On The Trail Of Capital Flight From Africa
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On the Trail of Capital Flight from Africa
Author | : Distinguished Professor of Economics and Director of the African Development Policy Program Léonce Ndikumana,Léonce Ndikumana,James K. Boyce |
Publsiher | : Oxford University Press |
Total Pages | : 273 |
Release | : 2022-01-20 |
Genre | : Africa |
ISBN | : 9780198852728 |
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On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Côte d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.
Capital Flight from Africa
Author | : Simeon Ibidayo Ajayi,Léonce Ndikumana |
Publsiher | : Oxford University Press, USA |
Total Pages | : 455 |
Release | : 2015 |
Genre | : Business & Economics |
ISBN | : 9780198718550 |
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A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows
Africa s Odious Debts
Author | : Professor Léonce Ndikumana,James K. Boyce |
Publsiher | : Zed Books Ltd. |
Total Pages | : 132 |
Release | : 2011-10-13 |
Genre | : Social Science |
ISBN | : 9781780321462 |
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In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa’s foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these ‘odious debts’ from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West.
Capital Flight and Foreign Direct Investment in Africa
Author | : Léonce Ndikumana,Mare Sarr |
Publsiher | : Unknown |
Total Pages | : 24 |
Release | : 2016 |
Genre | : Capital movements |
ISBN | : 1928281281 |
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"This paper aims to provide theoretical and empirical insights into the puzzling simultaneous rise in foreign direct investment (FDI) inflows in Africa and capital flight from the continent over the past decades. It specifically explores two questions: Is FDI a potential driver of capital flight? And, is natural resource endowment a possible channel for the capital flight-FDI link? The econometric analysis is based on 32 African countries over the period 1970-2013 using dynamic panel data estimation methods. Three important findings emerge from the analysis. First, while there is no robust evidence that capital flight is fuelled by annual FDI inflows (there is no equivalent to debt-fuelled capital flight), there is a positive relationship between the stock of FDI and capital flight. Second, natural resource endowment is directly related positively to capital flight and resource endowment is associated with a stronger FDI stock-capital flight link, especially in the case of oil. Third, high-quality institutions somehow weaken the link between FDI and capital flight, although they do not completely eliminate the relationship. The results point to potential gains from improvements in institutional quality in African countries through minimizing the contribution of FDI and natural resources to capital flight."--page [1].
Curtailing Capital Flight from Africa
Author | : Léonce Ndikumana |
Publsiher | : Unknown |
Total Pages | : 135 |
Release | : 2017 |
Genre | : Electronic Book |
ISBN | : 3958618006 |
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Capital Punishment Second Edition
Author | : Alan Marzilli |
Publsiher | : Infobase Publishing |
Total Pages | : 135 |
Release | : 2009-01-01 |
Genre | : Electronic Book |
ISBN | : 9781438105949 |
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Bill Bryson s African Diary
Author | : Bill Bryson |
Publsiher | : Random House |
Total Pages | : 60 |
Release | : 2010-03-02 |
Genre | : Travel |
ISBN | : 9781409095576 |
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Bill Bryson goes to Kenya at the invitation of CARE International, the charity dedicated to working with local communities to eradicate poverty around the world. Kenya, generally regarded as the cradle of humankind, is a land of stunning landscapes, famous game reserves, and a vibrant culture, but it also has many serious problems, including refugees, AIDS, drought and grinding poverty. It also provides plenty to worry a nervous traveller like Bill Bryson: hair-raising rides in light aircraft, tropical diseases, snakes, insects and large predators. Bryson casts his inimitable eye on a continent new to him, and the resultant diary, though short in length, contains all his trademark laugh-out-loud wit, wry observation and curious insight. All the author’s royalties from this book, as well as all profits, will go to CARE International.
Self Devouring Growth
Author | : Julie Livingston |
Publsiher | : Duke University Press Books |
Total Pages | : 0 |
Release | : 2019-09-20 |
Genre | : History |
ISBN | : 1478005084 |
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Under capitalism, economic growth is seen as the key to collective well-being. In Self-Devouring Growth Julie Livingston upends this notion, showing that while consumption-driven growth may seem to benefit a particular locale, it produces a number of unacknowledged, negative consequences that ripple throughout the wider world. Structuring the book as a parable in which the example of Botswana has lessons for the rest of the globe, Livingston shows how fundamental needs for water, food, and transportation become harnessed to what she calls self-devouring growth: an unchecked and unsustainable global pursuit of economic growth that threatens catastrophic environmental destruction. As Livingston notes, improved technology alone cannot stave off such destruction; what is required is a greater accounting of the web of relationships between humans, nonhuman beings, plants, and minerals that growth entails. Livingston contends that by failing to understand these relationships and the consequences of self-devouring growth, we may be unknowingly consuming our future.