01695nam a22001457a 4500100004000000245012400040260003100164300000900195490001500204520106800219650007601287856016801363942000701531999001101538  aNdikumana, Leonce Boyce and James K  aNew Estimates of Capital Flight from Sub-Saharan African Countries: Linkages with External Borrowing and Policy Options  aNew York:  bUMass,c2008.  a62p.  aNumber 166  aThis is an analysis of capital flows to and from Africa which presents a stunning paradox. On the one hand, African countries are heavily indebted and must make difficult decisions with regard to the allocation of national resources between debt payments and provision of vital social services to their populations. Over the past decades, African countries have been forced by external debt burdens to undertake painful economic adjustments while devoting scarce foreign exchange to debt-service payments. On the other hand, African countries have experienced massive outflows of private capital towards Western financial centers. Indeed, these private assets surpass the continents foreign liabilities, ironically making sub-Saharan Africa a net creditor to the rest of the world (Boyce and Ndikumana 2001). Compared to other developing regions, Africans tend to exhibit a significantly higher preference for foreign assets relative to domestic assets; hence Africa has the highest proportion of private assets held abroad (Collier, Hoeffler, and Pattillo 2001).  aCapital flight, Capital outflows, Balance of Payments, Debt, Corruption  uhttp://iffoadatabase.trustafrica.org/iff/new_estimates_of_capital_flight_from_sub_saharan_african_countries_linkages_with_external_borrowing_and_policy_options.pdf  cCF  c28d28