA Paper 4885, University Library of Munich, Germany, revised 12 Sep 2007.
  3. Edsel L. Beja, Jr., 2006. "Revisiting the Revolving Door: Capital Flight from Southeast Asia," Working Papers, United Nations, Department of Economics and Social Affairs 16, United Nations, Department of Economics and Social Affairs.
  4. Beja Jr, Edsel, 2010. "Balance of Payments-consistent unreported flows," MPRA Paper 21699, University Library of Munich, Germany.
  5. Edsel L. Beja, 2007. "Forensic Accounting: Hidden Balance of Payments of the Philippines," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp130, Political Economy Research Institute, University of Massachusetts at Amherst.


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