The revolving door? External debt and capital flight: A Philippine case study
1992; Elsevier BV; Volume: 20; Issue: 3 Linguagem: Inglês
10.1016/0305-750x(92)90028-t
ISSN1873-5991
Autores Tópico(s)Asian Studies and History
ResumoIn recent decades the private citizens of a number of Third World countries accumulated substantial external assets via “capital flight” at the same time their governments incurred large external debts. This paper proposes a classification of hypothetical linkages between capital flight and external debt disbursements, and examines the strength of these linkages in the Philippines during 1962-86. Econometric analysis and anecdotal evidence indicate that large sums of capital flowed into and out of the Philippines through a financial revolving door. On this basis I conclude that there is scope for political and legal challenges to the legitimacy of a substantial fraction of the country's external debt.
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