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Capital flight, foreign direct investment and natural resources in Africa

机译:资本飞行,非洲外国直接投资和自然资源

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This paper provides theoretical and empirical insights into the puzzling simultaneous rise in foreign direct investment inflows in Africa and capital flight from the continent over the past decades. Indeed, paradoxically, even as African countries have become more attractive to foreign private capital, they have continued to experience capital exodus in the context of improved economic performance, especially since the turn of the century. This paper explores three questions. First, does foreign direct investment fuel capital flight as has been established in the case of external borrowing? In other words, is there an FDI-fueled capital flight phenomenon akin to debt-fueled capital flight? Second, is natural resource endowment a possible channel for the capital flight-FDI link, given that resource-rich countries tend to be both preferred destinations of FDI and prominent sources of capital flight? Third, does the quality of institutions mitigate the impact of natural resources on capital flight? The paper develops a theoretical model that conceptualizes these linkages and sets the stage for an econometric investigation of these questions. The results from econometric analysis based on a sample of 30 African countries over the period 1970-2015 show that FDI flows are positively related to capital flight, suggesting a possible FDI-fueled capital flight phenomenon. However, there is no evidence for an FDI overhang effect; past stock of FDI has no impact on capital flight. High natural resource rents are associated with high capital flight and the quality of institutions does not mitigate this link. The paper offers some policy insights derived from the empirical results.
机译:本文为过去几十年来提供了对非洲外国直接投资流入的令人费解的同时崛起的理论和实证见解,并在过去几十年内从大陆的资本飞行。事实上,矛盾的是,即使是非洲国家对外国私人资本变得更具吸引力,他们在改善经济绩效的背景下,他们继续在经济绩效改善的背景下经历资本埃及,特别是自世纪之交。本文探讨了三个问题。首先,外国直接投资燃料资金飞行是否已在外部借款的情况下成立?换句话说,是否有一个外国直接投资资本飞行现象,类似于债务燃料资本飞行?其次,自然资源禀赋是资本飞行直接投资链接可能的渠道,因为资源丰富的国家往往是外商直接投资的首选目的地和突出的资本飞行来源?第三,机构的质量是否会降低自然资源对资本航班的影响?本文开发了一个理论模型,概念化这些联系,并设定了对这些问题的计量计量调查的阶段。在1970 - 2015年期间,基于30个非洲国家的样本的计量经济分析结果表明,外国直接投资流量与资本飞行有关,建议采取外商直接投资推动的资本飞行现象。但是,没有证据表明FDI悬垂效应;过去的FDI库存对资本飞行没有影响。高自然资源租金与高资本飞行有关,机构的质量不会减轻此链接。本文提供了一些源自经验结果的政策洞察力。

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