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Estimates of Unrecorded Private Capital Movements

Author

Listed:
  • Mahmood, Zafar

    (Kuwait Institute for Scientific Research)

  • Nazli, Hina

    () (Department of Food, Agricultural and Resource Economics (FARE) University of Guelph)

Abstract

Given the precarious balance of payments and debt situation, unrecorded flows of capital cause serious welfare losses. In order to formulate realistic policies, it is essential to have a knowledgeable account of such flows. Using different methodologies, the present paper estimates illicit movement of private capital in Pakistan. Interestingly, the estimates undermine the impression about capital flight from Pakistan, as it turned out as net recipient of unrecorded capital. In Pakistan, premium created by trade and exchange controls is very high compared with the risk in conducting illicit activities which defy the goals of policies. This paper suggests rationalization of trade and exchange policies and effective enforcement of controls to eliminate the menace of illicit activities.

Suggested Citation

  • Mahmood, Zafar & Nazli, Hina, 1999. "Estimates of Unrecorded Private Capital Movements," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 52(1), pages 79-90.
  • Handle: RePEc:ris:ecoint:0284
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    References listed on IDEAS

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    1. Peter C. B. Phillips & Bruce E. Hansen, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," Review of Economic Studies, Oxford University Press, vol. 57(1), pages 99-125.
    2. Phillips, P.C.B., 1986. "Understanding spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 33(3), pages 311-340, December.
    3. Lee, Joong-Koon, 1971. "Exports and the Propensity to Save in L.D.C.s," Economic Journal, Royal Economic Society, vol. 81(322), pages 341-351, June.
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    Cited by:

    1. Zafar Mahmood & Mohammad Azhar, 2001. "On Overinvoicing of Exports in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(3), pages 173-185.

    More about this item

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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