Capital Flight from Africa Causes, Effects, and Policy Issues

S. Ibi Ajayi, Professor of Economics and Distinguished Service Fellow, Department of Economics, University of Ibadan,Leonce Ndikumana, Professor, University of Massachusetts at Amherst

S. Ibi Ajayi holds a PhD degree in Economics from Queen's University in Kingston, Ontario, Canada. He is a Professor of Economics and a Distinguished Service Fellow of the Department of Economics, University of Ibadan. Professor Ajayi has consulted for a wide range of international organizations including the World Bank, the International Monetary Fund, the Carnegie Corporation of New York, the World Health Organization, the United Nations Economic Commission for Africa, the United Nation's Development Program, the African Development Bank, the African Economic Research Consortium, the West African Monetary Agency, and ECOWAS. He has published over 120 articles journals, books, and chapters. Professor Ajayi's areas of interest are macroeconomics, monetary economics, public policy issues, and health economics. His main focus is in the areas of African development.

Leonce Ndikumana is Professor of Economics and Director of the African Development Policy Program at the Political Economy Research Institute (PERI) at the University of Massachusetts at Amherst. He is a Member of the United Nations Committee on Development Policy. Leonce Ndikumana has served as Director of Operational Policies and Director of Research at the African Development Bank, Chief of Macroeconomic Analysis at the United Nations Economic Commission for Africa (UNECA), and visiting Professor at the University of Cape Town. He is also an Honorary Professor of Economics at the University of Stellenbosch, South Africa. Professor Ndikumana's research explores issues of external debt and capital flight; financial markets and growth; macroeconomic policies for growth and employment; aid, aid effectiveness and social development; and the economics of conflict and civil wars in Africa. He is co-author of Africa's Odious Debt: How Foreign Loans and Capital Flight Bled a Continent.

Part I: Why Care About Capital Flight?
1. Introduction: Scale, Causes and Effects of Capital Flight from Africa, Ibi Ajayi and Leonce Ndikumana
2. Capital Flight from Africa: Measurement and Drivers, Leonce Ndikumana, James Boyce, and Ameth Saloum Ndiaye
3. Capital Flight and Economic Development in Africa, Ibi Ajayi
4. Capital Flight and Poverty Reduction in Africa, Janvier Nkurunziza
Part II: Economic Dimensions
5. Capital Flight and Flow of Funds, Victor Murinde, Chris Ochieng, and Qingwei Meng
6. Capital Flight and Monetary Policy in Africa, Hippolyte Fofack and Leonce Ndikumana
7. Financial Liberalization and Capital Flight: Evidence from the African Continent, Robert Lensink and Niels Hermes
8. Capital Flight and the Financial System, Isabella Massa
9. Macroeconomic Impact of Capital Flight in Sub-Saharan Africa, John Weeks
Part III: Institutional Dimensions
10. Natural Resources and Capital Flight: A Role for Policy?, Rabah Arezki, Gregoire Rota-Graciozi, and Lemma W. Senbet
11. Governance and Illicit Financial Flows, Melvin Ayogu and Folarin Gbadebo-Smith
12. Tax Evasion and Capital Flight in Africa, Abbi Kedir
13. Capital Flight, Tax Havens and Secrecy Jurisdictions, Frank Barry
14. Illicit Financial Flows and Stolen Assets Value Recovery, Melvin Ayogu and Julius Agbor
15. Capital Flight and Institutional Frameworks to Promote Transparency, Humphrey P. B. Moshi
Part IV: Conclusion
16. Strategies for Addressing Capital Flight, James Boyce and Leonce Ndikumana