Capital Flight and Economic Performance
AbstractCapital 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 4885.
Date of creation: 12 Feb 2007
Date of revision: 12 Sep 2007
Capital flight; economic growth; Philippines;
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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-09-30 (All new papers)
- NEP-DEV-2007-09-30 (Development)
- NEP-MAC-2007-09-30 (Macroeconomics)
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