A DEVELOPMENT COMPARATIVE APPROACH TO CAPITAL FLIGHT; THE CASE OF THE MIDDLE EAST AND NORTH AFRICA, 1970-2002
ABSTRACT
Capital flight from developing countries represents a lost potential for economic growth and development. In the contemporary literature of development economics, there has been increasing attention to the notion of capital flight. Many analysts have attributed sluggish economic growth and persistent balance of payments deficits in most developing counties to capital flight (Ajayi, 1996). In addition, capital flight has adverse consequences for developing countries. First, the loss of capital through capital flight erodes the domestic tax base and therefore affects income redistribution. Secondly, it reduces a bank’s ability to create money for investment projects.
Most importantly, capital flight contributes to the distribution of income from the poor to the rich (See Pastor, 1990, and Ajayi, 1997). The literature also highlights several routes of capital flight from developing countries. Prime among those are external borrowing and trade mis-invoicing. Also many authors have identified factors that cause capital flight including risk of inflation, taxation, political risk instability, financial repression, weak institutions, ineffectiveness of macroeconomic policies, business cycles, overvaluation of exchange rates, and poor investment climate, to name a few (See, Hermes, Rensink and Murinde, 2002, Schneider, 2003 and Boyce and Ndikumana, 2002).
Several approaches to measuring capital flight have been cited widely such as the hot money measure, the balance of payments approach and the residual approach (See Schneider, 2003, and Hermes, Rensink and Murinde, 2002). However, it is well documented in the literature that most researchers use the residual method to capital flight. The residual approach is more inclusive and therefore gives a measure of capital flight that takes into account most transactions of capital flows between nations including external debt, foreign direct investment, and portfolio investment. The residual method is a broad measure and an indirect approach that is based on the discrepancies between sources of foreign exchange (capital inflows) and uses of those funds (capital outflows). Capital flight, according to this method, comprises the surplus of capital inflows over foreign exchange outflows that are not recorded in government official statistics.
CHAPTER ONE
1.1 Introduction
… This chapter will address the background information that motivated this study, the challenges that prompted it, its aim, and its objectives as a preface to subsequent sections of the study. Additional factors include the study's significance, scope, limitations, research questions and hypotheses, and the definition of technical terms.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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