References
Acemoglu, D., Johnson, S., Robinson, J., & Thaicharoen, Y. (2003). Institutional causes, macroeconomic symptoms: Volatility, crises and growth. Journal of Monetary Economics, 50 (1), 49-123. Ahmad, B., & Sahto, Q. (2015). Determinants of capital flight in pakistan. IBT Journal of Business Studies (Formerly Journal of Management and Social Sciences),11(4), 234- https://www.researchgate.net/publication/296253143 Ali, A. & Walters, B. (2010). Causes of capital flight from Sub-Saharan Africa. University of Manchester Working Papers. 4(2), 234-287 Asongu, S., & Nwachukwu, J. (2020). Fighting capital flight in Africa: Evidence from bundling and unbundling governance. Working Papers of the African Governance and Development Institute. African Governance and Development Institute. No 16/047. Assibey, D., & Danquah, R. (2017). An econometric investigation of capital flight. Applied Economics Journal. 23 (1), 73- 85 Boyce, J. K., & Ndikumana, L. (2012). Capital Flight from Sub-Saharan African Countries: Updates 1970-2010. PERI Research Report, Amherst. Domfeh, K. O. (2015). Capital Flight and Institutional Governance in Sub-Saharan Africa: The Role of Corruption. An unpublished M.Sc. thesis submitted to University of Ghana. available at http://197.255.68.203/handle/123456789/8505 Hermes, N., & Lensink, R. (2002). Capital flight and the uncertainty of government policies, Economics Letters, 71(3), 377-381 Kar, D., & Spangers, J. (2015). Illicit Financial Flows from Developing Countries: 2004-2013. Global financial integrity journal http://www.gfintegrity.org/issue/illicit-financial-flows/ Kiss, G. D., & Isaac K. A. (2018). Macro-economic Volatility and Capital Flight in SSA: A Dynamic Panel Data Estimation of some selected HIPC Countries. Mediterranean Journal of Social Science, 9(5), 160-169 Le, Q., & Zak, P. (2006). Effect of Political risk on capital flight. Journal of Finance, 25(2), 308- 329 Le, Q., & Zak, P. (2008). Political Risk and Capital Flight. Journal of International Money and Finance, 25, 67-74 Ndikumana, L., & Boyce, J. K. (2019). Capital flight, foreign direct investment and natural resources in Africa. Working Paper, No. 2019-12, University of Massachusetts, Department of Economics, Amherst, MA. http://hdl.handle.net/10419/202966 Nwagi,W. M., Njuguna, A. G., & Achoki, G. O. (2019). Relationship between foreign direct investment and capital flight in Kenya: 1998-2018. Integrated Journal of Business and Economics, 4(5), 251-267. APPENDIX Table A1: Capital Flight by Countries: 1985-2020 mean Values in 2020 constant US$ Billions, Computed under the Seven Methods of HOT, WB, MISINV, HWM, HM, HW and MW Countries HOT WB MISINV HWM HM HW MW 1 Algeria -9.75 1.52 4.72 2.82 2.28 2.00 4.95 2 Angola -7.58 9.61 12.6 8.59 3.83 6.36 15.19 3 Benin -6.31 0.11 0.15 0.22 0.19 0.19 0.18 4 Botswana -6.23 0.27 -1.1 -1.11 -1.46 -0.94 -0.93 5 Burkina Faso -5.98 0.11 -0.59 -4.99 -5.98 -5.01 -0.51 6 Burundi -1.28 0.12 0.32 0.53 0.54 0.48 0.34 7 Cameroon -0.82 0.09 0.92 1.13 1.26 0.99 0.89 8 Cape Verde -0.34 0.01 0.38 0.15 0.16 0.08 0.36 9 Central African Republic -0.3 0.07 0.19 0.08 0.05 0.05 0.2 10 Chad - 1.66 0.23 1.54 0.77 1.51 0.81 11 Comoros - - 0.04 0.08 0.1 0.08 0.04 12 Congo, Dem.Rep. - -1.19 0.78 0.26 1.04 0.14 0.31 13 Congo, Rep. - 3.88 1.37 5.17 3.65 4.98 2.66 14 Cote d'Ivoire - 0.55 -2.59 4.85 5.46 5.43 -2.23 15 Djibouti - 0.53 1.84 1.91 1.89 1.61 1.91 16 Egypt - 2.8 0.42 4.74 3.85 4.74 1.39 17 Equatorial Guinea 0.01 - 2.32 0.41 0.44 - 2.17 18 Eritrea 0.02 - - - - - - 19 Eswatini 0.8 0.43 0.64 1.06 0.88 0.23 0.49 20 Ethiopia 0.04 - 8.18 5.39 6.21 4.02 7.65 21 Gabon 0.04 0.39 0.94 0.09 -0.16 -0.08 1.02 22 Gambia 0.06 0.08 0.19 0.18 0.16 0.15 0.21 23 Ghana 0.09 -0.6 8.98 5.4 6.59 3.9 8.18 24 Guinea 0.09 -0.44 4.05 1.39 1.83 0.69 3.63 25 Guinea-Bissau 0.13 0.41 -0.13 5.14 5.85 5.28 0.02 26 Kenya 0.16 -1.77 1.11 1.47 2.84 1.33 0.41 27 Lesotho 0.21 -0.29 0.43 0.1 0.29 0.02 0.3 28 Liberia 0.32 -0.92 1.97 -0.11 0.41 -0.45 1.51 29 Libya 0.36 -0.85 5.61 -7.52 -8.52 -8.71 4.94 30 Madagascar 0.49 -0.06 3.98 0.68 0.75 -0.03 3.7 31 Malawi 0.55 -3.26 4.24 3.82 6.5 3.18 2.8 32 Mali 0.66 0.03 0.91 0.63 0.71 0.48 0.85 33 Mauritania 0.84 -0.19 1.75 1.12 1.41 0.83 1.57 34 Mauritius 0.74 -1.51 2.91 -0.27 0.57 -0.79 2.18 Source: Author`s Computation, 2022. Explanatory Notes: The acronyms HOT, WB, MISINV, HWM, HM, HW and MW respectively stand for the average values of capital flight computed with Hot-Money method, World Bank method, Trade Mis-invoicing method, HWM method, HM method, HW method and MW method respectively. 35 Morocco 0.91 0.01 6.67 1.89 2.08 0.72 6.24 36 Mozambique 1.09 0.18 1.38 2.93 3.33 2.75 1.35 37 Namibia 1.10 -1.72 0.45 -1.08 -0.21 -1.17 -0.19 38 Niger 1.11 -0.05 1.02 0.42 0.51 0.24 0.94 39 Nigeria 1.34 11.29 2.74 14.52 10.03 14.21 6.57 40 Rwanda 1.41 -5.32 0.55 -9.01 -7.34 -9.25 -1.38 41 Sao Tome and Principe 1.48 - 0.19 0.08 0.09 0.05 0.18 42 Senegal 1.57 0.22 0.02 0.42 0.36 0.42 0.1 43 Seychelles 1.63 -0.01 0.51 0.09 0.1 -0.01 0.47 44 Sierra Leone 2.68 -1.36 1.36 3.92 5.48 3.79 0.79 45 Somalia 3.13 - 0.35 0.06 0.07 - 0.33 46 South Africa 3.84 - -1.87 -1.01 -1.16 -0.69 -1.75 47 South Sudan 3.45 - - - - - - 48 Sudan 4.75 -6.57 6.77 -7.51 -4.92 -8.84 3.99 49 Tanzania 4.98 0.01 0.25 1.16 1.36 1.14 0.24 50 Togo 5.32 -0.06 1.94 0.35 0.41 0 1.79 51 Tunisia 5.98 -0.13 9.24 2.93 3.34 1.31 8.59 52 Uganda 6.06 0.99 10.18 2.89 2.57 1.09 9.87 53 Zambia 7.02 5.11 0.75 -2.3 -5.98 -2.56 2.52 54 Zimbabwe 9.69 7.28 0.09 9.7 6.91 9.81 2.67 Average 0.75 0.39 2.12 1.21 1.14 0.84 2.11
