Determinants of capital flight from the selected ASEAN countries
Başlık:
Determinants of capital flight from the selected ASEAN countries
Yazar:
Yusop, Zulkornain, author.
ISBN:
9780438043619
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (283 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 76-08C.
Özet:
Weak policy measures and improper monitoring of the flows and consumption of short-term external funds during the boom period (especially in early and mid 1990's) had been substantial in contributing to the ASEAN currency and economic crisis in mid 1997. One of the most immediate and serious consequences of the crisis is the rising threat of capital flight. It has led to a drastic fall in the pattern of private capital flows into the ASEAN region. There are several views in defining capital flight, however, it is generally agreed that capital flight is the capital which flows out that is in conflict with national interests, goals and objectives. The World Bank's broad (indirect) measure calculates capital flight as FDI plus external debt minus current account deficit less official reserves. Morgan Guaranty (1986) and Conesa (1986) put forward variations on the World Bank's measure by subtracting the increase in short-term foreign assets of the banking system from the total capital inflows (in addition to the current account deficit and the increase in official reserves). Narrow measure or balance of payment (direct) measure is defined as the sum of net short-term capital outflows of the non-bank private sector plus recorded errors and omissions. Dooley (1986) defines capital flight as the difference between the overall external claims and those which generate reported investment income in the balance of payments record. For the empirical work, econometric analysis was conducted to determine factors affecting capital flight from Malaysia, Thailand, Indonesia and the Philippines using the above four capital flight measures. Order of integration for all of the variables was checked using Augmented Dickey-Fuller and Phillip-Perron tests of unit root. The Johansen approach was used to test co-integration in multivariate system that involved long run and short run estimations. Empirical results show that exchange rate depreciation, increase in external debt, GDP, FDI and inflation are important determinants of capital flight from the selected ASEAN countries. Policy measures to overcome the capital flight problem should incorporate the impact and interdependence of various macroeconomic variables. Balanced policy measures based on both fiscal and monetary policies are important in order to maintain or strengthen the confidence of the public.
Notlar:
School code: 1543
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(684298.1) | 684298-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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