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Balance of Payments-consistent unreported flows

  • Beja Jr, Edsel

The paper develops a Balance of Payments (BOP)-consistent procedure for estimating unreported flows. Using data between 1990 and 2007, total unreported flows of selected Asian countries is estimated at $4.7 trillion, or more than 80% of the countries’ 2007 total gross domestic product. Results reveal that unreported flows increase with reported and accumulated unreported flows. Financial depth and governance of the real sector decrease unreported flows, whereas economic growth and weakness in the governance of reported flows increase unreported flows. Results also reveal that unbalanced financial and real sector development contributes to the unreported flows. Lastly, the paper argues that there is an opportunity to reverse the situation through a judicious application of capital flow and trade flow management techniques and development and improvement in capacity, including governance, to internalize resources and converting them into desired outcomes.

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File URL: http://mpra.ub.uni-muenchen.de/23231/1/MPRA_paper_23231.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21699.

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Date of creation: 27 Mar 2010
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Handle: RePEc:pra:mprapa:21699
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  1. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
  2. Francisco Rodriguez & Dani Rodrik, 2001. "Trade Policy and Economic Growth: A Skeptic's Guide to the Cross-National Evidence," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 261-338 National Bureau of Economic Research, Inc.
  3. Collier, Paul & Hoeffler, Anke & Pattillo, Catherine, 1999. "Flight capital as a portfolio choice," Policy Research Working Paper Series 2066, The World Bank.
  4. Beja, Edsel Jr., 2007. "Capital Flight and Economic Performance," MPRA Paper 4885, University Library of Munich, Germany, revised 12 Sep 2007.
  5. Chang, P H Kevin & Claessens, Stijn & Cumby, Robert E, 1997. "Conceptual and Methodological Issues in the Measurement of Capital Flight," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 2(2), pages 101-19, April.
  6. Lensink, Robert & Hermes, Niels & Murinde, Victor, 2000. "Capital flight and political risk," Journal of International Money and Finance, Elsevier, vol. 19(1), pages 73-92, February.
  7. Prasad, Eswar & Rajan, Raghuram G. & Subramanian, Arvind, 2007. "Foreign Capital and Economic Growth," IZA Discussion Papers 3186, Institute for the Study of Labor (IZA).
  8. Lensink, Robert & Hermes, Niels & Murinde, Victor, 1998. "The Effect of Financial Liberalization on Capital Flight in African Economies," World Development, Elsevier, vol. 26(7), pages 1349-1368, July.
  9. Eggerstedt, Harald & Brideau Hall, Rebecca & van Wijnbergen, Sweder, 1993. "Measuring capital flight : a case study of Mexico," Policy Research Working Paper Series 1121, The World Bank.
  10. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
  11. 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.
  12. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  13. Michael P. Dooley, 1988. "Capital Flight: A Response to Differences in Financial Risks," IMF Staff Papers, Palgrave Macmillan, vol. 35(3), pages 422-436, September.
  14. Ndikumana, Leonce & Boyce, James K., 2003. "Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries," World Development, Elsevier, vol. 31(1), pages 107-130, January.
  15. Chander Kant, 2002. "What is Capital Flight?," The World Economy, Wiley Blackwell, vol. 25(3), pages 341-358, 03.
  16. kant, C., 1996. "Foreign Direct Investment and Capital Flight," Princeton Studies in International Economics 80, International Economics Section, Departement of Economics Princeton University,.
  17. Julio Lopez, 1998. "External Financial Fragility and Capital Flight in Mexico," International Review of Applied Economics, Taylor & Francis Journals, vol. 12(2), pages 257-270.
  18. Hermes, N. & Lensink, R., 2000. "Capital flight and the uncertainty of government policies," Research Report 00C30, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  19. Bhattacharya, Rina, 1999. "Capital flight under uncertainty about domestic taxation and trade liberalization," Journal of Development Economics, Elsevier, vol. 59(2), pages 365-387, August.
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