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Author: Ms.Catherine A. Pattillo Publisher: International Monetary Fund ISBN: 1451858485 Category : Business & Economics Languages : en Pages : 34
Book Description
This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk-adjusted rate of return on capital. We apply the results to four policy questions: how the East Asian crisis affected domestic capital outflows; herd effects; the effect of the IMF-World Bank debt relief initiative for heavily-indebted poor countries (HIPC) on capital repatriation; and why so much of Africa’s private wealth is held outside the continent.
Author: Ms.Catherine A. Pattillo Publisher: International Monetary Fund ISBN: 1451858485 Category : Business & Economics Languages : en Pages : 34
Book Description
This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk-adjusted rate of return on capital. We apply the results to four policy questions: how the East Asian crisis affected domestic capital outflows; herd effects; the effect of the IMF-World Bank debt relief initiative for heavily-indebted poor countries (HIPC) on capital repatriation; and why so much of Africa’s private wealth is held outside the continent.
Author: Paul Collier Publisher: ISBN: Category : Languages : en Pages : 31
Book Description
Among 51 countries studied, there are large regional differences in the proportion of private wealth held abroad, ranging from 3 percent in South Asia to 39 percent in Africa. Three variables explain capital flight in Africa: exchange rate overvaluation, adverse investor risk ratings, and high indebtedness.Collier, Hoeffler, and Pattillo examine flight capital in the context of portfolio choice. They estimate the stock of flight capital held abroad and compare it with the stock of real (nonfinancial) capital held within each country.For 51 countries, they construct estimates (as of 1990) of private domestic capital and flight capital - which combined add up to domestic wealth.There are large regional differences in the proportion of private wealth that is held abroad, ranging from 3 percent in South Asia to 39 percent in Africa.They explain differences in portfolio choice in terms of the capital to labor ratio, indebtedness, exchange rate distortions, and risk ratings - all proxies for differences in the risk-adjusted rate of return on capital.They then apply the results to four policy questions in which private portfolio choices are potentially important: the effect of the East Asian crisis on domestic capital outflows; spillovers; the effect of HIPC debt relief on capital repatriation; and why Africa has so much of its private wealth outside the continent. Their conclusions:- The four most severely affected East Asian countries will eventually lose about $250 billion in domestic wealth as a result of the deterioration in risk between March 1997 and September 1998.- They found some support for a spillover model.- The effect of the HIPC debt relief initiative on capital repatriation will vary massively between HIPC-eligible countries.- Africa has by far the lowest capital per worker, which makes massive capital flight from Africa all the more distinctive. Three variables explain capital flight in Africa: exchange rate overvaluation, adverse investor risk ratings, and high indebtedness.This paper - a joint product of the Development Research Group and the International Monetary Fund - is part of a larger effort to understand how growth in low income countries can be increased.
Author: T. Asada Publisher: Springer ISBN: 0230307779 Category : Business & Economics Languages : en Pages : 243
Book Description
This book extends the KMG framework (Keynes, Meltzer, Goodwin) and focuses on financial issues. It integrates Tobin's macroeconomic portfolio approach and emphasizes the issue of stock-flow consistency.
Author: Paul Collier Publisher: Oxford University Press, USA ISBN: 0195374630 Category : Business & Economics Languages : en Pages : 225
Book Description
The Bottom Billion is an elegant and impassioned synthesis from one of the world's leading experts on Africa and poverty. It was hailed as "the best non-fiction book so far this year" by Nicholas Kristoff of The New York Times.
Author: Allison Christians Publisher: Oxford University Press ISBN: 0192848674 Category : Tax planning Languages : en Pages : 209
Book Description
The way that nation states design their tax systems impacts the sharing of resources and wealth within and across societies. To date, wealthy countries have made tax policy design and coordination choices which allow them to claim more than they are justifiably entitled to from the global economy. In Tax Cooperation in an Unjust World, Allison Christians and Laurens van Apeldoorn show how this presently accepted reality both facilitates and feeds off continued human suffering, and therefore violates conceptions of international distributive justice. They examine two principles that govern tax cooperation across states, and explain how the current international tax order impedes their realization. They then show how states could work toward fulfilling the principles and building a fairer international tax system via incremental yet effective adaptation of key international tax norms and rules.
Author: Simeon Ibidayo Ajayi Publisher: Oxford University Press, USA ISBN: 0198718551 Category : Business & Economics Languages : en Pages : 455
Book Description
A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.
Author: Léonce Ndikumana Publisher: Bloomsbury Publishing ISBN: 1848134606 Category : Social Science Languages : en Pages : 152
Book Description
In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa's foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these 'odious debts' from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West.
Author: Ms.Catherine A. Pattillo
Author: Ms.Catherine A. Pattillo
Author: Paul Collier
Author: Victor A. B. Davies
Author: Akanni O. Lawanson
Author: John T. Cuddington
Author: T. Asada
Author: Paul Collier
Author: Allison Christians
Author: Simeon Ibidayo Ajayi
Author: Léonce Ndikumana