Does illicit financial flows crowd‐out domestic investment? Evidence from Sub‐Saharan Africa economic regions
研究了2008-2020年撒哈拉以南非洲四个经济区域的非法资金流动对国内投资的影响，发现无论在短期还是长期，非法资金流动都挤出了国内投资。
Abstract The effect of illicit financial flows (IFFs) on macroeconomic performance has been subjected to debates in the academic and policy arena, albeit with little evidence on its investment effect. This study contributes to the IFF‐investment literature by focusing on the four economic regions in Sub‐Saharan Africa (SSA), where IFFs have been growing consistently. The Pooled Mean Group (PMG) and panel dynamic ordinary least square (DOLS) estimators were utilized to analyse data for the period, 2008–2020. The result signalled inter‐connection among Sub‐Saharan African countries and affirmed the existence of a long‐run relationship among the variables considered. The empirical findings showed that IFFs crowd‐out domestic investment among the four SSA economic regions in the short and long time dimensions. This study, therefore, advocates for synergy among the stakeholders in each economic region to devise deliberate strategies to fight against the menace of IFFs toward successfully achieving Sustainable Development Goals by 2030.