Co-Movement between Macroeconomic Variables and Capital Flight

Ahmed Hunjra (), Hasnain Mehmood () and Haroon Bakari ()

Asian Economic and Financial Review, 2018, vol. 8, issue 9, 1185-1195

Abstract: This study investigates co-movement among macroeconomic variables and capital flight in Pakistan. The empirical estimation is based on time series data for a period of 30 years from 1983 to 2013. We collect data from World Development Indicator (WDI). We apply Auto Regressive Distributive Lag (ARDL) through Bounds Testing (BT) to estimate the long run relationship. In order to estimate short run dynamic, this study employs Error Correction Model (ECM). This study finds that the presence of a long-term association between capital flight and its determinants.

Keywords: Capital flight; Budget deficit; Exchange rate; Capital flow; Financial reserve; Interest rate differential. (search for similar items in EconPapers)
Date: 2018
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