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Sub-Saharan Africa: Infinite Indebtedness
Gazdík, Vojtěch ; Cahlík, Tomáš (advisor) ; Bauer, Michal (referee)
Sub-Saharan Africa is the poorest region in the world suffering from social, political and economic problems. The study focuses on investigation of relationship of capital flight and external debt to long-term economic growth in this region. Firstly the magnitude of capital flight is computed. Using fixed effects model and random effects model we estimate the impact of external debt and capital flight on long-term growth. Moreover the time structure of debt and its source is integrated into model. Our sample consists of 24 countries from sub-Saharan Africa over the period 1989-2008. We have found that external debt has statistically significant negative impact on growth. On the other hand this impact is economically negligible. The long-term growth is also slowed down by long-term debt and by multilateral borrowing. Concerning capital flight its effect on growth is harmful as well. JEL klasifikace: F34, O47, O55, Klíčová slova: zahraniční dluh, únik kapitálu, Subsaharská Afrika, růst

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