An ARDL Approach to Evaluating Illicit Financial Flows & Economic Development in Zimbabwe

Lawrence Dumisani Nyathi. and Japhet Mutale
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Lawrence Dumisani Nyathi.: National University of Science and Technology, PO Box AC 939, Ascot, Bulawayo, Zimbabwe
Japhet Mutale: National University of Science and Technology, PO Box AC 939, Ascot, Bulawayo, Zimbabwe

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 9, 224-237

Abstract: This study examines the nexus between Illicit Financial Flows (IFFs) on economic development in Zimbabwe. The study data covered the period 2000 -2023 using an econometric analysis applying the Autoregressive Distributed Lag (ARDL) regression model to assess the relationship between IFFs and economic development in Zimbabwe. Most empirical studies on developing countries show that in both short and long run. IFFs continue to jeopardize Zimbabwe’s economic stability and impede socioeconomic advancement despite attempts to redress such activities by government and other stakeholders. Illicit financial flows (IFFs) are a big barrier to Zimbabwe’s growth. Prevalence of illicit financial flows has ensured capital flight has costed the entire continent of billions of US dollars. The various forms of IFFs not only reduce the revenue base of the economy but its multiplier effects have resulted in stunted economic development. This supports the continued call for policymakers and government to develop effective policies to deter and control these activities.

Date: 2024
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