Accounting for capital flight in the oil complex of Argentina and Brazil during the new millennium (2001-2017)
DOI:
https://doi.org/10.48160/25913530di12.132Abstract
The paper aims to provide micro evidence on the financialization and on the changes in the behavior of non-financial companies in peripheral countries. Thus, the paper makes a methodological contribution to measure capital flight at the firm level. Transactions with related counterparts were taken from the balance sheets of Argentinian and Brazilian agroindustry companies during the new millennium (2001-2017). The paper concludes that capital flight has a similar evolution in both countries, but the most frecuent capital flight mechanisms are not the same. The complex network of offshore companies in tax havens and capital flight are a common factor that undermines the economic development.
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