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Fighting Capital Flight in Africa: Evidence from Bundling and Unbundling Governance

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  • Asongu, Simplice
  • Nwachukwu, Jacinta

Abstract

This study investigates the effect of governance on capital flight by bundling and unbundling governance. The empirical evidence is based on 37 African countries for the period 1996-2010 and the Generalised Method of Moments. Governance is bundled by principal component analysis, namely: (i) political governance from political stability and ‘voice and accountability’; (ii) economic governance from government effectiveness and regulation quality and (iii) institutional governance from corruption-control and the rule of law. The following findings are established. (i) Political stability and ‘voice and accountability’ reduce capital flight while the collective effect of political governance is not significant. (ii) Economic governance increases capital flight whereas the individual effects of regulation quality and government effectiveness are not significant. (iii) Corruption-control and institutional governance negatively affect capital flight whereas the impact of the rule of law is not significant. (iv) Taken together, Corruption-control is the most effective governance weapon in the fight against capital flight. (v) Priority in the Washington Consensus is more effective at fighting capital flight compared to the Beijing Model. Policy implications are discussed.

Suggested Citation

  • Asongu, Simplice & Nwachukwu, Jacinta, 2016. "Fighting Capital Flight in Africa: Evidence from Bundling and Unbundling Governance," MPRA Paper 77309, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:77309
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    Cited by:

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    5. Asongu, Simplice & Nnanna, Joseph, 2020. "Governance and the Capital Flight Trap in Africa," MPRA Paper 103226, University Library of Munich, Germany.
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    7. Chimere O. Iheonu & Simplice A. Asongu, 2022. "Democracy and Lifelong Learning in Africa," Working Papers 22/067, European Xtramile Centre of African Studies (EXCAS).
    8. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2019. "Transfer pricing and corporate social responsibility: arguments, views and agenda," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 32(3), pages 353-363, November.
    9. Chimere O. Iheonu & Shedrach A. Agbutun & Chinedum J. Chiemela, 2021. "Human Rights in Sub Saharan Africa: Understanding the Influence of Militarization, Governance and Democracy," Research Africa Network Working Papers 21/041, Research Africa Network (RAN).
    10. Thales Pacific Yapatake Kossele & Mom Aloysius Njong, 2020. "Capital flight and diamond exports in the Central African Republic: The role of political governance crisis," African Development Review, African Development Bank, vol. 32(3), pages 362-374, September.
    11. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Fighting African capital flight: trajectories, dynamics, and tendencies," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-21, December.
    12. Simplice A. Asongu & Nicholas M. Odhiambo, 2020. "The role of governance in quality education in sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 20/077, African Governance and Development Institute..
    13. Chimere O. Iheonu & Simplice A. Asongu & Shedrach A. Agbutun & Innocent A. Ifelunini, 2021. "Democracy and Terrorism in Africa," Working Papers of the African Governance and Development Institute. 21/089, African Governance and Development Institute..
    14. Chimere O. Iheonu & Kingsley O. Odo & Davidmac O. Ekeocha, 2020. "Estimating the effect of Democracy, Governance and Militarisation on Peace in Africa," Working Papers 20/046, European Xtramile Centre of African Studies (EXCAS).
    15. Pacific K. T. Yapatake & Gabriella M-A. M Ngaba, 2019. "Capital Flight and Extent of Corruption control in the Least Corrupt African Countries: An Empirical assessment," CEREDEC Working Papers 19/002, Centre de Recherche pour le Développement Economique (CEREDEC).
    16. Chimere O. Iheonu & Shedrach A. Agbutun & Chinedum J. Chiemela, 2021. "Human Rights in Sub Saharan Africa: Understanding the Influence of Militarization, Governance and Democracy," Working Papers of the African Governance and Development Institute. 21/041, African Governance and Development Institute..
    17. Thales Pacific Yapatake Kossele & Li Jin Shan, 2018. "Economic Security and the Political Governance Crisis in Central African Republic," African Development Review, African Development Bank, vol. 30(4), pages 462-477, December.
    18. Nirmol Chandra Das & Mohammad Ashraful Ferdous Chowdhury & Md. Nazrul Islam, 2021. "Nonlinear Threshold Effects of Institutional Quality on Capital Flight: Insights From Bangladesh," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 12(1), pages 43-59, January.

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    More about this item

    Keywords

    Econometric modelling; Capital flight; Governance; 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; Modern Monetary Theory
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects

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