Robbing the Riches: Capital Flight, Institutions and Debt
利用1970-2001年发展中国家和新兴市场国家的面板数据，研究发现制度和宏观政策显著影响资本外逃，且制度薄弱的国家因资本外逃而更易积累债务。
Capital flight undermines economic growth and the effectiveness of debt relief and foreign aid, and sometimes drains more resources from poor countries than does debt service. In an analysis of a large panel of developing and emerging market countries using annual data for 1970-2001, we show that both institutions and macro policies robustly affect capital flight. Our study also supports the existence of a revolving door relationship between debt and capital flight. More notably we find countries with weak institutions have a greater propensity to accumulate debt because weak institutions spur capital flight, which, in turn, creates a financing need.