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Fighting African Capital Flight: Trajectories, Dynamics and Tendencies

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  • Asongu, Simplice
  • Uduji, Joseph
  • Okolo-Obasi, Elda

Abstract

An April 2015 World Bank report on attainment of the Millennium Development Goal (MDG) extreme poverty target has revealed that extreme poverty has been decreasing in all regions of the world with the exception of sub-Saharan Africa (SSA), in spite of the sub-region enjoying more than two decades of growth resurgence. This study builds on a critique of Piketty’s ‘capital in the 21st century’ and recent methodological innovations on reverse Solow-Swan to review empirics on the adoption of common policy initiatives against a cause of extreme poverty in SSA: capital flight. The richness of the dataset enables the derivation of 14 fundamental characteristics of African capital flight based on income-levels, legal origins, natural resources, political stability, regional proximity and religious domination. The main finding reveals that regardless of fundamental characteristic, from a projection date of 2010, a genuine timeframe for harmonizing policies is between 2016 and 2023. In other words, the beginning of the post-2015 agenda on sustainable development goals coincides with the timeframe for common capital flight policies.

Suggested Citation

  • Asongu, Simplice & Uduji, Joseph & Okolo-Obasi, Elda, 2019. "Fighting African Capital Flight: Trajectories, Dynamics and Tendencies," MPRA Paper 102034, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:102034
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    References listed on IDEAS

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    Cited by:

    1. Simplice Asongu, 2015. "On Taxation, Political Accountability and Foreign Aid: Empirics to a Celebrated Literature," South African Journal of Economics, Economic Society of South Africa, vol. 83(2), pages 180-198, June.
    2. Uduji, Joseph & Okolo-Obasi, Elda & Asongu, Simplice, 2020. "Does Growth Enhancement Support Scheme (GESS) Contribute to Youth Development in Informal Farm Entrepreneurship? Evidence from Rural Communities in Nigeria," MPRA Paper 107140, University Library of Munich, Germany.
    3. Joseph I. Uduji & Elda N. Okolo-Obasi & Simplice A. Asongu, 2020. "Women’s Participation in the Offshore and Inshore Fisheries Entrepreneurship: the Role of CSR in Nigeria’s Oil Coastal Communities," Working Papers 20/012, European Xtramile Centre of African Studies (EXCAS).
    4. Uduji, Joseph Ikechukwu & Okolo-Obasi, Elda Nduka & Asongu, Simplice A., 2021. "Oil extraction in Nigeria's Ogoniland: The role of corporate social responsibility in averting a resurgence of violence," Resources Policy, Elsevier, vol. 70(C).
    5. Joseph I. Uduji & Elda N. Okolo-Obasi & Simplice A. Asongu, 2020. "Analysis of Farmers’ Food Price Volatility and Nigeria’s Growth Enhancement Support Scheme," Working Papers of the African Governance and Development Institute. 20/069, African Governance and Development Institute..
    6. Asongu Simplice & Jellal Mohamed, 2014. "International aid, corruption and fiscal policy behavior," Working Papers of the African Governance and Development Institute. 14/007, African Governance and Development Institute..
    7. Joseph Ikechukwu Uduji & Elda Nduka Okolo-Obasi & Simplice Asongu, 2020. "Women’s participation in the offshore and inshore fisheries entrepreneurship: The role of CSR in Nigeria’s oil coastal communities," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing, vol. 14(2), pages 247-275, April.
    8. Emmanuel Uche & Lionel Effiom, 2021. "Fighting capital flight in Nigeria: have we considered global uncertainties and exchange rate volatilities? Fresh insights via quantile ARDL model," SN Business & Economics, Springer, vol. 1(6), pages 1-22, June.
    9. Olusola Joel Oyeleke, 2021. "On the Non-Linear Relationship between Fiscal Deficit and Inflation: The Nigeria Experience," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 27(2), pages 105-117, May.
    10. Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Does corporate social responsibility initiative restrain young people from irregular migration in sub-Saharan Africa? Evidence from Nigeria’s oil producing communities," Research Africa Network Working Papers 20/061, Research Africa Network (RAN).
    11. Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Does corporate social responsibility initiative restrain young people from irregular migration in sub-Saharan Africa? Evidence from Nigeria’s oil producing communities," Working Papers of the African Governance and Development Institute. 20/061, African Governance and Development Institute..
    12. Tii N. Nchofoung & Simplice A. Asongu, 2021. "ICT for Sustainable Development: Global Comparative Evidence of Globalisation Thresholds," Working Papers 20/061, European Xtramile Centre of African Studies (EXCAS).

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    More about this item

    Keywords

    Econometric modeling; Capital flight; Poverty; Africa;
    All these keywords.

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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