Why Is There Capital Flight from Developing Countries? The Case of Madagascar

Abstract

Abstract Like many other developing countries, Madagascar has not been spared from capital flight. This phenomenon has worsened over time, particularly during the recent period of political transition. This study seeks to identify the potential determinants of capital flight by carrying out a descriptive analysis of data and estimating VAR models. It finds that capital flight was fueled by external borrowing, and argues that capital flight was also driven by institutional deficiencies.

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