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http://ssrn.com/abstract=227959
 
 

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Capital Flight, External Debt and Domestic Policies


Michael P. Dooley


University of California at Santa Cruz; National Bureau of Economic Research (NBER)

Kenneth M. Kletzer


University of California at Santa Cruz; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

July 1994

NBER Working Paper No. w4793

Abstract:     
It is now well documented that capital flight has been a dominant feature of capital movements between developing and industrial countries. Since 1988 reductions in the stock of flight capital more than account for private capital flows to emerging markets. This suggests that what appears to be a diversification of portfolios of residents of developed countries may be a restoration of 'home bias' in the portfolios of residents of developing countries. We show that changes in the stock of capital flight can increase or decrease welfare depending on the structure of distortionary taxes and subsidies on capital income and the effects of capital flight on the tax base.

Number of Pages in PDF File: 32

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Date posted: May 16, 2000  

Suggested Citation

Dooley, Michael P. and Kletzer, Kenneth M., Capital Flight, External Debt and Domestic Policies (July 1994). NBER Working Paper No. w4793. Available at SSRN: http://ssrn.com/abstract=227959

Contact Information

Michael P. Dooley (Contact Author)
University of California at Santa Cruz ( email )
Santa Cruz, CA 95064
United States
510-459-3662 (Phone)
510-459-5900 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Kenneth M. Kletzer
University of California at Santa Cruz ( email )
Santa Cruz, CA 95064
United States
(408) 459-3407 (Phone)
(408) 459-5000 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Poschinger Str. 5
Munich, DE-81679
Germany
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