Suchergebnisse

THE ISSUE OF PRIVATE CAPITAL OUTFLOWS FROM DEVELOPING COUNTRIES IS IMPORTANT BECAUSE FUTURE LENDING WILL HINGE ON RESPONSES TO THE PROBLEM BY BOTH BORROWERS AND LENDERS. FOREIGN BANKERS MAY BE UNWILLING TO MAKE LOANS THAT WOULD MERELY FINANCE FUTURE CAPITAL FLIGHT. CAPITAL FLIGHT IS OFTEN DEFINED AS SHORT TERM OUTFLOWS FOR SPECULATIVE PURPOSES, RESULTING FROM POLITICAL OR ECONOMIC UNCERTAINTY AT HOME. THE AUTHORS CONTEND THAT THIS DOES NOT COVER ALL THE ASPECTS AND CHOOSE INSTEAD TO DEFINE IT AS "THE DIFFERENCE BETWEEN TOTAL PRIVATE CAPITAL OUTFLOWS AND THE PART FOR WHICH INTEREST INCOME IS IDENTIFIED AND REPORTED." THEY DISCUSS LEGAL AND ILLEGAL CAPITAL FLIGHT AND VARIOUS BLACK MARKET AND UNDERGROUND METHODS OF TRANSFERRING FUNDS OUT OF A COUNTRY. BECAUSE OF THE DEVIOUS CHANNELS THROUGH WHICH IT MOVES, IT IS DIFFICULT TO OBTAIN ACCURATE ESTIMATES ABOUT THE SIZE OF CAPITAL OUTFLOW.

The developing economies of the Asia Pacific Economic Cooperation (APEC) have been the recipients of a considerable volume of capital inflows in the 1990s. Given the increased integration of capital markets, it is not surprising that monetary control became more difficult for many developing APEC economies. Formulating an appropriate policy response has naturally been important. The three papers that make up this Occasional Paper each examine different aspects of these issues

This is the first of a group of papers dealing with various aspects of Fund-supported adjustment programs. The other two, The Global Effects of Fund-supported Adjustment Programs by Morris Goldstein and Fund-Supported Programs, Fiscal Policy, and Income Distribution by the Fiscal Affairs Department, will also be published in the Fund's Occasional Paper Series

Contributed articles on economic policy in South Asia presented at Fourth Annual SANEI Conference at Dhaka, in 2002 initiated by South Asia Network of Economic Research Institutes

Intro -- Contents -- Preface -- 1. Introduction -- Part I: External Debt -- 2. Macroeconomic Approach to External Debt: The Case of Nigeria -- 3. Ghana: The Burden of Debt-Service Payment Under Structural Adjustment -- 4. Growth and Foreign Debt: The Ugandan Experience -- 5. The External Debt Problem of Kenya -- 6. An Econometric Analysis of External Debt and Economic Growth in Sub-Saharan African Countries -- Part II: Capital Flight -- 7. Capital Flight and External Debt in Nigeria -- 8. Capital Flight from Uganda, 1997-94 -- 9. Capital Flight from Tanzania -- 10. Capital Flight in Kenya -- Contributors.