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Was Capital Fleeing Southeast Asia? Estimates from Indonesia, Malaysia, the Philippines, and Thailand

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  • Edsel L. Beja

Abstract

Capital flight is the movement of capital from a resource-scarce developing country to avoid social control. It is measured as the net unrecorded capital outflow, or the residual between officially recorded uses and sources of funds. For Indonesia, Malaysia, the Philippines, and Thailand, we estimated total capital flight at US$ 658 billion (in 1995 prices) over the period 1970--2000. Including imputed interest earnings, we estimated the stock of capital flight at US$ 1 trillion as of 2002. The figures mean large amounts of lost resources that could have been utilized in the four countries to generate additional output and jobs.

Suggested Citation

  • Edsel L. Beja, 2006. "Was Capital Fleeing Southeast Asia? Estimates from Indonesia, Malaysia, the Philippines, and Thailand," Asia Pacific Business Review, Taylor & Francis Journals, vol. 12(3), pages 261-283, July.
  • Handle: RePEc:taf:apbizr:v:12:y:2006:i:3:p:261-283
    DOI: 10.1080/13602380600578133
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    References listed on IDEAS

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    1. Ayhan Kose & Kenneth Rogoff & Eswar S Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
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    Cited by:

    1. Beja, Edsel, 2009. "Things are different when you open up: Economic openness, domestic economy, and income," MPRA Paper 12802, University Library of Munich, Germany.
    2. Beja, Edsel Jr., 2006. "Forensic Accounting: Hidden balance of payments of the Philippines," MPRA Paper 4828, University Library of Munich, Germany, revised 12 Sep 2007.
    3. Beja Jr., Edsel L., 2007. "Brothers in distress: Revolving capital flows of Indonesia, Malaysia, and Thailand," Journal of Asian Economics, Elsevier, vol. 18(6), pages 904-914, December.
    4. Beja, Edsel Jr., 2007. "Capital Flight and Economic Performance," MPRA Paper 4885, University Library of Munich, Germany, revised 12 Sep 2007.
    5. Edsel L. Beja, Jr., 2006. "Revisiting the Revolving Door: Capital Flight from Southeast Asia," Working Papers 16, United Nations, Department of Economics and Social Affairs.
    6. Beja Jr, Edsel, 2010. "Balance of Payments-consistent unreported flows," MPRA Paper 21699, University Library of Munich, Germany.

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