contoh essay capital flight

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Capital Flight: Definition, Causes, and Examples

James Chen, CMT is an expert trader, investment adviser, and global market strategist.

What is Capital Flight?

Capital flight is a large-scale exodus of financial assets and capital from a nation due to events such as political or economic instability, currency devaluation or the imposition of capital controls. Capital flight may be legal, as is the case when foreign investors repatriate capital back to their home country, or illegal, which occurs in economies with capital controls that restrict the transfer of assets out of the country. Capital flight can impose a severe burden on poorer nations since the lack of capital impedes economic growth and may lead to lower living standards. Paradoxically, the most open economies are the least vulnerable to capital flight, since transparency and openness improve investors’ confidence in the long-term prospects for such economies.

Understanding Capital Flight

The term “capital flight” encompasses a number of situations. It can refer to an exodus of capital either from one nation, from an entire region or a group of countries with similar fundamentals . It can be triggered by a country-specific event, or by a macroeconomic development that causes a large-scale shift in investor preferences. It can also be short-lived or carry on for decades.

Currency devaluation is often the trigger for large-scale – and legal – capital flight, as foreign investors flee from such nations before their assets lose too much value. This phenomenon was evident in the Asian crisis of 1997, although foreign investors returned to these countries before long as their currencies stabilized and economic growth resumed.

Because of the specter of capital flight, most nations prefer foreign direct investment (FDI) rather than foreign portfolio investment (FPI). After all, FDI involves long-term investments in factories and enterprises in a country, and can be exceedingly difficult to liquidate at short notice. On the other hand, portfolio investments can be liquidated and the proceeds repatriated in a matter of minutes, leading to this capital source often being regarded as “hot money.”

Capital flight can also be instigated by resident investors fearful of government policies that will bring down the economy. For example, they might begin investing in foreign markets, if a populist leader with well-worn rhetoric about protectionism is elected, or if the local currency is in danger of being devalued abruptly. Unlike the previous case, in which foreign capital finds its way back when the economy opens up again, this type of flight may result in capital remaining abroad for prolonged stretches. Outflows of the Chinese yuan, when the government devalued its currency, occurred several times after 2015.

In a low-interest rate environment, “carry trades” – which involve borrowing in low-interest rate currencies and investing in potentially higher-return assets such as emerging market equities and junk bonds – can also trigger capital flight. This would occur if interest rates look like they may head higher, which causes speculators to engage in large-scale selling of emerging market and other speculative assets, as was seen in the late spring of 2013.

During periods of market volatility, it is not uncommon to see the expressions capital flight and flight to quality used interchangeably. Whereas capital flight might best represent the outright withdrawal of capital, flight to quality usually speaks to investors shifting from higher yielding risky assets to more secure and less risky alternatives.

Key Takeaways

• Capital flight is the outflow of capital from a country due to negative monetary policies, such as currency depreciation, or carry trades in which low interest rate currencies are exchanged for higher-return assets.
• Governments adopt various strategies, from raising interest rates to signing tax treaties, to deal with capital flight.

How do Governments Deal With Capital Flight

The effects of capital flight can vary based on the level and type of dependency that governments have on foreign capital. The Asian crisis of 1997 is an example of a more severe effect due to capital flight. During the crisis, rapid currency devaluations by the Asian tigers triggered a capital flight which, in turn, resulted in a domino effect of collapsing stock prices across the world.

According to some accounts, international stocks fell by as much as 60 percent due to the crisis.   The IMF intervened and provided bridge loans to the affected economies. To shore up their economies, the countries also purchased US treasuries. In contrast to the Asian financial crisis, the purported effect of a 2015 devaluation in the Chinese yuan that resulted in capital outflows was relatively milder, with a reported decline of only 8 percent at the Shanghai stock market.  

Governments employ multiple strategies to deal with the aftermath of capital flight. For example, they institute capital controls restricting the flow of their currency outside the country. But this may not always be an optimal solution as it could further depress the economy and result in greater panic about the state of affairs. Besides this, the development of supranational technological innovations, such as bitcoin , may help circumvent such controls.

The other commonly-used tactic by governments is signing of tax treaties with other jurisdictions. One of the main reasons why capital flight is an attractive option is because transferring funds does not result in tax penalties. By making it expensive to transfer large sums of cash across borders, countries can take away some of the benefits gained from such transactions.

Governments also raise interest rates to make local currency attractive for investors. The overall effect is an increase in the currency's valuation. But a rise in interest rates also makes imports expensive and pumps up the overall cost of doing business. Another knock-on effect of higher interest rates is more inflation.

Example of Illegal Capital Flight

Illegal capital flight generally takes place in nations that have strict capital and currency controls. For example, India’s capital flight amounted to billions of dollars in the 1970s and 1980s due to stringent currency controls. The country liberalized its economy in the 1990s, reversing this capital flight as foreign capital flooded into the resurgent economy.

Capital flight can also occur in smaller nations beset by political turmoil or economic problems. Argentina, for instance, has endured capital flight for years due to a high inflation rate and a sliding domestic currency.

Bank for International Settlements. " Information flows during the Asian crisis: evidence from closed-end funds ," Page 32. Accessed Feb. 8, 2021.

International Monetary Fund. " IMF Working Paper: China’s Growing Influence on Asian Financial Markets ," Page 14. Accessed Feb. 8, 2021.

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Memahami tentang Capital Flight dan Pengaruhnya terhadap Perekonomian

Dalam perjalanan sejarah ekonomi dunia, ada beberapa negara yang perekonomiannya mengalami kemajuan pesat, tetapi ada juga yang harus terseok-seok bahkan menuju kebangkrutan. Yunani, Prancis, Zimbabwe, dan Venezuela merupakan beberapa contoh negara yang mengalami krisis ekonomi cukup parah sehingga berdampak pada ‘hancurnya’ perekonomian di negara tersebut. Bagaimana suatu negara bisa bangkrut? Tentu banyak sekali penyebabnya, salah satunya adalah capital flight .

Apa itu capital flight ?

Capital flight atau pelarian modal merupakan eksodus aset keuangan dan modal secara besar-besaran dari suatu negara yang disebabkan oleh beberapa peristiwa, sehingga mengakibatkan timbulnya konsekuensi ekonomi negatif bagi negara tersebut. Sebenarnya capital flight sah-sah saja terjadi, sehingga sifatnya legal di mana investor asing memulangkan atau menarik modalnya kembali ke negara asalnya. Meski demikian, capital flight bisa juga terjadi secara ilegal, di mana perekonomian suatu negara berjalan dengan kontrol modal yang membatasi transfer aset ke luar negeri.

Istilah capital flight mengacu pada pelarian atau perpindahan modal dalam jumlah yang sangat besar sehingga menggoyahkan pondasi ekonomi suatu negara. Oleh sebab itu, capital flight cenderung mengandung konotasi negatif, di mana terjadinya bisa menimbulkan ‘kekacauan’ ekonomi. Bahkan terjadinya capital flight ini dapat membebani negara-negara terbelakang karena kurangnya modal, sehingga menghambat pertumbuhan ekonomi. Selain itu juga mengakibatkan standar hidup yang lebih rendah.

Capital flights rentan terjadi di negara yang justru menganut sistem ekonomi terbuka. Sebab, transparansi dan keterbukaan yang digadang-gadang dan ditawarkan meningkatkan kepercayaan investor terhadap prospek jangka panjang perekonomian negara tersebut.

Penyebab terjadinya capital flight

Capital flight tentu tidak ujug-ujug terjadi, tetapi dipicu oleh banyak faktor atau peristiwa yang terjadi di suatu negara. Peristiwa-peristiwa ini berpotensi mengakibatkan ketidakstabilan ekonomi sehingga mengancam keberlangsungan bisnis, dan menciptakan iklim investasi yang tidak aman. Sebab itu, investor cenderung tidak mau mengambil risiko, sehingga melakukan penarikan modal secara besar-besaran, dan terjadilah capital flight yang tidak bisa dihindari. Penyebab terjadinya capital flight di antaranya faktor-faktor berikut.

• Ketidakstabilan politik

Politik dan ekonomi merupakan dua hal yang tidak bisa dipisahkan, dan saling berpengaruh satu sama lain. Kebijakan ekonomi lahir yang dibidani oleh politik. Oleh sebab itu, iklim politik turut menentukan kondisi ekonomi suatu negara. Tak heran jika berbagai peristiwa politik kerap menjadi penyebab arus modal masuk atau bahkan keluar dari suatu negara.

Iklim politik yang kondusif dalam meningkatkan investasi asing, karena pemerintah mampu menjamin keamanan berinvestasi. Sebaliknya, gejolak politik dapat memicu ketidakstabilan politik dan konflik sipil. Hal tersebut dapat menggoyahkan kepercayaan investor terhadap prospek ekonomi negara. Sebab itulah capital flight terjadi.

Faktor politik mencakup juga kebijakan pemerintah melakukan nasionalisasi, yaitu menyita aset swasta dan menempatkannya di bawah kendali pemerintah. Kebijakan ini dianggap sebagai bentuk pengekangan sehingga memicu arus modal keluar. Tak hanya itu, agresi militer terhadap negara lain juga menyebabkan dijatuhkannya sanksi oleh negara lain, sehingga tak jarang diikuti dengan capital flight .

• Ketidakstabilan ekonomi

Salah satu alasan bagi investor tertarik untuk menanamkan modalnya di suatu negara adalah kondisi ekonomi yang stabil dan tumbuh pesat, karena mereka menawarkan potensi keuntungan yang besar. Dari investasi tersebut, investor akan dapat memberikan manfaat finansial secara maksimal. Namun ketika suatu negara mengalami pertumbuhan ekonomi yang lambat atau negatif, maka investor akan mulai mencari keuntungan di negara lain. Apalagi jika terjadi suatu peristiwa yang menimbulkan gejolak ekonomi, seperti kenaikan pajak atau penurunan suku bunga, maka akan memicu capital flight .

Dilihat dari faktor ekonomi, capital flight bisa juga dipicu oleh ekonomi makro seperti fluktuasi nilai tukar. Mata uang domestik yang terdevaluasi mengakibatkan kepercayaan investor menurun, sehingga mereka menarik modalnya dari negara terkait. Sebagai contoh Yunani, di mana negara tersebut mengalami krisis ekonomi yang menyebabkan capital flight , sehingga mengakibatkan hilangnya modal lebih dari sepertiga PDB.

• Kenaikan pajak yang terlalu tinggi

Tak bisa dipungkiri bahwa pajak penting dalam pembangunan suatu negara, baik secara ekonomi maupun non-ekonomi. Ketika pajak dibebankan terlalu tinggi, artinya pengembalian untuk investor dan bisnis menjadi lebih sedikit.

Jika kenaikan pajak dinilai masih wajar, misalnya berkisar 1 atau 2 persen, maka masih bisa dimaklumi karena tidak memberikan banyak pengaruh pada pendapatan investor dan bisnis. Namun, apabila peningkatannya melonjak terlalu tinggi, katakanlah 20 atau bahkan 30 persen, maka hal tersebut akan memicu investor untuk menarik modalnya secara besar-besaran.

Capital flight yang disebabkan oleh kenaikan pajak ini pernah dialami oleh Prancis pada tahun 2012. Hollande, presiden Prancis saat itu mengambil kebijakan yang tidak populer yakni menaikkan pajak atas orang kaya. Akibatnya, pelarian modal dalam jumlah besar yang mengakibatkan hampir €53 miliar modal meninggalkan negara tersebut hanya dalam dua bulan.

Pengaruh capital flight terhadap perekonomian

Capital flight , di mana arus modal keluar terjadi secara masif merupakan peristiwa yang jelas tidak menguntungkan bagi perekonomian suatu negara. Sebab, pelarian modal ini membawa konsekuensi negatif bagi suatu negara yang terdampak. Tak hanya mengurangi kekuatan ekonomi, capital flight juga mengakibatkan lemahnya pemerintahan suatu negara karena hilangnya pendapatan pajak.

Dampak lain yang ditimbulkan oleh capital flight adalah menurunkan daya beli warga di suatu negara. Selain itu juga terjadinya devaluasi mata uang dan aset-aset lainnya. Jika tidak segera menemukan solusi, capital flight akan menimbulkan kepanikan yang dapat memicu efek domino.

Siapa yang berisiko mengalami capital flight ? Capital flight dapat terjadi di negara mana saja, baik yang menyandang status negara maju maupun berkembang. Hanya saja, negara berkembang lebih berisiko mengalami capital flight , karena institusi politik dan peradilannya masih belum ‘matang’. Selain itu, negara yang mengandalkan sumber daya juga rentan mengalami capital flight . Sebab, tingginya tingkat volatilitas harga sumber daya alam secara signifikan dapat mempengaruhi lingkungan investasi.

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Capital Flight

Any occurrence that involves the country experiencing an outflow of money, assets, or capital as a result of specific conditions

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What Is Capital Flight?

• Reasons For Capital Flight
• Examples Of Capital Flight
• Types Of Capital Flight
• Effects Of Capital Flight
• How To Prevent Capital Flight

Capital flight is a term made up of two parts: "capital" which refers to the amount of money or assets a country has, and "flight" which means the money is disappearing. In simple terms, capital flight is when a country experiences money, assets, or capital leaving for various reasons, whether those reasons are good or bad, and whether it's a short-term or long-term situation.

The country may see a cash outflow in foreign exchange or its internal currency.

"The Investors withdraw $20 million from the market, causing the index to drop from its record high to the two-year low."

These claims are occasionally found in the news and media these days. But have you ever questioned why an economy should be concerned about these issues?

This is because these are the real factors that can impact the country's entire economy in terms of liquidity, inflation, and the purchasing power of its citizens.

Key Takeaways

• Capital flight refers to the outflow of money, assets, or capital from a country due to various factors, impacting liquidity, inflation, and purchasing power.
• Factors like currency depreciation, political instability, tax changes, and investor preferences can trigger capital flight, causing economic challenges.
• Instances like the Asian Financial Crisis (1997) and Russian Financial Crisis (2014-15) demonstrate the impact of capital flight on economies, leading to currency devaluation and financial instability.
• Capital flight can be legal or illegal, short-term (hot money) or long-term (foreign debt), affecting investments, tax revenues, and currency exchange rates.
• Capital flight results in lower investments, reduced tax revenue, and weaker currency values, impacting overall economic stability. Governments use policies like taxation and interest rate adjustments to prevent excessive capital flight and stabilize their economies.

Reasons for Capital Flight

There can be various reasons for an economy or a nation: 

1. Currency Depreciation

Currency depreciation is one of the most frequent catalysts for capital outflow from a country. Since no investor wants their investment to lose money, they withdraw the money they have invested in that nation to reduce losses. Even so, there is a fair probability that investors will return once the economy starts to stabilize and flourish.

2. Political reasons

Capital might leave the country for political reasons as well. Capital outflow frequently happens when the economy becomes politically unstable or when a new leader is elected, prioritizing  nationalization  over  globalization .

Additionally, there is another situation where the Government favors foreign debt in the nation. 

In this case, capital outflows would not occur immediately as interest is paid on the debt; a significant amount of capital may leave the nation as it is repaid.

3. Economic factors

If the country's tax structure were to alter, it would result in a drop in corporate and business earnings, lowering the overall return on the amount of venture capital and private equity investments made by foreign innovators.

4. Changes in investor's preferences

Capital flight from the country may also be triggered by the change in investors' preferences on the safety of the investments.

Venezuela and Zimbabwe have both been known to print vast sums of money. These nations have gone through an immense level of  hyperinflation  due to the Government's attempts to manipulate the currency. 

For instance, if a corporation buys a stake in a company in Zimbabwe with the expectation of receiving a return of around $10 million, but the country manipulates the currency, resulting in the investors earning only about $6 million, and are forced to withdraw from the venture.

Examples of Capital Flight

Some of the examples include:

1. Asian Financial Crisis

The Asian financial crisis of 1997 is one of the perfect examples of understanding the concept of capital outflow.

Because of the exchange rate drop , several Asian nations had to deal with a severe financial crisis. Many Asian nations lacked foreign exchange, especially in the US dollar. This made it difficult for the countries that relied on dollars for trade. 

As a result, the region experienced capital outflow, a currency rate collapse, and a stock price drop.

In late 1997 and early 1998, countries like Indonesia, Korea, Malaysia, the Philippines, and Thailand saw net capital outflows of more than $80 billion.

2. Russian Financial Crisis

The most recent financial crisis to know more about the capital flight mechanism occurred in 2014–2015.

Russia occupied Crimea after invading Ukraine. As a result, the West implemented some severe sanctions that cost Russia billions of dollars. There was a $150 billion loss in capital outflow in 2014 due to the economic unpredictability and political danger.

A similar situation happened this year, too, in 2022, when Russia declared war on Ukraine. To protect Ukraine, not only the West but countries all across the globe put sanctions on the Russian market, leading to more capital loss in the economy.

3. French Wealth Tax

In 1989, France enacted a wealth tax levied on assets worth more than 800,000 euros, varying from 0.5 to 1.5 percent. Its objectives were to raise tax revenues and lessen inequality. 

An increase in the overall tax rate leads to tax evasion in the entire country resulting in the general decline of revenue by 28%, according to economist   Eric Pichet .

His research discovered that from 1989 to 2007, the wealth tax caused a capital flight of about 200 billion euros. Therefore, the wealth tax not only resulted in decreased revenues but also had a negative impact due to capital outflow.

Types of Capital Flight

Capital Outflow or Flight can be further segregated into:

If the law does something, it is legal. The same is valid for capital outflow; investors may withdraw funds as long as they do so legally and following established accounting rules.

The opposite of a legal flight is called an illicit capital flight, which refers to any transaction that lacks a backdrop or source to back it up.

Financial transfers between nations are prohibited unless done legally and with proper documentation.

3. Short-Run

Short-run capital outflow happens when there is a minimal level of capital outflow, which means that the amount that would be leaving the economy would not have much impact.

Examples include local investors investing in foreign enterprises, individuals from the domestic market opening businesses abroad, etc. However, if we consider the case of  foreign portfolio investment (FPI) , it will significantly impact the economy in terms of capital outflow.

Since it concentrates on short-term investments and tends to liquidate its assets at a much faster rate than Foreign Direct Investments  FDIs.  

As a result, capital flight on a short-term basis will have a significant impact on the economy. This concept is also known as Hot Money .

4. Long-Run

Long-term capital outflow is also possible. This section can include anything that entails a long-term, ongoing outflow of capital.

One of the most notable examples is foreign debt, which requires regular interest and principal payments.

Sometimes the interest builds up to the point that the debt continues even after the  maturity period , becoming a long-term capital flight.

Effects of Capital Flight

Various repercussions of capital outflow exist, each varying in intensity. Small amounts, for instance, might not have a dramatic impact, but they create a massive panic in the economy.

1. Lower Investments

Massive amounts of money leave the economy during a period of capital flight, which indirectly reduces the money supply to some extent and, in turn, lowers total investment in the economy.

The decline in FDI causes investors to lose faith in the nation.

If a business invests in a nation's economy via physical assets like the construction of a factory or something similar and then sells those assets after doing so, the investment money leaves the country.

However, the assets remain there, and the nation can still use them to its economic advantage.

2. Lower Tax Revenue  

The Government's primary source of income comes from direct and indirect taxes. Thus if demand for goods and services in the economy declines along with people's income levels, the Government will eventually collect less in taxes. 

This is because whenever capital departs a nation, it typically slows the rate of job creation and demand in the economy, ultimately reducing profits for firms and individuals.

3. Weekend Currency

Every time capital outflow happens, the exchange rate between the currencies, or, to put it another way, the currency of the country where the capital is flowing, changes.

For instance, if a US investor wants to expand his business in India, he must buy Indian Rupees (INR) to complete all necessary tasks. 

However, if the investor decides to withdraw his investment, he must go to the exchange rate and exchange all of his INR for USD , which causes the exchange rate to worsen by lowering the value of INR relative to USD.

How to Prevent Capital Flight

The Government employs various majors to control the overall capital movement from the country. Some of them are:

1) Regulatory Policies:

The Government can implement a law or policy restricting foreign investors' ability to hold capital or invest in the domestic territory. However, doing so may have unintended consequences because, if the country's capital policies were rigid, no foreign investor would ever invest there in the first place.

In addition, such policies would further depress the economy, leading to increased panic among investors.

2) Transaction Taxes:

The Government may impose taxes on transactions involving such movement to prevent capital flight.

For instance, if the US wants to withdraw its investment from China and the Chinese Government imposes taxes on such capital movement out of the country, the US must consider how the investment's cost and return relate.

If the tax rate is high, it would be better for the US to hold onto its investment for a long time and withdraw it when the return exceeds the cost.

The nation that adopts such a policy stands to profit from the taxes levied.

3) Interest Rate Adjustment :

To stop capital outflow from the economy, governments can also increase interest rates to make local currency appealing to investors. It has the overall result of raising the currency's value.

However, a rise in interest rates drives up the cost of doing business and increases the price of imports. More inflation is a side effect of higher interest rates.

It would result in a reduction in the total outflow of money from the economy once the currency's value keeps a solid position in terms of the general exchange rate, making it profitable for the investors and advantageous for the Government and the economy.

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FAKTOR EKONOMI YANG MEMPENGARUHI CAPITAL FLIGHT DI NEGARA BERKEMBANG ANGGOTA ASEAN

Agu, Chukmawa. (2006). Capital Flight and Domestic Macroeconomic Policies: Evidence from Nigeria. University of Nigeria Research Publications.

Ahmad, Basheer dan Qaim Din Sahto. (2015). Determinants of Capital Flight in Pakistan. IBT Journal of Business Studies (Formerly Journal of Management & Social Sciences) Vol. 11, No. 2, 55-64.

Al-basheer, Ameen B., Torki N. Al-Fawwaz dan Ateyah M. Alawneh. (2016). Econometric Determinants of Capital Flight in Jordan: An Empirical Study. European Scientific Journal February edition vol.12, No.4 ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431.

Al-Fayoumi, Nedal A., Marwan S. Al-Zoubi dan Bana M. Abuyed. (2012). The Determinants of Capital Flight: Evidence from MENA Countries. International Business & Economics Research Journal – January Volume 11, Number 1.

Assibey, Eric Osei., Kingsley Osei Domfeh dan Michael Danquah. (2018). Corruption, Institution and Capital Flight: Evidence from Sub-Saharan Africa. Journal of Economic Studies, Vol. 45 No. 1, pp. 59-76.

Ayadi, Folorunso. 2008. Econometric Analysis of Capital Flight in Developing Countries: A Study of Nigeria. 8th Global Conference on Business & Economics.

Beja, Edsel., Pokpong Junvith dan Jared Ragusett. (2003). Capital Flight From Thailand, 1980-2000. Capital Flight Project, University of Massachusetts.

Beja, Edsel. (2005). Capital Flight: Meanings and Measures. Economy Research

Institute (PERI), University of Massachusetts, Amherst, USA.

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Boyce, James K. dan Leonce Ndikumana. (2002). Is Africa a Net Creditore? New Estimateof Capital Flight From Severely Indebted Sub-Saharan African Countries, 1970-1996. The Journal of Development Studies, Vol. 38, No. 2, December 2001.

Case, Karl E. dan Ray C. Fair. (2009). Prinsip-prinsip Ekonomi Makro. Jakarta: PT Indeks.

Collier, Paul., Anke Hoeffler dan Catherine Pattillo. (2001). Flight Capital as a Portfolio Choice. World Bank Economic Review 15 (1).

___________________________________________. (2004). Aid and Capital Flight. IMF: Research Department.

Cuddington, John T.. (1986). Capital Flight: Estimate, Issue and Explanation. Princeton Studies in International Finance, No. 58 Desember.

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The New Palgrave Dictionary of Economics pp 1–3 Cite as

Capital Flight

• Brendan Brown 2  
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• First Online: 15 November 2016

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This term describes the phenomenon of funds fleeing across the national frontier in search of greater safety. The driving forces behind capital flight include actual or feared monetary instability, confiscatory taxation, war and revolution. Examples of the phenomenon can be found through several centuries. A low level of liquidity and high costs of international communication at first limited the potential scope of capital flight. The earliest ‘modern’ example was the largescale movement of French funds to London during the Franco-Prussian war. Capital flight has reached in the twentieth century a frequency and importance previously unseen.

This chapter was originally published in The New Palgrave: A Dictionary of Economics , 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman

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Gutmann, I. 1913. Das Französische Geldwesen im Kriege 1870–78 . Strassborg: Trubner.

Koeppel, W. 1931. Kapitalflucht . Berlin: Wilhelm Christians.

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Brown, B. (1987). Capital Flight. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_214-1

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Online ISBN : 978-1-349-95121-5

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Capital Flight dan Pengaruhnya terhadap Perekonomian

oleh Ibnu | Sep 16, 2022

Pada dasarnya, capital flight adalah salah satu penyebab terjadinya kebangkrutan pada sebuah negara. Seperti yang sudah kita ketahui bersama, beberapa tahun yang lalu terdapat negara yang harus terseok-seok dan bahkan menuju jurang kebangkrutan, contohnya seperti Zimbabwe, Yunani, Prancis, dan Venezuela.

Lalu, apa pengertian sebenarnya dari capital flight ? Apa saja penyebabnya? Berikut ini adalah jawabannya:

Apa Itu Capital Flight ?

Pelarian modal atau capital flight adalah eksodus aset keuangan dan juga modal secara besar-besaran dari sebuah negara yang disebabkan karena berbagai peristiwa, sehingga membuat terjadinya konsekuensi ekonomi yang negatif untuk negara tersebut.

Pada dasarnya, capital flight sangat lumrah terjadi, sehingga sifatnya menjadi legal, yang mana para investor asing memulangkan ataupun menarik kembali modalnya pada negara asalnya.

Walaupun begitu, capital flight bisa juga terjadi secara ilegal, yang mana perekonomian pada sebuah negara dengan kontrol modal yang mampu membatasi transfer aset ke luar negeri.

Istilah ini mengacu pada perpindahan ataupun pelarian modal dalam jumlah yang sangat besar, sehingga menggoyahkan pondasi perekonomian dalam suatu negara. Untuk itu, capital flight lebih cenderung memiliki pengertian yang negatif, yang mana terjadinya hal tersebut bisa membuat kekacauan ekonomi.

Capital flight ini bahkan bisa membebani berbagai negara terbelakang karena minimnya modal, sehingga bisa menghambat terjadinya perkembangan ekonomi dan standar hidup yang lebih rendah.

Kondisi ini sangat rentan terjadi pada negara yang menganut sistem perekonomian terbuka. Karena, transparansi dan keterbukaan diklaim dan ditawarkan mampu meningkatkan kepercayaan investor pada prospek jangka panjang perekonomian tersebut.

Baca juga: Capital Adequacy Ratio : Pengertian dan Ketentuannya

Penyebab Terjadinya Capital Flight

Tentunya capital flight tidak terjadi begitu saja, kondisi ini dipicu oleh berbagai peristiwa atau faktor yang terjadi dalam suatu negara. Berbagai peristiwa ini berpotensi bisa mengakibatkan ketidakstabilan ekonomi, sehingga bisa mengancam keberlangsungan suatu bisnis serta menciptakan iklim investasi yang tidak aman.

Untuk itu, sebagian investor lebih cenderung tidak ingin mengambil resiko, sehingga mereka melakukan penarikan dana dalam jumlah yang besar, dan terjadilah kondisi capital flight yang tidak bisa lagi untuk dihindari. Penyebab terjadinya capital flight adalah sebagai berikut:

1. Ketidakstabilan Politik

Politik dan ekonomi adalah dua hal yang akan selalu menyatu dan memberikan dampak antara yang satu dan yang lainnya. Kebijakan ekonomi ini terjadi karena adanya politik. Untuk itu, kondisi politik akan turut serta dalam menentukan kondisi ekonomi dalam suatu negara.

Jangan heran jika banyak beragam peristiwa politik seringkali membuat arus modal masuk atau keluar dalam suatu negara.

Iklim politik yang kondusif mampu meningkatkan terjadinya investasi asing, karena pemerintah bisa memberikan jaminan keamanan dalam berinvestasi. Sebaliknya, kondisi politik yang panas bisa membuat adanya ketidakstabilan politik dan konflik masyarakat.

Hal tersebut bisa membuat kepercayaan investor atas prospek ekonomi di suatu negara menjadi goyah dan terjadilah capital flight .

Faktor politik ini mencakup kebijakan pemerintah dalam melakukan nasionalisasi, yakni menyita aset swasta dan menyimpannya di bawah kendali pemerintah pusat. Kebijakan seperti ini dinilai sebagai salah bentuk pengekangan, sehingga bisa memicu arus modal keluar.

Selain itu, agresi militer pada negara lain juga bisa membuatnya diberikan sanksi oleh negara lain, sehingga seringkali disertai dengan capital flight .

2. Ketidakstabilan Ekonomi

Alasan lain yang membuat investor tertarik untuk menanamkan modal di sebuah negara adalah karena kondisi ekonomi yang cenderung stabil dan tumbuh dengan pesat serta menawarkan potensi keuntungan yang besar.

Dari adanya investasi tersebut, pihak investor pun bisa memberikan manfaat finansial secara lebih maksimal. Tapi saat suatu negara mengalami perkembangan ekonomi yang negatif atau bahkan lambat, maka investor pun akan mulai mencari keuntungan dari negara lain.

Terlebih lagi bila terjadi suatu kondisi yang bisa menimbulkan gejolak ekonomi, seperti naiknya jumlah pajak atau menurunnya suku bunga, maka terjadilah capital flight .

Bila dilihat dari sisi ekonomi, capital flight pun bisa saja dipicu oleh ekonomi makro, seperti fluktuasi nilai tukar mata uang. Mata uang yang terdevaluasi membuat kepercayaan investor menjadi lemah, sehingga membuat mereka menarik modal di negara tersebut.

3. Kenaikan Pajak yang Terlalu Tinggi

Harus kita akui bersama bahwa pajak memiliki peran yang sangat penting dalam pembangunan sebuah negara, baik itu secara ekonomi ataupun non-ekonomi. Saat beban pajak terlalu tinggi, maka pengembalian investor dan bisnis pun akan jadi lebih sedikit.

Bila kenaikan tersebut berkisar dari 1 hingga 2%, maka hal tersebut masih dinilai wajar karena tidak memberikan dampak yang signifikan. Tapi jika kenaikannya sebesar 20 atau bahkan 30%, maka hal tersebut bisa membuat investor menarik modalnya secara besar.

Kondisi capital flight yang disebabkan karena meningkatkan nominal pajak ini pernah terjadi di Prancis pada tahun 2012 lalu. Presiden Prancis saat itu membuat kebijakan yang sangat tidak populer, yaitu meningkatkan pajak orang kaya.

Sehingga, hal tersebut menyebabkan adanya pelarian modal dalam jumlah yang besar dan membuat hampir €53 miliar modal meninggalkan negara tersebut hanya dalam kurun waktu dua bulan saja.

Baca juga: Capital Loss Adalah Risiko yang Harus Anda Hindari dalam Berinvestasi, Ini Caranya!

Demikianlah penjelasan lengkap dari kami tentang capital flight . Sebagai pebisnis, Anda harus bisa memahami kondisi ini agar Anda bisa membuat keputusan bisnis yang tepat bagi usaha Anda.

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