Abstract

http://ssrn.com/abstract=880826
 
 

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Flight Capital as a Portfolio Choice


Paul Collier


University of Oxford - Department of Economics

Anke Hoeffler


University of Oxford - Centre for the Study of African Economies (CSAE)

Catherine A. Pattillo


International Monetary Fund (IMF) - Research Division

December 1999

IMF Working Paper No. 99/171

Abstract:     
This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk-adjusted rate of return on capital. We apply the results to four policy questions: how the East Asian crisis affected domestic capital outflows; herd effects; the effect of the IMF-World Bank debt relief initiative for heavily-indebted poor countries (HIPC) on capital repatriation; and why so much of Africa's private wealth is held outside the continent.

Number of Pages in PDF File: 33

Keywords: Capital flight, portfolio choice

JEL Classification: G11, F21, F32, F34, O16

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Date posted: February 14, 2006  

Suggested Citation

Collier, Paul and Hoeffler, Anke and Pattillo, Catherine A., Flight Capital as a Portfolio Choice (December 1999). IMF Working Paper, Vol. , pp. 1-33, 1999. Available at SSRN: http://ssrn.com/abstract=880826

Contact Information

Paul Collier (Contact Author)
University of Oxford - Department of Economics ( email )
Manor Road Building
Manor Road
Oxford, OX1 3BJ
United Kingdom
Anke Hoeffler
University of Oxford - Centre for the Study of African Economies (CSAE) ( email )
Oxford OX1 3UL
United Kingdom
+44 1865 274 554 (Phone)
+44 1865 274 558 (Fax)
Catherine Pattillo
International Monetary Fund (IMF) - Research Division ( email )
700 19th Street NW
Washington, DC 20431
United States
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