Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Regime
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.
|Date of creation:||May 2006|
|Date of revision:|
|Publication status:||Published in Kasarinlan 21.1(2006): pp. 55-74|
|Contact details of provider:|| Postal: |
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Samuel Bowles and Herbert Gintis., 1988.
"Contested Exchange: Political Economy and Modern Economic Theory,"
Economics Working Papers
8876, University of California at Berkeley.
- 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.
- Bowles, Samuel & Gintis, Herbert, 1988. "Contested Exchange: Political Economy and Modern Economic Theory," Department of Economics, Working Paper Series qt82d2v3gb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- McKinnon, Ronald I. & Pill, Huw, 1998.
"International Overborrowing: A Decomposition of Credit and Currency Risks,"
Elsevier, vol. 26(7), pages 1267-1282, July.
- Ronald I. McKinnon & Huw Pill, 1998. "International Overborrowing: A Decomposition of Credit and Currency Risks," Working Papers 98004, Stanford University, Department of Economics.
- 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.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:4830. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.