Dev Kar


Dev KarDev Kar, a Fellow at the Global Justice Program, Yale University, is the Chief Economist Emeritus at Global Financial Integrity (GFI). Prior to joining GFI in 2008, he was a Senior Economist at the International Monetary Fund (IMF), Washington DC. Over a career spanning nearly 32 years at the IMF, Dr. Kar worked in four departments covering a wide range of macroeconomic issues in central banking, external debt, and international trade. He went on many IMF missions to member countries involving the use of its resources and provided technical assistance in the areas of national accounts, prices, and external trade in order to build their statistical capacities. Dev has a Ph.D. and an M. Phil in Economics from the George Washington University and an M.S. in Computer Science from Howard University. He has been interviewed by BBC, CNBC, VoA, and the German channel ZDF, among others. His studies on illicit flows, net resource transfers from developing countries and the role of tax havens have been reviewed in major newspapers and magazines such as The Economist, Forbes, Le Monde, the New York Times, the Wall Street Journal, and the Washington Times. In 2011, he was invited to make a public presentation on illicit financial flows at the British Parliament and at Oxford University under its Distinguished Visitors Program. He is the author of India: Still A Shackled Giant, published by Penguin Random House India in October, 2019.

Papers Published in World Economics:

Pakistan’s Poor Governance and Capital Flight
Author: Dev Kar

Pakistan’s chronic economic mismanagement, as reflected in persistently large current account deficits, compelled it to enter into 22 financing arrangements with the International Monetary Fund, the latest one being in 2019. The key factors behind capital flight from Pakistan are its poor scores on governance, such as on political stability and absence of violence and control of corruption, the stranglehold of its elites, and the rising income inequality. We estimate that about 50% of all borrowing since 2001 has been squirreled away abroad by the country’s elites. Governance and economic policies need to be improved in order for Pakistan to avoid a debt crisis in the future.

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