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CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES

Year 2009, Volume: 27 Issue: 1, 73 - 94, 01.07.2009

Abstract

Sermaye kaçışı büyüme ve kalkınma için çoğu zaman yeterli
finansal kaynaklardan yoksun bulunan gelişmekte olan ülkelerin önemli
sorunlarından biridir. Bu yazıdaki amacımız, sermaye kaçışının tanımı ve
ölçülmesi ile ilgili kavramsal ve metodolojik sorunları değerlendirmek ve
sermaye kaçışının sebepleri ve bunun diğer değişkenler ile arasındaki ilişkisi
üzerine yapılmış bazı ampirik çalışmaları özetleyerek literatürdeki
eksiklikleri belirlemeye çalışmaktır.

References

  • Ajayi, Ibi S. (1997) “An Analysis of External Debt and Capital Flight in Nigeria”, Washington DC, International Monetary Fund, Working Paper 993.
  • Alesina, A. and G. Tabellini (1989) “External Debt, Capital flight, and Political Risk”, Journal of International Economics, 27(3-4), 199-220.
  • Alfaro, L., S. Kalemli-Ozcan and V. Volosovych (2008) “Why doesn`t Capital Flow from Rich to Poor Countries? An Empirical Investigation”, Review of Economics and Statistics, 90(2), 347-68.
  • Bhagwati, Jagdish N. (1964) “On the Under-Invoicing of Imports”, Bulletin of the Oxford University, Institute of Economics and Statistics, 26(4), 389-97.
  • Bhagwati, J., A. Krueger and C. Wibulswasdi (1974) “Capital Flight from LDC`s: A Statistical Analysis” in Gerald Epstein (ed.), Illegal Transactions in International Trade, Amsterdam: North Holland Publishing, 148-54.
  • Beja, E. (2005) Capital Flight From Southeast Asia: Case Studies on Indonesia, Malaysia, The Philippines and Thailand, Unpublished Dissertation, University of Massachusetts, Amherst.
  • Boyce, J. (1992) “The Revolving Door? External Debt and Capital Flight: A Philippine Case Study”, World Development, 20 (3), 335-349.
  • Boyce, J. and L. Ndikumana (2001) “Is Africa Net Creditor?: New Estimates of Capital Flight from Severely Indebted Sub-Saharan Countries, 1970-96”, The Journal of Development Studies, 38(2), 27-56. Brown, B. (1987) The Flight of International Capital: A Contemporary History, New York: Croom Helm.
  • Claessens, S. and D. Naude (1993) “Recent Estimates of Capital Flight”, Policy Research Working Paper Series, The World Bank,1186 URL http:// ideas.repec.org/p/wbk/wbrwps/1186.html.
  • Cerra, V., M. Mishi and S. Saxena (2008) “Robbing the Riches: Capital Flight, Institutions and Debt”, Journal of Development Studies, 44(8), 1190-1213.
  • Cline, W. (1987) “Discussion”, in D. Lessard, J. Williamson (eds.), Capital Flight and Third World Debt, Washington DC: Institute for International Economics.
  • Cline, W. (1995) International Debt Reexamined, Washington DC: Institute for International Economics.
  • Collier, P., A. Hoeffler and C. Pattillo (2004) “Aid and Capital Flight,” Oxford University: Center for the Study of African Economies, Unpublished Manuscript, http://users.ox.ac.uk/~ball0144/aid&cf.pdf.
  • Cuddington, J. (1986) “Capital Flight: Estimates, Issues and Explanations”, Princeton Studies In International Finance, No:58, New Jersey: Princeton.
  • Cumby R., R. Levich (1987) “On the Definition and Magnitude of Recent Capital Flight” in D. Lessard, J. Williamson (eds.), Capital Flight and Third World Debt, Washington DC: Institute for International Economics, 27-67.
  • Demir, F. (2004) “A Failure Story: Politics and Financial Liberalization in Turkey, Revisiting the Revolving Door Hypothesis,” World Development, 32(5), 851–69.
  • Dooley, M. (1986) “Country Specific Premiums, Capital Flight and Net Investment Income in Selected Countries”, IMF Research Department, Unpublished Manuscript, March, Washington DC.
  • Dooley, Michael P. (1988) “ Capital Flight: A Response to Differences in Financial Risks,” IMF Staff Papers, 35(3), 422–36.
  • Eaton, J. (1987) “Public Debt Guarantees and Private Capital Flight”, World Bank Economic Review, 1(3), 377-395.
  • Epstein, G. (2005) Capital Flight and Capital Controls in Developing Countries, Northampton: Edward Elgar Publishing.
  • Fatehi, K. (1994) “Capital Flight from Latin America as a Barometer of Political Instability”, Journal of Business Research, 30(2), 187-95.
  • Fischer, S. (2003) “Globalization and Its Challenges”, American Economic Review, 93(2), 1-30.
  • Gulati, S. (1987) “A Note on Trade Misinvoicing” in D. Lessard, J. Williamson (eds.), Capital Flight and Third World Debt, Washington, DC: Institute for International Economics, 68-78.
  • Hermes, N. and R. Lensink (1992) “The Magnitude and Determinants of Capital Flight: The Case for Six Sub-Saharan African Countries,” De Economist, 140(4), 515–30.
  • Hermes, N. and R. Lensink (2001) “Capital Flight and the Uncertainty of Government Policies”, Economics Letters, 71(3), 377-81.
  • Ize, A. and G. Ortiz (1987) “Fiscal Rigidities, Public Debt, Capital Flight”, IMF Staff Papers, 34, 311-332.
  • Kadochnikov, D. (2005) “Economic Impact of Capital Flight from Russia and Its Institutional Context: Why Capital Controls cannot be a Part of a Pro-growth Policy”, International Finance, 0509007, EconWPA, URL http://ideas.repec.org/p/wpa/wuwpif/0509007.
  • Kant, C. (1996) “Foreign Direct Investment and Capital Flight”, Princeton Studies in International Finance, 80, 1-29.
  • Ketkar, S. and K. Ketkar (1989) “Determinants of Capital Flight from Argentina, Brazil and Mexico”, Contemporary Policy Issues, 7(3), 11-29.
  • Khan, M. and N. UlHaque (1985) “Foreign Borrowing and Capital Flight: A Formal Analysis”, IMF Staff Papers, 32(4), 606-28.
  • Kindleberger, C. (1965) International Short-Term Capital Movements, New York, Sentry Press.
  • Kindleberger, C. (1987) “A Historical Perspective”, in D. Lessard and J. Williamson (eds.), Capital Flight and Third World Debt, Washington, DC: Institute for International Economics, 7-26.
  • Le, Q. and M. Rishi (2006) “Corruption and Capital Flight: An Empirical Assesment”, International Economic Journal, 20(4), 523-40.
  • Lensink, R., N. Hermes and V. Murinde (1998) “The Effect of Financial Liberalization on Capital Flight in African Economies”, World Development, 26(7), 349-68.
  • Lensink, R., N. Hermes, V. Murinde (2002) “Flight Capital and Its Reversal for Development Financing”, Discussion Paper, United Nations University, WIDER, No.99.
  • Lessard, D. and J. Williamson (1987) Capital Flight and Third World Debt, Washington DC: Institute for International Economics.
  • Loungani P., P. Mauro (2000) “Capital Flight from Russia”, Conference Proceedings, URL http://www.imf.org/external/pubs/ft/seminar/2000/invest/pdf/loung.pdf
  • Lucas, R. (1990) “Why Doesn`t Capital Flow from Rich to Poor Countries?” American Economic Review, 80(2), 92-96.
  • Moghadam, M., H. Samavati and D. Dilts (2003) “An Analysis of Capital Flight from East Asian Emerging Markets: Paradise Lost”, Journal of Asia Pacific Business, 5(1), 33-49.
  • McLeod, D. (2002) “Capital Flight”, in David R. Henderson (ed.), Concise Encyclopedia of Economics, Library of Economics and Liberty.,URL http://www.econlib.org/library/Enc/CapitalFlight.html
  • Morgan Guaranty Trust Company (1986) “LDC Capital Flight”, World Financial Markets, March, 13-15.
  • Pastor, M. (1990) “Capital Flight from Latin America”, World Development, 18(1), 1-18.
  • Schneider B. (2003a) Measuring Capital Flight: Estimates and Interpretations, Overseas Development Institute, Working Paper, 154.
  • Schneider, B. (2003b) Resident Capital Outflows: Capital Flight or Normal Flows? A Statistical Interpretation, Overseas Development Institute, Working Paper, 155. World Bank, World Development Report, 1985, Washington DC: World Bank.

CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES

Year 2009, Volume: 27 Issue: 1, 73 - 94, 01.07.2009

Abstract

Capital flight is one of the most important problems for
developing countries which often lack the necessary financial resources to
promote growth and development. In this paper, we aim to evaluate the
conceptual and methodological problems related with the definition and
measurement of capital flight and summarize the main findings of some of the
empirical studies on the determinants of capital flight and its associations
with other variables in an attempt to identify the research gaps in the
existing literature.

References

  • Ajayi, Ibi S. (1997) “An Analysis of External Debt and Capital Flight in Nigeria”, Washington DC, International Monetary Fund, Working Paper 993.
  • Alesina, A. and G. Tabellini (1989) “External Debt, Capital flight, and Political Risk”, Journal of International Economics, 27(3-4), 199-220.
  • Alfaro, L., S. Kalemli-Ozcan and V. Volosovych (2008) “Why doesn`t Capital Flow from Rich to Poor Countries? An Empirical Investigation”, Review of Economics and Statistics, 90(2), 347-68.
  • Bhagwati, Jagdish N. (1964) “On the Under-Invoicing of Imports”, Bulletin of the Oxford University, Institute of Economics and Statistics, 26(4), 389-97.
  • Bhagwati, J., A. Krueger and C. Wibulswasdi (1974) “Capital Flight from LDC`s: A Statistical Analysis” in Gerald Epstein (ed.), Illegal Transactions in International Trade, Amsterdam: North Holland Publishing, 148-54.
  • Beja, E. (2005) Capital Flight From Southeast Asia: Case Studies on Indonesia, Malaysia, The Philippines and Thailand, Unpublished Dissertation, University of Massachusetts, Amherst.
  • Boyce, J. (1992) “The Revolving Door? External Debt and Capital Flight: A Philippine Case Study”, World Development, 20 (3), 335-349.
  • Boyce, J. and L. Ndikumana (2001) “Is Africa Net Creditor?: New Estimates of Capital Flight from Severely Indebted Sub-Saharan Countries, 1970-96”, The Journal of Development Studies, 38(2), 27-56. Brown, B. (1987) The Flight of International Capital: A Contemporary History, New York: Croom Helm.
  • Claessens, S. and D. Naude (1993) “Recent Estimates of Capital Flight”, Policy Research Working Paper Series, The World Bank,1186 URL http:// ideas.repec.org/p/wbk/wbrwps/1186.html.
  • Cerra, V., M. Mishi and S. Saxena (2008) “Robbing the Riches: Capital Flight, Institutions and Debt”, Journal of Development Studies, 44(8), 1190-1213.
  • Cline, W. (1987) “Discussion”, in D. Lessard, J. Williamson (eds.), Capital Flight and Third World Debt, Washington DC: Institute for International Economics.
  • Cline, W. (1995) International Debt Reexamined, Washington DC: Institute for International Economics.
  • Collier, P., A. Hoeffler and C. Pattillo (2004) “Aid and Capital Flight,” Oxford University: Center for the Study of African Economies, Unpublished Manuscript, http://users.ox.ac.uk/~ball0144/aid&cf.pdf.
  • Cuddington, J. (1986) “Capital Flight: Estimates, Issues and Explanations”, Princeton Studies In International Finance, No:58, New Jersey: Princeton.
  • Cumby R., R. Levich (1987) “On the Definition and Magnitude of Recent Capital Flight” in D. Lessard, J. Williamson (eds.), Capital Flight and Third World Debt, Washington DC: Institute for International Economics, 27-67.
  • Demir, F. (2004) “A Failure Story: Politics and Financial Liberalization in Turkey, Revisiting the Revolving Door Hypothesis,” World Development, 32(5), 851–69.
  • Dooley, M. (1986) “Country Specific Premiums, Capital Flight and Net Investment Income in Selected Countries”, IMF Research Department, Unpublished Manuscript, March, Washington DC.
  • Dooley, Michael P. (1988) “ Capital Flight: A Response to Differences in Financial Risks,” IMF Staff Papers, 35(3), 422–36.
  • Eaton, J. (1987) “Public Debt Guarantees and Private Capital Flight”, World Bank Economic Review, 1(3), 377-395.
  • Epstein, G. (2005) Capital Flight and Capital Controls in Developing Countries, Northampton: Edward Elgar Publishing.
  • Fatehi, K. (1994) “Capital Flight from Latin America as a Barometer of Political Instability”, Journal of Business Research, 30(2), 187-95.
  • Fischer, S. (2003) “Globalization and Its Challenges”, American Economic Review, 93(2), 1-30.
  • Gulati, S. (1987) “A Note on Trade Misinvoicing” in D. Lessard, J. Williamson (eds.), Capital Flight and Third World Debt, Washington, DC: Institute for International Economics, 68-78.
  • Hermes, N. and R. Lensink (1992) “The Magnitude and Determinants of Capital Flight: The Case for Six Sub-Saharan African Countries,” De Economist, 140(4), 515–30.
  • Hermes, N. and R. Lensink (2001) “Capital Flight and the Uncertainty of Government Policies”, Economics Letters, 71(3), 377-81.
  • Ize, A. and G. Ortiz (1987) “Fiscal Rigidities, Public Debt, Capital Flight”, IMF Staff Papers, 34, 311-332.
  • Kadochnikov, D. (2005) “Economic Impact of Capital Flight from Russia and Its Institutional Context: Why Capital Controls cannot be a Part of a Pro-growth Policy”, International Finance, 0509007, EconWPA, URL http://ideas.repec.org/p/wpa/wuwpif/0509007.
  • Kant, C. (1996) “Foreign Direct Investment and Capital Flight”, Princeton Studies in International Finance, 80, 1-29.
  • Ketkar, S. and K. Ketkar (1989) “Determinants of Capital Flight from Argentina, Brazil and Mexico”, Contemporary Policy Issues, 7(3), 11-29.
  • Khan, M. and N. UlHaque (1985) “Foreign Borrowing and Capital Flight: A Formal Analysis”, IMF Staff Papers, 32(4), 606-28.
  • Kindleberger, C. (1965) International Short-Term Capital Movements, New York, Sentry Press.
  • Kindleberger, C. (1987) “A Historical Perspective”, in D. Lessard and J. Williamson (eds.), Capital Flight and Third World Debt, Washington, DC: Institute for International Economics, 7-26.
  • Le, Q. and M. Rishi (2006) “Corruption and Capital Flight: An Empirical Assesment”, International Economic Journal, 20(4), 523-40.
  • Lensink, R., N. Hermes and V. Murinde (1998) “The Effect of Financial Liberalization on Capital Flight in African Economies”, World Development, 26(7), 349-68.
  • Lensink, R., N. Hermes, V. Murinde (2002) “Flight Capital and Its Reversal for Development Financing”, Discussion Paper, United Nations University, WIDER, No.99.
  • Lessard, D. and J. Williamson (1987) Capital Flight and Third World Debt, Washington DC: Institute for International Economics.
  • Loungani P., P. Mauro (2000) “Capital Flight from Russia”, Conference Proceedings, URL http://www.imf.org/external/pubs/ft/seminar/2000/invest/pdf/loung.pdf
  • Lucas, R. (1990) “Why Doesn`t Capital Flow from Rich to Poor Countries?” American Economic Review, 80(2), 92-96.
  • Moghadam, M., H. Samavati and D. Dilts (2003) “An Analysis of Capital Flight from East Asian Emerging Markets: Paradise Lost”, Journal of Asia Pacific Business, 5(1), 33-49.
  • McLeod, D. (2002) “Capital Flight”, in David R. Henderson (ed.), Concise Encyclopedia of Economics, Library of Economics and Liberty.,URL http://www.econlib.org/library/Enc/CapitalFlight.html
  • Morgan Guaranty Trust Company (1986) “LDC Capital Flight”, World Financial Markets, March, 13-15.
  • Pastor, M. (1990) “Capital Flight from Latin America”, World Development, 18(1), 1-18.
  • Schneider B. (2003a) Measuring Capital Flight: Estimates and Interpretations, Overseas Development Institute, Working Paper, 154.
  • Schneider, B. (2003b) Resident Capital Outflows: Capital Flight or Normal Flows? A Statistical Interpretation, Overseas Development Institute, Working Paper, 155. World Bank, World Development Report, 1985, Washington DC: World Bank.
There are 44 citations in total.

Details

Journal Section Articles
Authors

A. Yasemin Yalta

Publication Date July 1, 2009
Submission Date January 1, 2009
Published in Issue Year 2009 Volume: 27 Issue: 1

Cite

APA Yalta, A. Y. (2009). CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 27(1), 73-94.
AMA Yalta AY. CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. July 2009;27(1):73-94.
Chicago Yalta, A. Yasemin. “CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 27, no. 1 (July 2009): 73-94.
EndNote Yalta AY (July 1, 2009) CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 27 1 73–94.
IEEE A. Y. Yalta, “CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 27, no. 1, pp. 73–94, 2009.
ISNAD Yalta, A. Yasemin. “CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 27/1 (July 2009), 73-94.
JAMA Yalta AY. CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2009;27:73–94.
MLA Yalta, A. Yasemin. “CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 27, no. 1, 2009, pp. 73-94.
Vancouver Yalta AY. CAPITAL FLIGHT: CONCEPTUAL AND METHODOLOGICAL ISSUES. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2009;27(1):73-94.

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