Uji Kausalitas: Utang Luar Negeri dan Capital Flight di Indonesia, 1974-2002

Dini Yuniarti ()

Economic Journal of Emerging Markets, 2005, vol. 10, issue 3

Abstract: Some economists have argued that there is no relationship between external debt and capital flight, while others have detected such a relation. Boyce and Ndikumana (2002) distinguish four possible causal links such as, debt-driven capital flight, debt fueled capital flight, flight-driven capital flight, and flight fueled external borrowing.The study examines a causal relationship between external debt and capital flight of Indonesia for the period 1974-2002. We use error correction model to examine a causal rela¬tionship. We find external debt related to capital flight on Indonesia as a feedback/bilateral causality. This empirical evidence supports the debt fueled capital flight and flight fueled external borrowing hypothesis. Keywords: causal relationship, external debt, capital flight

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:uii:journl:v:10:y:2005:i:3:id:614

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