Illicit Financial Flows from Developing Countries: 2002-2006

The objective of this study is to estimate the volume and pattern of illicit financial flows (termed capital flight in other research) - money that is illegally earned, transferred, or utilized - from all developing countries based on a critical review of competing capital flight models. Through a process of testing various combinations of these models and employment of a two-stage filter for elimination of spurious data, this study presents a...