Capital flight and external debt in Heavily Indebted Poor Countries in Sub-Saharan Africa An empirical investigation /
Over the past few decades, Sub-Saharan African countries, in their bid to achieve economic growth and development have resorted to external borrowings, propelling them to the status of Heavily Indebted Poor Countries (HIPC), when their debt reached unsustainable levels in the early 2000s. Unfortunat...
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| Dokumentumtípus: | Könyv része |
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JATE Press Szegedi Egyetemi Kiadó
Szeged
2018
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| Sorozat: | Challenges in national and international economic policies
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| mtmt: | 3322058 |
| Online Access: | http://publicatio.bibl.u-szeged.hu/21856 |
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| 520 | 3 | |a Over the past few decades, Sub-Saharan African countries, in their bid to achieve economic growth and development have resorted to external borrowings, propelling them to the status of Heavily Indebted Poor Countries (HIPC), when their debt reached unsustainable levels in the early 2000s. Unfortunately, the economies of these countries reported only steady growth with successive periods of high inflation and undesirable balance of payments deficits, leading scholars to ask whether external debt really can contribute to growth. At the same time, there is now considerable evidence that the build-up in debt was accompanied by increasing capital flight from the region. Employing Pooled Mean Group (PMG) estimation and datasets from 1990 to 2012, this paper investigated the apparent positive relationship between capital flight and external debt in Sub-Saharan Africa, taking Heavily Indebted Poor Countries in the region as a case study. The results revealed that external debt exerted a positive and statistically significant effect on capital flight both in short and long-run, suggesting that if foreign borrowing remains unchecked, it will continue to lead to massive capital outflow in Heavily Indebted Poor Countries in Sub-Saharan Africa. | |
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