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Capital Flight and Economic Performance

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Author Info
Beja, Jr., Edsel

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Abstract

Capital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroeconomy more effectively, the Philippines remains caught in the perpetuity of crises, its economy hollowed-out, the people trapped in poverty, and once again, the country is frustrated from realizing a takeoff.

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File URL: http://mpra.ub.uni-muenchen.de/4885/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4885.

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Date of creation: 12 Feb 2007
Date of revision: 12 Sep 2007
Handle: RePEc:pra:mprapa:4885

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Related research
Keywords: Capital flight economic growth Philippines

Other versions of this item:

Find related papers by JEL classification:
O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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References listed on IDEAS
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. Beja, Jr., Edsel, 2006. "Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Regime," MPRA Paper 4830, University Library of Munich, Germany. [Downloadable!]
  2. Samuel Bowles and Herbert Gintis., 1988. "Contested Exchange: Political Economy and Modern Economic Theory," Economics Working Papers 8876, University of California at Berkeley.
    Other versions:
  3. Lisa M. Schineller, 1997. "A nonlinear econometric analysis of capital flight," International Finance Discussion Papers 594, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  4. Beja, Jr., Edsel, 2006. "Forensic Accounting: Hidden balance of payments of the Philippines," MPRA Paper 4828, University Library of Munich, Germany, revised 12 Sep 2007. [Downloadable!]
  5. Imam Alam & Rahim Quazi, 2003. "Determinants of Capital Flight: an econometric case study of Bangladesh," International Review of Applied Economics, Taylor and Francis Journals, vol. 17(1), pages 085-103, January. [Downloadable!] (restricted)
  6. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2005. "Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation," NBER Working Papers 11901, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Arsenio M. Balisacan, 2007. "Why Does Poverty Persist in the Philippines? Facts, Fancies, and Policies," Agriculture and Development Discussion Paper Series 2007-1, Southeast Asian Regional Center for Graduate Study and Research in Agriculture. [Downloadable!]
  8. Chang, P H Kevin & Claessens, Stijn & Cumby, Robert E, 1997. "Conceptual and Methodological Issues in the Measurement of Capital Flight," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 2(2), pages 101-19, April. [Downloadable!] (restricted)
  9. Edsel L. Beja, 2007. "Forensic Accounting: Hidden Balance of Payments of the Philippines," Working Papers wp130, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  10. Tornell, Aaron & Velasco, Andes, 1992. "The Tragedy of the Commons and Economic Growth: Why Does Capital Flow from Poor to Rich Countries?," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1208-31, December. [Downloadable!] (restricted)
  11. Lopez, Julio, 1998. "External Financial Fragility and Capital Flight in Mexico," International Review of Applied Economics, Taylor and Francis Journals, vol. 12(2), pages 257-70, May.
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