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Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Regime

  • Beja, Edsel Jr.

Capital flight is the movement of capital from a resource-scarce developing country to avoid social controls, and measured as net unrecorded capital outflow. Capital flight from the Philippines was $16 billion in the 1970s, $36 billion in the 1980s, and $43 billion in the 1990s. Indeed these figures are significant amounts of lost resources that could have been utilized in the country to generate additional output and jobs. Capital flight from the Philippines followed a revolving door process – that is, capital inflows were used to finance the capital outflows. This process became more pronounced with financial liberalization in the 1990s. With these results, we argue that capital flight resulted in the hollowing out of the Philippine economy and, more important, neoliberal policies underpinned the process.

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File URL: http://mpra.ub.uni-muenchen.de/4830/1/MPRA_paper_4830.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4830.

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Date of creation: May 2006
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Publication status: Published in Kasarinlan 21.1(2006): pp. 55-74
Handle: RePEc:pra:mprapa:4830
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  1. Ronald I. McKinnon & Huw Pill, 1998. "International Overborrowing: A Decomposition of Credit and Currency Risks," Working Papers 98004, Stanford University, Department of Economics.
  2. Bowles, Samuel & Gintis, Herbert, 1988. "Contested Exchange: Political Economy and Modern Economic Theory," American Economic Review, American Economic Association, vol. 78(2), pages 145-50, May.
  3. K.S. Jomo & Ilene Grabel & Gerald Epstein, 2003. "Capital Management Techniques In Developing Countries: An Assessment of Experiences From the 1990s and Lessons for the Future," Working Papers wp56, Political Economy Research Institute, University of Massachusetts at Amherst.
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