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Capital flight from the Third World: A case study of four Caribbean countries
Abstract
This dissertation examines the phenomenon of capital flight from the Third World in general, and from four Caribbean countries in particular. The four countries are: Barbados, Jamaica, Guyana, and Trinidad and Tobago. A critical appraisal of definitions, measures, and determinants of capital flight is presented. An econometric model is developed, and the consequences of capital flight for the case study countries are examined. I present estimates of capital flight and carry out a detailed analysis of trade misinvoicing. I argue that capital flight from the Caribbean is caused by a number of factors including external debt, real interest rate differential with the United States, and political instability. I further show that capital flight decreases domestic investment and erodes the tax base of these countries.
Subject Area
Finance
Recommended Citation
Henry, Lester, "Capital flight from the Third World: A case study of four Caribbean countries" (1991). Doctoral Dissertations Available from Proquest. AAI9120890.
https://scholarworks.umass.edu/dissertations/AAI9120890