Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD The postulates of the portfolio-choice theory which suggests that capital flight is driven by relative riskadjusted expected return is true in the Nigerian case and that of South-Africa. In other words, differentials in interest rates as measured by the risk-premium which is, the difference between short-term commercial banks’ deposit rates in Nigeria and South-Africa and, the 3-month Eurodollar rate (representing the World interest rates) significantly explains capital flight. The significant negative relationship reported is in conformity with theory and practice. This implies that as the foreign rate grows over and above the domestic rate, more funds are diverted away from the domestic economy and this contributes significantly to the growth in capital flight in Nigeria and South-Africa. Political instability is confirmed to be a significant factor fuelling capital flight in agreement with Ajayi (2000). One limitation of this study is the inability to capture corruption level which is assumed to be a major determinant of capital flight anywhere. More research efforts are needed on the appropriate estimation of transparency or corruption index measures in Nigeria and South-Africa. Governments of third world countries must therefore put in place measures to curb corruption and political instability in order to reverse the tide of capital flight. Based on the above therefore, Nigeria and South-Africa must initiate serious economic reforms which targets macro-economic stability, removal of structural distortions and creation of a conducive environment for enhancing domestic production capacity. For instance, targeting inflation in the economy, stabilization of domestic currency and strengthening the international reserve base and the competitiveness of domestic interest rate with the world interest rate. Price stability is the key to macroeconomic stability and, investment is the driving factor of economic growth. Governments of developing countries must strive towards reducing country risk or macro-economic risk so as to stop the tide of capital flight. In addition, government in developing countries should reduce their fiscal deficits since this induces over-borrowing and encourages capital flight. In addition to the above, the existing tax structure must be made conducive by reducing disincentives to productivity and incentives for tax evasion. Financial uncertainty in any economy must be removed so as to curb further capital flight and to reverse the trend in its growth. Lastly, developing countries must focus on investment in infrastructure and other productive aiding facilities. They must create an enabling environment that motivates asset-holders to keep their wealth in domestic currency while repatriating streams of flows from foreign assets. References Ajayi S. I. (1992) An Economic Analysis of Capital Flight from Nigeria. Policy Research Working Papers, Country Operations. World Bank WPS 993 A. Ayadi, F.S. (2009) “Determinants of Capital Flight in Developing Economies: A Study of Nigeria.” Oxford Journal (OJ). Association of Business and Economics Research (ABER). Volume 8(1), pages 177 – 190. Boyce, J. (1992) The Revolving Door External Debt and Capital Flight; A Philippine Case Study. World Development. 20(3), 335-349. Boyce, J. & Ndikumana L. (2001) Is Africa a Net Creditor? New Estimates of Capital Flight from Severely Indebted Sub-Saharan African Countries, 1970-96. Journal of Development Studies. 38, 27-56. Demir, F. (2004) A Failure Story: Politics and Financial Liberalization in Turkey, Revisiting the Revolving Door Hypothesis. World Development. 32(5), 851-869. Dooley, M. P. (1986) Country Specific Risk Premiums, Capital Flight, and Net Investments in Selected Developing Countries. International Monetary Fund – Unpublished Memo IMF March. Eryar D. (2005) Capital Flight from Brazil (1981 -2000). In G. Epstein (Ed.) Capital Flight and Capital Controls in Developing Countries. Edward Elgar Spring. 260
Challenges in the Era of Globalization Edited by Emmanuel Obuah Fatehi, K. (1994) Capital Flight from Latin America as a Barometer of Political Instability. Journal of Business Research. 30. Hermes, N. & Lensink, R. (1990) The Magnitudes and Determinants of Capital Flight: The Case of Six Sub-Saharan Countries. Gronigen the Netherlands: University of Gronigen (September, Mimeographed). Khan, M. S. & Haque, N. U. (1985) Foreign Borrowing and Capital Flight: A Formal Analysis. International Monetary Fund staff paper. 32. Mohammed, S. and Finnoff, K. (2004) Capital Flight from South-Africa, 1980-2000. TIPS/DPRU/Cornell University Forum 2004. African Development and Poverty Reduction: The Macro-Micro Linkage. Ndikumana, L. & Boyce, J. K. (2002) Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries. PERI Working Paper, 32. --- (2009) Capital Flight from Sub-Saharan Africa: Linkages with external Borrowing and Policy Options. Forthcoming in International Review of Applied Economics. Ng‘eno, N. K (2000) Capital Flight in Kenya. In S. I. Ajayi & S. K. Mohsin (Ed.), External Debt and Capital Flight in Sub-Saharan Africa. International Monetary Fund. Chap.5. The Economist Intelligence Unit (EIU) (2008) CountryData – Annual Time Series 1980 – 2007. UNECA (2005) Capital Flows and Current Account Sustainability in African Economies. Workshop Organized by Economic and Social Policy Division (ESPD). 21-22 September. 2005. Accra, Ghana. 261
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Relationship Commitment Total 1264.
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Abstract Marketing Nigerian medicin
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Conclusion Dissatisfied 6 3.4 3.6 7
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Abstract Customer satisfaction with
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Conclusion Challenges in the Era of
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Results Challenges in the Era of Gl
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Figure1.1Inflation and Indexation R
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Football Spectatorship Challenges i
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