Capital flight and the uncertainty of government policies
This paper shows that policy uncertainty, measured by the uncertainty of budget deficits, tax payments, government consumption and the inflation rate, has a statistically significant positive impact on capital flight. This result remains robust after having applied stability tests.
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- Claessens, Stijn & Naude, David, 1993. "Recent estimates of capital flight," Policy Research Working Paper Series 1186, The World Bank.
- Aizenman, Joshua & Marion, Nancy P. & Marion, Nancy P., 1993. "Macroeconomic uncertainty and private investment," Economics Letters, Elsevier, vol. 41(2), pages 207-210.
- Sala-i-Martin, Xavier, 1997.
"I Just Ran Two Million Regressions,"
American Economic Review,
American Economic Association, vol. 87(2), pages 178-83, May.
- Lensink, Robert & Hermes, Niels & Murinde, Victor, 1998.
"Capital flight and political risk,"
98C34, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
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