The Determinants Of Capital Flight: Evidence From MENA Countries

Nedal A. Al‐Fayoumi · Marwan Alzoubi · Bana M. Abuzayed

22 citations0/0 files storedInternational Business & Economics Research Journal (IBER)

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

This paper examines the determinants of capital flight in seven Middle East and North Africa (MENA) countries during the period of 1981-2008. The results are robust to four econometrics techniques: Ordinary least Squares, Fixed effects, Random Effects, and Seemingly Unrelated Regression Model. The empirical findings indicate that the capital flight in MENA countries is driven mainly by lag capital flight, external debt, foreign direct investment, real GDP growth rate and uncertainty. Based on these results, the paper recommends that governments in these countries should manage their external debt efficiently, and stabilize their monetary and macroeconomic policies in order to staunch capital flight.

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References

2001Bounds testing approaches to the analysis of level relationships 1992The order of economic liberalization: financial control in the transition to a market economy 2002Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries 2003Determinants of Capital Flight: An econometric case study of Bangladesh 1988Capital Flight and Third World Debt 1986World Development Report 1986 2022New Estimates of Capital Flight from Sub-Saharan African Countries: Linkages with External Borrowing and Policy Options 2001Capital flight and the uncertainty of government policies

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