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Weeks, John (2014) 'Macroeconomic Impact of Capital Flight in Sub-Saharan Africa.' In: Ajayi, Simeon Ibidayo and Ndikumana, Léonce, (eds.), Capital Flight from Africa. Oxford: Oxford University Press, pp. 238-260.

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Abstract

This chapter assesses the impact of capital flight on growth in 31 sub-Saharan African countries. It first considers the “macro fundamentals” hypothesis that capital flight would be lower in a country whose government adhered to “sound” macroeconomic policies. Analytical considerations fail to support this hypothesis. Second, it develops a growth-estimating equation derived from the Harrod–Domar framework. The growth-estimation results support the conclusion that capital flight had a major impact on growth over the last three decades, 1980–2010. The negative impact was greatest for the petroleum-exporting countries and those affected by internal conflict, but it was also substantial for the other countries, with a few exceptions.

Item Type: Book Chapters
Keywords: capita flight, Africa, sub-Saharan Africa, macroeconomic impact, growth
SOAS Departments & Centres: Departments and Subunits > Department of Economics
ISBN: 9780198718550
DOI (Digital Object Identifier): https://doi.org/10.1093/acprof:oso/9780198718550.003.0009
Date Deposited: 11 Apr 2021 10:28
URI: https://eprints.soas.ac.uk/id/eprint/35038

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