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Is Africa a Net Creditor? New Estimates of Capital Flight from Severely Indebted Sub-Saharan African Countries, 1970-1996

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James K. Boyce () (University of Massachusetts Amherst)
Léonce Ndikumana ()

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Abstract

This paper presents estimates of capital flight from 25 low-income sub-Saharan African countries in the period 1970 to 1996. Capital flight totaled more than $193 billion (in 1996 dollars); with imputed interest earnings, the accumulated stock of flight capital amounts to $285 billion. The combined external debt of these countries stood at $178 billion in 1996. Taking capital flight as a measure of private external assets, and calculating net external assets as private external assets minus public external debts, sub-Saharan Africa thus appears to be a net creditor vis-à-vis the rest of the world.

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number 2000-01.

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Date of creation: 2000
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Handle: RePEc:ums:papers:2000-01

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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. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February. [Downloadable!] (restricted)
  2. Ajayi, S.I., 1995. "Capital Flight and External Debt in Nigeria," Papers 35, African Economic Research Consortium.
  3. Boyce, James K., 1992. "The revolving door? External debt and capital flight: A Philippine case study," World Development, Elsevier, vol. 20(3), pages 335-349, March. [Downloadable!] (restricted)
  4. Unknown, 2000. "Editorial," European Journal of Operational Research, Elsevier, vol. 120(2), pages 223-227, January. [Downloadable!] (restricted)
  5. Unknown, 2000. "Editorial," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages iii-iv, October. [Downloadable!] (restricted)
  6. Simeon Inidayo Ajayi, 1997. "An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa," IMF Working Papers 97/68, International Monetary Fund.
  7. Unknown, 2000. "Editorial," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages v-vii, October. [Downloadable!] (restricted)
  8. B.W. Smit & B.A. Mocke, 1991. "Capital Flight from South Africa: Magnitude and Causes," South African Journal of Economics, Economic Society of South Africa, vol. 59(2), pages 60-77, 06. [Downloadable!] (restricted)
  9. Pastor, Manuel Jr., 1990. "Capital flight from Latin America," World Development, Elsevier, vol. 18(1), pages 1-18, January. [Downloadable!] (restricted)
  10. Ajayi, S. Ibi, 1992. "An economic analysis of capital flight from Nigeria," Policy Research Working Paper Series 993, The World Bank. [Downloadable!]
  11. Unknown, 2000. "Editorial," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages vii-vii, February. [Downloadable!] (restricted)
  12. Claessens, Stijn & Naude, David, 1993. "Recent estimates of capital flight," Policy Research Working Paper Series 1186, The World Bank. [Downloadable!]
  13. Lensink, Robert & Hermes, Niels & Murinde, Victor, 1998. "The Effect of Financial Liberalization on Capital Flight in African Economies," World Development, Elsevier, vol. 26(7), pages 1349-1368, July. [Downloadable!] (restricted)
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(explanations, 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. Jomo Kwame Sundaram & Rudiger von Arnim, 2008. "Economic liberalization and constraints to development in sub-Saharan africa," Working Papers 67, United Nations, Department of Economics and Social Affairs. [Downloadable!]
  2. Hermes, Niels & Lensink, Robert & Murinde, Victor, 2002. "Flight Capital and its Reversal for Development Financing," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  3. Fofack, Hippolyte, 2009. "Causality between external debt and capital flight in Sub-Saharan Africa," Policy Research Working Paper Series 5042, The World Bank. [Downloadable!]
  4. Alice Sindzingre, 2003. "Liberalisation, Multilateral Institutions and Public Policies : The Issue of Sovereignty In Sub-Saharan Africa," Mondes en développement, De Boeck Université, vol. 123(3), pages 23-56. [Downloadable!]
  5. Léonce Ndikumana, 2001. "Financial Markets and Economic Development in Africa," Working Papers wp17, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  6. Neeman, Zvika & Paserman, Daniele & Simhon, Avi, 2003. "Corruption And Openness," Discussion Papers 14977, Hebrew University of Jerusalem, Department of Agricultural Economics and Management. [Downloadable!]
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