Abstract
An April 2015 World Bank report on attainment of the Millennium Development Goal (MDG) extreme poverty target has revealed that extreme poverty has been decreasing in all regions of the world with the exception of sub-Saharan Africa (SSA), in spite of the sub-region enjoying more than two decades of growth resurgence. This study builds on a critique of Piketty’s ‘capital in the 21st century’ and recent methodological innovations on reverse Solow-Swan to review empirics on the adoption of common policy initiatives against a cause of extreme poverty in SSA: capital flight. The richness of the dataset enables the derivation of 14 fundamental characteristics of African capital flight based on income-levels, legal origins, natural resources, political stability, regional proximity and religious domination. The main finding reveals that regardless of fundamental characteristic, from a projection date of 2010, a genuine timeframe for harmonizing policies is between 2016 and 2023. In other words, the beginning of the post-2015 agenda on sustainable development goals coincides with the timeframe for common capital flight policies.
Highlights
IntroductionThere are at least four reasons for reviewing Asongu (2014a) on “Fighting African Capital Flight: Empirics on Benchmarking Policy Harmonization”: (i) recent extreme poverty trends in Sub-Saharan Africa (SSA); (ii) a critique of Piketty’s Capital in the twenty-first Century that builds on capital flight to elucidate the sub-region’s extreme poverty; (iii) a recent methodological innovation for common policy initiatives based on negative macroeconomic and institutional signals (reverse Solow-Swan); and (iv) the imperative to account for more fundamental characteristics of the sub-region’s development in order to inform policy formulation and enable a robust response.First, an April 2015 World Bank report on the attainment of the Millennium Development Goal (MDG) extreme poverty target has revealed that extreme poverty has been decreasing in all regions of the world, with the exception of Africa, where 45% of countries in SSA are substantially off track in terms of achieving the MDG extreme poverty target (World Bank, 2015)
An April 2015 World Bank report on the attainment of the Millennium Development Goal (MDG) extreme poverty target has revealed that extreme poverty has been decreasing in all regions of the world, with the exception of Africa, where 45% of countries in Sub-Saharan Africa (SSA) are substantially off track in terms of achieving the MDG extreme poverty target (World Bank, 2015)
We extend the underlying study by accounting for income levels, legal foundations, regional proximity, and religious domination
Summary
There are at least four reasons for reviewing Asongu (2014a) on “Fighting African Capital Flight: Empirics on Benchmarking Policy Harmonization”: (i) recent extreme poverty trends in Sub-Saharan Africa (SSA); (ii) a critique of Piketty’s Capital in the twenty-first Century that builds on capital flight to elucidate the sub-region’s extreme poverty; (iii) a recent methodological innovation for common policy initiatives based on negative macroeconomic and institutional signals (reverse Solow-Swan); and (iv) the imperative to account for more fundamental characteristics of the sub-region’s development in order to inform policy formulation and enable a robust response.First, an April 2015 World Bank report on the attainment of the Millennium Development Goal (MDG) extreme poverty target has revealed that extreme poverty has been decreasing in all regions of the world, with the exception of Africa, where 45% of countries in SSA are substantially off track in terms of achieving the MDG extreme poverty target (World Bank, 2015). As documented in recent literature (Efobi et al, 2018; Asongu and Kodila-Tedika, 2017; Tchamyou, 2019a, 2019b; Tchamyou et al, 2019; Asongu & le Roux, 2017, 2019), whereas extreme poverty has been declining in all regions of the world, it has been increasing in SSA. This is despite over two decades of growth resurgence that began in the mid-1990s. Building on: (i) responses from Kenneth Rogoff and Joseph Stiglitz; (ii) post-Washington (2020) 6:14
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