An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa

Simeon Ajayi

No 1997/068, IMF Working Papers from International Monetary Fund

Abstract: The general objective of this study is to analyze the external debt and debt burdens of the severely indebted sub-Saharan African countries, estimate the magnitude of capital flight from them, and relate the estimate of capital flight to some macroeconomic aggregates. The study also contains policy implications of international efforts to deal with the high levels of external debt in sub-Saharan Africa in conditions of extreme poverty, and stagnant and declining exports. It questions the theoretical foundation in which the external debt strategy has been based and offers solutions to the external debt problem.

Keywords: WP; export ratio; hot money; capital flight reversal; capital flight estimate; external debt; capital flight issue; GNP ratio; Capital outflows; Debt burden; Debt service; Exports; Sub-Saharan Africa; Africa (search for similar items in EconPapers)
Pages: 62
Date: 1997-06-01
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