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Uji Kausalitas : Utang Luar Negeri dan Capital Flight di Indonesia, 1974-2002

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  • Dini Yuniarti

Abstract

Some economists have argued that there is no relationship between external debt and capital flight, while others have detected such a relation. Boyce and Ndikumana (2002) distinguish four possible causal links such as, debt-driven capital flight, debt fueled capital flight, flight-driven capital flight, and flight fueled external borrowing.The study examines a causal relationship between external debt and capital flight of Indonesia for the period 1974-2002. We use error correction model to examine a causal rela¬tionship. We find external debt related to capital flight on Indonesia as a feedback/bilateral causality. This empirical evidence supports the debt fueled capital flight and flight fueled external borrowing hypothesis. Keywords: causal relationship, external debt, capital flight

Suggested Citation

  • Dini Yuniarti, 2005. "Uji Kausalitas : Utang Luar Negeri dan Capital Flight di Indonesia, 1974-2002," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 10(3).
    • Handle: RePEc:uii:journl:v:10:y:2005:i:3:id:614
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    File URL: https://journal.uii.ac.id/JEP/article/view/614/540
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