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Revisiting the Revolving Door: Capital Flight from Southeast Asia

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Author Info
Edsel L. Beja, Jr.

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Abstract

The paper revisits hypothesized direct linkages between external borrowing and capital flight. It reviews the cases of Indonesia, Malaysia, the Philippines and Thailand to see if such linkages exist. The results indicate that, indeed, large sums of capital flowed in and out of these four countries in a revolving door process. Thus, the results lend support to the need for: better domestic management of external debt, sound macroeconomic management and solid macro-organizational foundations (with the government at the centre of policy making), active management of capital flows, and effective domestic and international involvement and coordination in capital flows.

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Publisher Info
Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 16.

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Length: 32 pages
Date of creation: Aug 2006
Date of revision:
Handle: RePEc:une:wpaper:16

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Related research
Keywords: capital flight; external debt; revolving door; Southeast Asia;

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Find related papers by JEL classification:
F20 - International Economics - - International Factor Movements and International Business - - - General
F30 - International Economics - - International Finance - - - General
O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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  1. Classens, S. & Dooley, M.P. & Warner, A., 1995. "Portfolio Capital Flows: Hot or Cold," Papers 501, Harvard - Institute for International Development.
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  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "Serial Default and the "Paradox" of Rich to Poor Capital Flows," NBER Working Papers 10296, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-23.

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