Capital Flight From Africa

Author : Léonce Ndikumana,James K. Boyce
Publisher : Oxford University Press
Page : 273 pages
File Size : 52,5 Mb
Release : 2021-12-23
Category : Business & Economics
ISBN : 9780192594228

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On the Trail of Capital Flight from Africa by Léonce Ndikumana,James K. Boyce Pdf

On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Côte d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.

Author : Simeon Ibidayo Ajayi,Léonce Ndikumana
Publisher : Oxford University Press, USA
Page : 455 pages
File Size : 40,8 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780198718550

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Capital Flight from Africa by Simeon Ibidayo Ajayi,Léonce Ndikumana Pdf

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 : Distinguished Professor of Economics and Director of the African Development Policy Program Léonce Ndikumana,Léonce Ndikumana,James K. Boyce
Publisher : Oxford University Press
Page : 273 pages
File Size : 44,8 Mb
Release : 2022-01-20
Category : Africa
ISBN : 9780198852728

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On the Trail of Capital Flight from Africa by Distinguished Professor of Economics and Director of the African Development Policy Program Léonce Ndikumana,Léonce Ndikumana,James K. Boyce Pdf

On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Côte d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.

Author : Léonce Ndikumana,James K. Boyce
Publisher : Bloomsbury Publishing
Page : 152 pages
File Size : 55,7 Mb
Release : 2011-10-13
Category : Social Science
ISBN : 9781848134607

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Africa's Odious Debts by Léonce Ndikumana,James K. Boyce Pdf

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 : Mr.Mohsin S. Khan,Mr.Simeon Inidayo Ajayi
Publisher : International Monetary Fund
Page : 336 pages
File Size : 44,9 Mb
Release : 2000-05-12
Category : Business & Economics
ISBN : 1557757917

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External Debt and Capital Flight in Sub-Saharan Africa by Mr.Mohsin S. Khan,Mr.Simeon Inidayo Ajayi Pdf

Mounting external debt and large-scale capital flight have been at the forefront of Africa's economic problems since the 1980s. External Debt and Capital Flight in Sub-Saharan Africa, edited by S. Ibi Ajayi and Mohsin S. Khan, takes a penetrating look at debt and capital flight during the 1990s in Ghana, Kenya, Nigeria, Tanzania, and Uganda. The book describes the size and composition of debt in the selected countries and examines the causes of the debt buildup. It also assesses the extent of capital flight and suggests ways of stemming the flight of financial resources.

Author : Professor Léonce Ndikumana,James K. Boyce
Publisher : Zed Books Ltd.
Page : 132 pages
File Size : 47,9 Mb
Release : 2011-10-13
Category : Social Science
ISBN : 9781780321462

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Africa's Odious Debts by Professor Léonce Ndikumana,James K. Boyce Pdf

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 : Gerald A. Epstein
Publisher : Edward Elgar Publishing
Page : 368 pages
File Size : 50,6 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 1781008051

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Capital Flight and Capital Controls in Developing Countries by Gerald A. Epstein Pdf

Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.

Author : Patrick Bond
Publisher : Zed Books Ltd.
Page : 206 pages
File Size : 53,8 Mb
Release : 2013-04-04
Category : Political Science
ISBN : 9781848137288

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Looting Africa by Patrick Bond Pdf

Despite the rhetoric, the people of Sub-Saharan Africa are become poorer. From Tony Blair's Africa Commission and the Make Poverty History campaign to the Hong Kong WTO meeting, Africa's gains have been mainly limited to public relations. The central problems remain exploitative debt and financial relationships with the North, phantom aid, unfair trade, distorted investment and the continent's brain/skills drain. Moreover, capitalism in most African countries has witnessed the emergence of excessively powerful ruling elites with incomes derived from financial-parasitical accumulation. Without overstressing the 'mistakes' of such elites, this book contextualises Africa's wealth outflow within a stagnant but volatile world economy.

Author : Léonce Ndikumana,Mare Sarr
Publisher : Unknown
Page : 24 pages
File Size : 46,6 Mb
Release : 2016
Category : Capital movements
ISBN : 1928281281

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Capital Flight and Foreign Direct Investment in Africa by Léonce Ndikumana,Mare Sarr Pdf

"This paper aims to provide theoretical and empirical insights into the puzzling simultaneous rise in foreign direct investment (FDI) inflows in Africa and capital flight from the continent over the past decades. It specifically explores two questions: Is FDI a potential driver of capital flight? And, is natural resource endowment a possible channel for the capital flight-FDI link? The econometric analysis is based on 32 African countries over the period 1970-2013 using dynamic panel data estimation methods. Three important findings emerge from the analysis. First, while there is no robust evidence that capital flight is fuelled by annual FDI inflows (there is no equivalent to debt-fuelled capital flight), there is a positive relationship between the stock of FDI and capital flight. Second, natural resource endowment is directly related positively to capital flight and resource endowment is associated with a stronger FDI stock-capital flight link, especially in the case of oil. Third, high-quality institutions somehow weaken the link between FDI and capital flight, although they do not completely eliminate the relationship. The results point to potential gains from improvements in institutional quality in African countries through minimizing the contribution of FDI and natural resources to capital flight."--page [1].

Author : Everisto Benyera
Publisher : Springer Nature
Page : 163 pages
File Size : 40,9 Mb
Release : 2021-11-09
Category : Political Science
ISBN : 9783030875244

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Africa and the Fourth Industrial Revolution by Everisto Benyera Pdf

This book examines the epistemological, political, and socio-economic consequences of the Fourth Industrial Revolution (4IR) for Africa. Presenting various case studies on epistemic freedom, theology, race and robotics, tertiary education, political and economic transformation, human capital, and governance, it debates whether the 4IR will be part of the solution to the African problem, namely that of coloniality in its various forms. Solving the African problem using the 4IR requires ethical, just and epistemologically independent leadership. However, the lack of ICT infrastructure militates against Africa’s endeavours to make the 4IR a problem-solving moment. To its credit, Africa possesses some of the major capital needed (human, mineral, and social), and it constitutes a huge market comprising a young population eager to participate in the 4IR as problem-solvers and not as a problem to be solved—as equal citizens and not as the marginalized other.

Author : Kyung-woo Lee,Mr.Markus Haacker,Mr.Raju Jan Singh
Publisher : International Monetary Fund
Page : 28 pages
File Size : 54,6 Mb
Release : 2009-10-01
Category : Business & Economics
ISBN : 9781451873634

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Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa by Kyung-woo Lee,Mr.Markus Haacker,Mr.Raju Jan Singh Pdf

The paper investigates the determinants and the macroeconomic role of remittances in sub-Saharan Africa, assembling the most comprehensive dataset available so far on remittances in the region and incorporating data on the diaspora. It finds that remittances are larger for countries with a larger diaspora or when the diaspora is located in wealthier countries, and that they behave countercyclically, consistent with a role as a shock absorber. Although the effect of remittances in growth regressions is negative, countries with well functioning domestic institutions seem nevertheless to be better at unlocking the potential for remittances to contribute to faster economic growth.

Author : Mr.Simeon Inidayo Ajayi
Publisher : International Monetary Fund
Page : 63 pages
File Size : 55,8 Mb
Release : 1997-06-01
Category : Business & Economics
ISBN : 9781451961119

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An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa by Mr.Simeon Inidayo Ajayi Pdf

The general objective of this study is to analyze the external debt and debt burdens of the severely indebted sub-Saharan African countries, estimate the magnitude of capital flight from them, and relate the estimate of capital flight to some macroeconomic aggregates. The study also contains policy implications of international efforts to deal with the high levels of external debt in sub-Saharan Africa in conditions of extreme poverty, and stagnant and declining exports. It questions the theoretical foundation in which the external debt strategy has been based and offers solutions to the external debt problem.

Author : Gorden Moyo
Publisher : Springer Nature
Page : 192 pages
File Size : 40,7 Mb
Release : 2024-06-15
Category : Electronic
ISBN : 9783031510007

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Africa in the Global Economy by Gorden Moyo Pdf

Author : Benu Schneider
Publisher : Unknown
Page : 92 pages
File Size : 52,5 Mb
Release : 2003
Category : Electronic
ISBN : 085003633X

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Measuring Capital Flight by Benu Schneider Pdf

Author : P. Thandika Mkandawire,Charles Chukwuma Soludo
Publisher : IDRC
Page : 192 pages
File Size : 44,5 Mb
Release : 2014-05-14
Category : Political Science
ISBN : 9781552502044

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Our Continent, Our Future by P. Thandika Mkandawire,Charles Chukwuma Soludo Pdf

Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.