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An Empirical Investigation of Capital Flight from Zimbabwe

Author

Listed:
  • Albert Makochekanwa

    (Department of Economics, University of Pretoria)

Abstract

This paper investigates the causes of capital flight from Zimbabwe for the period 1980 to 2005. The results show external debt, foreign direct investment inflows, and foreign reserves to be the major causers of capital flight. Economic growth is negatively correlated with capital flight. The calculations estimate Zimbabwean capital flight at US $10.1 billion over the 1980 to 2005 period, with capital flight-to-GDP ratio roughly 5.4 per cent. In other words, for every US dollar of GDP accumulated by Zimbabwe annual from 1980 to 2005, private Zimbabwean residents accumulated (US) 5.4 cents of external assets annually during the same period.

Suggested Citation

  • Albert Makochekanwa, 2007. "An Empirical Investigation of Capital Flight from Zimbabwe," Working Papers 200711, University of Pretoria, Department of Economics.
    • Handle: RePEc:pre:wpaper:200711
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    File URL: http://www.up.ac.za/media/shared/61/WP/wp_2007_11.zp39551.pdf
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    Citations

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    Cited by:

    1. Umer Shahzad & Fengming Qin, 2019. "New Terrorism and Capital Flight: Pre and Post Nine Eleven analysis for Asia," Annals of Economics and Finance, Society for AEF, vol. 20(1), pages 465-487, May.
    2. Valdemar J. Undji & Teresia Kaulihowa, 2019. "The Effect of Fiscal Policy on Capital Flight in Namibia," Journal of Economics and Behavioral Studies, AMH International, vol. 11(4), pages 18-31.
    3. Abu Bakarr Tarawalie & Talatu Jalloh, 2021. "Determinants of Capital Flight in Post War Sierra Leone: An Empirical Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 11(2), pages 108-116.
    4. Arcade Ndoricimpa, 2017. "Analysis of Capital Flight from Burundi," Working Papers 343, African Economic Research Consortium, Research Department.

    More about this item

    Keywords

    Capital flight; external debt; foreign direct investment inflows; macroeconomic instability;
    All these keywords.

    JEL classification:

    • F39 - International Economics - - International Finance - - - Other
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

    NEP fields

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