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An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa

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  • Simeon Inidayo Ajayi
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    Abstract

    The general objective of this study is to analyze the external debt and debt burdens of the severely indebted sub-Saharan African countries, estimate the magnitude of capital flight from them, and relate the estimate of capital flight to some macroeconomic aggregates. The study also contains policy implications of international efforts to deal with the high levels of external debt in sub-Saharan Africa in conditions of extreme poverty, and stagnant and declining exports. It questions the theoretical foundation in which the external debt strategy has been based and offers solutions to the external debt problem.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/68.

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    Length: 62
    Date of creation: 01 Jun 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/68

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    Cited by:
    1. James Boyce & Léonce Ndikumana, 2008. "New Estimates of Capital Flight from Sub-Saharan African Countries: Linkages with External Borrowing and Policy Options," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp166, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Yapo, Leonce, 2002. "D.terminants de l'endettement ext.rieur des PPTE: Cas de la C.te d'Ivoire," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    3. Ndikumana, Leonce & Boyce, James K., 2003. "Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries," World Development, Elsevier, Elsevier, vol. 31(1), pages 107-130, January.
    4. Sadik, Ali T. & Bolbol, Ali A., 2003. "Arab External Investments: Relation to National Wealth, Estimation, and Consequences," World Development, Elsevier, Elsevier, vol. 31(11), pages 1771-1792, November.
    5. Collier, Paul & Hoeffler, Anke & Pattillo, Catherine, 1999. "Flight capital as a portfolio choice," Policy Research Working Paper Series 2066, The World Bank.
    6. Aizenman, Joshua, 2008. "On the hidden links between financial and trade opening," Journal of International Money and Finance, Elsevier, Elsevier, vol. 27(3), pages 372-386, April.
    7. Hermes, Niels & Lensink, Robert & Murinde, Victor, 2002. "Flight Capital and its Reversal for Development Financing," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    8. Suhas Ketkar & Dilip Ratha, 2009. "Innovative Financing for Development," World Bank Publications, The World Bank, number 6549, August.
    9. Fofack, Hippolyte, 2009. "Causality between external debt and capital flight in Sub-Saharan Africa," Policy Research Working Paper Series 5042, The World Bank.
    10. Léonce Ndikumana & James Boyce, 2000. "Is Africa a Net Creditor? New Estimates of Capital Flight from Severely Indebted Sub-Saharan African Countries, 1970-1996," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp5, Political Economy Research Institute, University of Massachusetts at Amherst.
    11. Ratha, Dilip & Mohapatra, Sanket & Plaza, Sonia, 2008. "Beyond aid : new sources and innovative mechanisms for financing development in Sub-Saharan Africa," Policy Research Working Paper Series 4609, The World Bank.
    12. Robbie Mochrie, 2000. "An Appraisal of Debt Relief for Poor Countries," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 0005, Centre for Economic Reform and Transformation, Heriot Watt University.
    13. Andrew Powell & Dilip Ratha & Sanket Mohapatra, 2002. "Capital Inflows and Capital Outflows: Measurement, Determinants, Consequences," Business School Working Papers, Universidad Torcuato Di Tella veinticinco, Universidad Torcuato Di Tella.

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