Saxena, Sweta Chaman; Rishi, Meenakshi; Cerra, Valerie - International Monetary Fund (IMF) - 2005
Capital flight may undermine economic growth and the effectiveness of debt relief and foreign aid. This paper is the … first attempt to test whether unsound macroeconomic policies or weak institutions lead to capital flight, using panel data … hypothesis that links debt accumulation and capital flight, and analyzes the contribution of institutions to several channels in …