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Is Africa a net creditor? new estimates of capital flight from severely indebted sub-Saharan African countries, 1970-96

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James Boyce
Léonce Ndikumana

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Abstract

This article presents estimates of capital flight from 25 low-income sub-Saharan African countries in the period 1970 to 1996. Capital flight totalled more than $193 billion (in 1996 dollars); with imputed interest earnings, the accumulated stock of flight capital amounts to $285 billion. The combined external debt of these countries stood at $178 billion in 1996. Taking capital flight as a measure of private external assets, and calculating net external assets as private external assets minus public external debts, sub-Saharan Africa thus appears to be a net creditor vis-à-vis the rest of the world.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal The Journal of Development Studies.

Volume (Year): 38 (2001)
Issue (Month): 2 (December)
Pages: 27-56
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Handle: RePEc:taf:jdevst:v:38:y:2001:i:2:p:27-56

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Simeon Inidayo Ajayi, 1997. "An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa," IMF Working Papers 97/68, International Monetary Fund.
  2. Unknown, 2000. "Editorial," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages v-vii, October. [Downloadable!] (restricted)
  3. B.W. Smit & B.A. Mocke, 1991. "Capital Flight from South Africa: Magnitude and Causes," South African Journal of Economics, Economic Society of South Africa, vol. 59(2), pages 60-77, 06. [Downloadable!] (restricted)
  4. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February. [Downloadable!] (restricted)
  5. Pastor, Manuel Jr., 1990. "Capital flight from Latin America," World Development, Elsevier, vol. 18(1), pages 1-18, January. [Downloadable!] (restricted)
  6. Ajayi, S. Ibi, 1992. "An economic analysis of capital flight from Nigeria," Policy Research Working Paper Series 993, The World Bank. [Downloadable!]
  7. Ajayi, S.I., 1995. "Capital Flight and External Debt in Nigeria," Papers 35, African Economic Research Consortium.
  8. Boyce, James K., 1992. "The revolving door? External debt and capital flight: A Philippine case study," World Development, Elsevier, vol. 20(3), pages 335-349, March. [Downloadable!] (restricted)
  9. Unknown, 2000. "Editorial," European Journal of Operational Research, Elsevier, vol. 120(2), pages 223-227, January. [Downloadable!] (restricted)
  10. Unknown, 2000. "Editorial," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages vii-vii, February. [Downloadable!] (restricted)
  11. Claessens, Stijn & Naude, David, 1993. "Recent estimates of capital flight," Policy Research Working Paper Series 1186, The World Bank. [Downloadable!]
  12. Lensink, Robert & Hermes, Niels & Murinde, Victor, 1998. "The Effect of Financial Liberalization on Capital Flight in African Economies," World Development, Elsevier, vol. 26(7), pages 1349-1368, July. [Downloadable!] (restricted)
  13. Unknown, 2000. "Editorial," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages iii-iv, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Léonce Ndikumana, 2001. "Financial Markets and Economic Development in Africa," Working Papers wp17, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  2. Jomo Kwame Sundaram & Rudiger von Arnim, 2008. "Economic liberalization and constraints to development in sub-Saharan africa," Working Papers 67, United Nations, Department of Economics and Social Affairs. [Downloadable!]
  3. Neeman, Zvika & Paserman, Daniele & Simhon, Avi, 2003. "Corruption And Openness," Discussion Papers 14977, Hebrew University of Jerusalem, Department of Agricultural Economics and Management. [Downloadable!]
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