Capital Flight and Economic Performance

Edsel Beja

MPRA Paper from University Library of Munich, Germany

Abstract: Capital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroeconomy more effectively, the Philippines remains caught in the perpetuity of crises, its economy hollowed-out, the people trapped in poverty, and once again, the country is frustrated from realizing a takeoff.

Keywords: Capital flight; economic growth; Philippines (search for similar items in EconPapers)
JEL-codes: E10 O40 O53 (search for similar items in EconPapers)
Date: 2007-02-12, Revised 2007-09-12
New Economics Papers: this item is included in nep-dev and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:4885

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