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Abstract：
This study investigates the potential determinants of capital flight from BRICS countries. We use the residual method to estimate capital flight and employ GMM testing approach. We find a surge in the volume of capital flight from BRICS especially in the aftermath of global financial crisis. The empirical results suggest that, past values of the capital flight, real GDP growth rates, exchange rate depreciation, unemployment rate, business confidence index and financial stability indicator as significant factors causing resident capital outflows from BRICS nations. These findings call for an effective policy framework by the fiscal and monetary authorities.
摘要：
本研究调查了金砖国家资本外逃的潜在决定因素。我们使用剩余法估计资本外逃，并采用GMM测试方法。我们发现金砖国家的资本外逃量激增，尤其是在全球金融危机之后。实证结果表明，资本外逃的过去价值，实际GDP增长率，汇率贬值，失业率,商业信心指数和金融稳定性指标是导致金砖国家居民资本外流的重要因素。这些发现要求财政和货币当局建立有效的政策框架。
