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Testing a Flow Model of Capital Flight in Five European Countries

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  • Gibson, Heather D
  • Tsakalotos, Euclid

Abstract

This paper examines the problem of capital flight in Europe. The authors calculate the volume of capital flight experienced by five European countries--France, Greece, Italy, Portugal, and Spain--and discuss its importance. A model of the short-run determinants of capital flight is developed, which places particular emphasis on factors reflecting uncertainty, and is then tested.for the five countries. Political risk and expected depreciation were significant for all countries and, in addition, rates of return were significant in the case of Portugal and Spain. The authors conclude by discussing the implications of these results for the process of European integration. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Gibson, Heather D & Tsakalotos, Euclid, 1993. "Testing a Flow Model of Capital Flight in Five European Countries," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(2), pages 144-166, June.
    • Handle: RePEc:bla:manch2:v:61:y:1993:i:2:p:144-66
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    Cited by:

    1. Lensink, Robert & Hermes, Niels & Murinde, Victor, 2000. "Capital flight and political risk," Journal of International Money and Finance, Elsevier, vol. 19(1), pages 73-92, February.
    2. Buch, Claudia M. & Heinrich, Ralph P. & Piazolo, Daniel, 1998. "Southern enlargement of the European Union and capital account liberalization: Lessons for Central and Eastern Europe," Kiel Working Papers 871, Kiel Institute for the World Economy (IfW Kiel).
    3. Yalta, A. Yasemin & Yalta, A. Talha, 2012. "Does financial liberalization decrease capital flight? A panel causality analysis," International Review of Economics & Finance, Elsevier, vol. 22(1), pages 92-100.
    4. Fedderke, J. W. & Liu, W., 2002. "Modelling the determinants of capital flows and capital flight: with an application to South African data from 1960 to 1995," Economic Modelling, Elsevier, vol. 19(3), pages 419-444, May.
    5. Valerie Cerra & Meenakshi Rishi & Sweta Saxena, 2008. "Robbing the Riches: Capital Flight, Institutions and Debt," Journal of Development Studies, Taylor & Francis Journals, vol. 44(8), pages 1190-1213.

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