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Book Book Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Capital flight from Africa: causes, effects, and policy issues
Editors:Ajayi, Ibi
Ndikumana, LéonceISNI
Year:2015
Pages:436
Language:English
City of publisher:Oxford
Publisher:Oxford University Press
ISBN:0198718551; 9780198718550; 9780191788000
Geographic term:Africa
Subjects:capital
capital movements
tax evasion
elite
institutions
monetary policy
economic policy
Abstract:Capital flight imposes heavy economic costs on African economies. In addition, capital flight has important social and political economy implications. The culprits and beneficiaries of capital flight are typically members of the African economic and political elites that are able to take advantage of their socio-economic status to accumulate wealth. This collective work covers economic and institutional aspects of capital flight, as well as domestic and global dimensions. It is organized into four parts. The first part sets the stage by providing a rationale for why we should care about capital flight from African countries. It takes stock of the existing evidence on the nature, causes, and consequences of capital flight, and provides recent data on the magnitude of capital flight from 39 African countries as well as an analysis of the impact of capital flight on economic development in general, and on poverty reduction in particular. The second part presents a technical analysis of the economic dimensions of capital flight. The third part explores the domestic and international institutional environment and its relevance for capital flight and stolen asset recovery. It discusses the role of governance, tax evasion, and secrecy jurisdictions in driving capital flight. The last part of the book offers suggestions for strategies to address the problem of capital flight from African countries. Chapters: Introduction: Scale, causes, and effects of capital flight from Africa (S. Ibi Ajayi and Léonce Ndikumana); Part l. Why care about capital flight? Capital flight from Africa: measurement and drivers (Léonce Ndikumana, James K. Boyce, and Ameth Saloum Ndiaye); Capital flight and economic developrnent in Africa (S. Ibi Ajayi); Capital flight and poverty reduction in Africa (Janvier D. Nkurunziza). Part ll. Economic dimensions. Capital flight and flow of funds (Victor Murinde, Chris Shimba Ochieng, and Qingwei Meng); Capital flight and monetary policy in Africa (Hyppolyte Fofack and Léonce Ndikumana); Financial liberalization and capital fight: evidence from the African continent (Niels Hermes and Robert Lensink); Capital flight and the financial system (Isabella Massa); Macroeconomic impact of capital flight in Sub-Saharan Africa (John Weeks); Part III. Institutional dimensions. Natural resources and capital flight: a role for policy? (Rabah Arezki, Gregoire Rota-Graziosi, and Lemma W. Senbet); Governance and illicit financial flows (Melvin D. Ayogu and Folarin Gbadebo-Smith); Tax evasion and capital flight in Africa (Abbi M. Kedir); Capital flight, safe havens, and secrecy jurisdictions (Frank Barry); Illicit financial flows and stolen assets value recovery (Melvin D. Ayogu and Julius Agbor); Capital flight and institutional frameworks to promote transparency (Humphrey P. B. Moshi). Part IV. Conclusion. Strategies for addressing capital flight (James K. Boyce and Léonce Ndikumana). [ASC Leiden abstract]
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