Download or read book Flight Capital as a Portfolio Choice written by Ms.Catherine A. Pattillo and published by International Monetary Fund. This book was released on 1999-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk-adjusted rate of return on capital. We apply the results to four policy questions: how the East Asian crisis affected domestic capital outflows; herd effects; the effect of the IMF-World Bank debt relief initiative for heavily-indebted poor countries (HIPC) on capital repatriation; and why so much of Africa’s private wealth is held outside the continent.
Download or read book Flight Capital as a Portfolio Choice written by Paul Collier and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among 51 countries studied, there are large regional differences in the proportion of private wealth held abroad, ranging from 3 percent in South Asia to 39 percent in Africa. Three variables explain capital flight in Africa: exchange rate overvaluation, adverse investor risk ratings, and high indebtedness.Collier, Hoeffler, and Pattillo examine flight capital in the context of portfolio choice. They estimate the stock of flight capital held abroad and compare it with the stock of real (nonfinancial) capital held within each country.For 51 countries, they construct estimates (as of 1990) of private domestic capital and flight capital - which combined add up to domestic wealth.There are large regional differences in the proportion of private wealth that is held abroad, ranging from 3 percent in South Asia to 39 percent in Africa.They explain differences in portfolio choice in terms of the capital to labor ratio, indebtedness, exchange rate distortions, and risk ratings - all proxies for differences in the risk-adjusted rate of return on capital.They then apply the results to four policy questions in which private portfolio choices are potentially important: the effect of the East Asian crisis on domestic capital outflows; spillovers; the effect of HIPC debt relief on capital repatriation; and why Africa has so much of its private wealth outside the continent. Their conclusions:- The four most severely affected East Asian countries will eventually lose about $250 billion in domestic wealth as a result of the deterioration in risk between March 1997 and September 1998.- They found some support for a spillover model.- The effect of the HIPC debt relief initiative on capital repatriation will vary massively between HIPC-eligible countries.- Africa has by far the lowest capital per worker, which makes massive capital flight from Africa all the more distinctive. Three variables explain capital flight in Africa: exchange rate overvaluation, adverse investor risk ratings, and high indebtedness.This paper - a joint product of the Development Research Group and the International Monetary Fund - is part of a larger effort to understand how growth in low income countries can be increased.
Download or read book Capital Flight and Violent Conflict A Review of the Literature written by Victor A. B. Davies and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Econometric Analysis of Capital Flight from Nigeria written by Akanni O. Lawanson and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flight written by John T. Cuddington and published by . This book was released on 1986 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flight from Africa written by Simeon Ibidayo Ajayi and published by Oxford University Press, USA. This book was released on 2015 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Asset Markets Portfolio Choice and Macroeconomic Activity written by T. Asada and published by Springer. This book was released on 2011-05-27 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book extends the KMG framework (Keynes, Meltzer, Goodwin) and focuses on financial issues. It integrates Tobin's macroeconomic portfolio approach and emphasizes the issue of stock-flow consistency.
Download or read book Strategic Asset Allocation written by John Y. Campbell and published by OUP Oxford. This book was released on 2002-01-03 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.
Download or read book The Bottom Billion written by Paul Collier and published by Oxford University Press, USA. This book was released on 2008-10-02 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bottom Billion is an elegant and impassioned synthesis from one of the world's leading experts on Africa and poverty. It was hailed as "the best non-fiction book so far this year" by Nicholas Kristoff of The New York Times.
Download or read book Tax Cooperation in an Unjust World written by Allison Christians and published by Oxford University Press. This book was released on 2021 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The way that nation states design their tax systems impacts the sharing of resources and wealth within and across societies. To date, wealthy countries have made tax policy design and coordination choices which allow them to claim more than they are justifiably entitled to from the global economy. In Tax Cooperation in an Unjust World, Allison Christians and Laurens van Apeldoorn show how this presently accepted reality both facilitates and feeds off continued human suffering, and therefore violates conceptions of international distributive justice. They examine two principles that govern tax cooperation across states, and explain how the current international tax order impedes their realization. They then show how states could work toward fulfilling the principles and building a fairer international tax system via incremental yet effective adaptation of key international tax norms and rules.
Download or read book Africa s Odious Debts written by Léonce Ndikumana and published by Bloomsbury Publishing. This book was released on 2011-10-13 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Draining development written by Peter Reuter and published by World Bank Publications. This book was released on 2012-02-01 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing concern among those interested in economic development is the realization that hundreds of billions of dollars are illicitly flowing out of developing countries to tax havens and other financial centers in the developed world. This volume assesses the dynamics of these flows, much of which is from corruption and tax evasion.
Download or read book Finance and Development written by Christopher J. Green and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new book a group of 18 distinguished authors presents comprehensive surveys of current issues in the field of finance and development. . . This book nicely bridges the gap between general research on the role of finance for economic growth and the role finance plays for developing economies and poverty reduction. . . Moreover, the authors identify a great number of promising ideas for future research. . . Ryszard Kokoszczynski, SUERF Newsletter The European Money & Finance Forum In the last two decades, the role of finance in the development process has become a major topic of research and debate. Although it is widely agreed that there is an important link between the two, there is much less consensus on the exact nature of the relationship. Is financial development a prerequisite for general economic development, or is it a more passive by-product of the development process? In this valuable new book, a distinguished group of authors takes stock of the existing state of knowledge in the field of finance and the development process. Each chapter offers a comprehensive survey and synthesis of current issues. These include such critical subjects as savings, financial markets and the macroeconomy, stock market development, financial regulation, foreign investment and aid, financing livelihoods, microfinance, rural financial markets, small and medium enterprises, corporate finance and banking. This book will be accessible to postgraduate and advanced undergraduate students of finance and development. It will also be an essential reference source for all professionals and academics working in this area who want to learn how finance can contribute to the development process and poverty reduction.
Download or read book Africa s Pulse No 18 October 2018 written by Cesar Calderon and published by World Bank Publications. This book was released on 2018-10-03 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Africa's Pulse is a biannual publication containing an analysis of the near-term macroeconomic outlook for the region. Each issue also includes a section focusing upon a topic that represents a particular development challenge for the continent. It is produced by the Office of the Chief Economist for the Africa Region of the World Bank. Recent data point to a weakening of economic growth in Sub-Saharan Africa in 2018, according to the new Africa's Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank. The growth slowdown can be attributed to the lower than expected performance of the large countries in the region (South Africa and Nigeria). The downswing reflects poorer performance in agriculture following droughts and lower performance of commodity sectors."
Download or read book The Study of Africa Volume 2 Global and Transnational Engagements written by Tiyambe Zeleza and published by African Books Collective. This book was released on 2006-06-15 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second of a two-volume work taking stock of the study of Africa in the twenty-first century: its status, research agenda and approaches, and place. It is divided into two parts, the first entitled Globalisation Studies and African Studies, and the second, African Studies in Regional Contexts. Topics addressed in part one include: trans-boundary formations and the study of Africa; global economic liberalisation and development in Africa; African diasporas, academics and the struggle for a global epistemic presence; and the problem of translation in African studies. Part two considers: African and area studies in France, the US, the UK, Australia, Germany and Sweden; anti-colonialism and Russian/soviet African studies; African studies in the Caribbean in historical perspective; the teaching of African history and the history of Africa in Brazil; African studies in India; African studies and historiography in China in the twenty-first century; and African studies and contemporary scholarship in Japan.
Download or read book The Study of Africa Volume 2 Global and Transnational Engagements written by Paul Tiyambe Zeleza and published by African Books Collective. This book was released on 2006 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second of a two-volume work taking stock of the study of Africa in the twenty-first century: its status, research agenda and approaches, and place. It is divided into two parts, the first entitled Globalisation Studies and African Studies, and the second, African Studies in Regional Contexts. Topics addressed in part one include: trans-boundary formations and the study of Africa; global economic liberalisation and development in Africa; African diasporas, academics and the struggle for a global epistemic presence; and the problem of translation in African studies. Part two considers: African and area studies in France, the US, the UK, Australia, Germany and Sweden; anti-colonialism and Russian/soviet African studies; African studies in the Caribbean in historical perspective; the teaching of African history and the history of Africa in Brazil; African studies in India; African studies and historiography in China in the twenty-first century; and African studies and contemporary scholarship in Japan.
Download or read book Good Growth and Governance in Africa written by Akbar Noman and published by Blackstone Press. This book was released on 2012 with total page 611 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume reflects the highlights of their deliberations.
