标题：Rethinking the measurement of capital flight: an application to Asian economies
作者：Zheng, Yingmei; Tang, Kam Ki
作者机构：[Tang, Kam Ki] Univ Queensland, Sch Econ, Brisbane, Qld 4072, Australia.; [Zheng, Yingmei] Shandong Univ, Sch Econ, Jinan 250100, Shandong, Peoples 更多
通讯作者地址：[Tang, KK]Univ Queensland, Sch Econ, Brisbane, Qld 4072, Australia.
来源：JOURNAL OF THE ASIA PACIFIC ECONOMY
关键词：capital flight; the residual method; Asia
摘要：This paper improves on the widely used residual method in order to estimate the magnitude of capital flight in eight Asian economies over the period of 1980-2004. The paper argues that as capital flight is a drain on financial resources for development, it is more appropriate to measure it against the size of the financial market, which can be proxied by money aggregate, in contrast to the common practice of measuring it as a percentage of gross domestic product. Using this more appropriate new measure, we find that capital flight is more severe in some financially underdeveloped countries than has been suggested previously. It is also found that while capital flight could be a dormant sideshow in a benign economic environment, it could have considerable impact on the availability of financial resources when activated.