Fighting African capital flight: trajectories, dynamics, and tendencies

Financial Innovation

Table 6 Correlation Matrix

Expenditure (Ex)		Financial Openness		Trade	Institutional Quality		Economic Prosperity		Foreign Aid (NODA)		Finance			Capital
Gov. Ex	Pub. Ivt	FDI	PCF	Openness	R.Q	R.L	GDPg	GDPpcg	Total	DAC	M2	LL	Inflation	Flight
1.000	0.098	0.080	0.082	0.101	0.014	0.028	0.332	0.344	0.038	0.044	−0.033	−0.018	−0.356	−0.070	Gov. Ex
	1.000	0.116	0.111	0.227	0.231	0.383	0.146	0.163	0.261	0.269	0.181	0.151	−0.108	−0.148	Pub. Ex
		1.000	0.982	0.511	−0.153	0.097	0.128	0.176	−0.084	−0.063	0.145	0.185	0.056	−0.060	FDI
			1.000	0.504	−0.150	0.108	0.117	0.172	−0.068	−0.040	0.167	0.208	0.054	−0.068	PCF
				1.000	0.032	0.218	0.107	0.163	−0.110	−0.088	0.196	0.257	0.018	−0.049	Trade
					1.000	0.791	0.146	0.170	−0.163	−0.179	0.301	0.370	−0.193	−0.049	R.Q
						1.000	0.091	0.161	−0.109	−0.119	0.590	0.636	−0.128	−0.025	R.L
							1.000	0.973	0.047	0.041	0.011	0.025	−0.197	0.069	GDPg
								1.000	0.056	0.059	0.085	0.106	−0.189	0.053	GDPpcg
									1.000	0.953	−0.260	−0.286	−0.012	− 0.080	Total Aid
										1.000	−0.218	−0.253	0.004	−0.062	DAC Aid
											1.000	0.967	−0.084	0.004	M2
												1.000	−0.082	0.004	LL
													1.000	−0.009	Inflation
														1.000	Cap. Fight

Gov. Ex Government Expenditure, Pub. Ivt Public Investment, FDI Foreign Direct Investment, PCF Private Capital Flows, R.Q Regulation Quality, RL Rule of Law, GDPg GDP growth, GDPpcg GDP per capita growth, NODA Net Official Development Assistance. Total: Total NODA. DAC: NODA from ‘Development Assistance Committee’ countries, M2 Money Supply, LL Liquid Liabilities