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Capital Flight and Economic Performance

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  • Beja, Edsel Jr.

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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Bibliographic 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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Keywords: Capital flight; economic growth; Philippines;

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References

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  1. Beja, Edsel Jr., 2006. "Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Regime," MPRA Paper, University Library of Munich, Germany 4830, University Library of Munich, Germany.
  2. Edsel L. Beja, 2006. "Was Capital Fleeing Southeast Asia? Estimates from Indonesia, Malaysia, the Philippines, and Thailand," Asia Pacific Business Review, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(3), pages 261-283, July.
  3. Lisa M. Schineller, 1997. "A nonlinear econometric analysis of capital flight," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 594, Board of Governors of the Federal Reserve System (U.S.).
  4. Bowles, Samuel & Gintis, Herbert, 1988. "Contested Exchange: Political Economy and Modern Economic Theory," Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley qt82d2v3gb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. Julio Lopez, 1998. "External Financial Fragility and Capital Flight in Mexico," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(2), pages 257-270.
  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, National Bureau of Economic Research, Inc 11901, National Bureau of Economic Research, Inc.
  7. Arsenio M. Balisacan, 2007. "Why Does Poverty Persist in the Philippines? Facts, Fancies, and Policies," Agriculture and Development Discussion Paper Series, Southeast Asian Regional Center for Graduate Study and Research in Agriculture 2007-1, Southeast Asian Regional Center for Graduate Study and Research in Agriculture.
  8. Imam Alam & Rahim Quazi, 2003. "Determinants of Capital Flight: An econometric case study of Bangladesh," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(1), pages 85-103.
  9. 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., John Wiley & Sons, Ltd., vol. 2(2), pages 101-19, April.
  10. Edsel L. Beja, 2007. "Forensic Accounting: Hidden Balance of Payments of the Philippines," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp130, Political Economy Research Institute, University of Massachusetts at Amherst.
  11. Niranjan Chipalkatti & Meenakshi Rishi, 2001. "External Debt and Capital Flight in the Indian Economy," Oxford Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(1), pages 31-44.
  12. 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, University of Chicago Press, vol. 100(6), pages 1208-31, December.
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Cited by:
  1. Beja Jr, Edsel, 2010. "Balance of Payments-consistent unreported flows," MPRA Paper, University Library of Munich, Germany 21699, University Library of Munich, Germany.

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