منابع مشابه
Political risk and capital flight
Capital flight often amounts to a substantial proportion of GDP in developing countries. This paper presents a portfolio choice model that relates capital flight to return differentials, risk aversion, and three types of risk: economic risk, political instability, and policy variability. Estimating the equilibrium capital flight equation for a panel of 45 developing countries over 16 years, all...
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Beginning in the mid-1980s, the phenomenon of capital flight from developing countries received considerable attention in the economics literature. Capital flight destroys the domestic macroeconomic environment and decreases transparency and accountability. It restricts financial resources when a country is looking for economic growth and development. The purpose of this article is to measure t...
متن کاملModelling Stochastic Political Risk for Capital Budgeting
In this paper we model political risk for international capital budgeting as the value of a hypothetical insurance policy that pays the holder any and all losses arising from political events. We address three important aspects of political risk that are widely acknowledged in the literature but either missing or incomplete in existing mathematical models: 1) loss causing political events arise...
متن کاملCapital Taxation under Political Constraints
This paper studies optimal dynamic tax policy under the threat of political reform. A policy will be reformed ex post if a large enough political coalition supports reform; thus, sustainable policies are those that will continue to attract enough political support in the future. We find that optimal marginal capital taxes are either progressive or U-shaped, so that savings are subsidized for th...
متن کاملReversing Ethiopia’s Intellectual Capital Flight
Recently, the Ethiopian Government drafted a five year plan (2010 to 2015) to achieve the country’s economic growth. When Ethiopia’s Growth and Transformation plan was analyzed in light of the new growth theory and traced historically in terms of the push and pull factors that contributed to the flight of skilled Ethiopians to more advanced countries, it was found that over the years Ethiopia h...
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2000
ISSN: 0261-5606
DOI: 10.1016/s0261-5606(99)00034-0