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Rivers State University, Port Harcourt.
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| Title: | Capital Flight and Economic Development In Nigeria |
| Author(s): | EWUBARE Dennis Brown, WOKEKORO Ozulem Elvis & BOZI Rosemary Chioma |
| Abstract: | This study examined the effect of capital flight on economic development in Nigeria within the period 1980 to 2020. Time series data covering the period were collected on each of the variables employed in the model from the Central Bank of Nigeria (CBN) Statistical Bulletin, 2020. The data analysis were conducted for both the short run and the long run relationships using the ARDL analysis while the ADF tests were used in testing for stationarity of the time series, Posttest analysis included serial autocorrelation, heteroskesdasticity and CUSUM tests. The researchers used GDP as the dependent variable while Capital flight served as the key independent variable. Other check variables used included inflation, balance of payment, and exchange rate. The study found that there is a negative but significant relationship between the GDP and the independent variable over the period. Therefore, it was recommended, amongst others, that there should be stringent policies on capital movements across borders from both the businessmen and the politicians as this is seen to be the major areas capital flight occurs. |
| Keywords: | GDP, Capital flight, Inflation, balance of payments |
| Journal: | Journal of Contemporary Research in Economics and Development Studies (JCREDS) |
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