Impact of economic and financial crimes on economic growth in emerging and developing countries. A systematic review
| DOI | https://doi.org/10.1108/JFC-10-2018-0112 |
| Date | 02 July 2019 |
| Published date | 02 July 2019 |
| Pages | 910-920 |
| Author | Sani Abubakar Saddiq,Abu Sufian Abu Bakar |
Impact of economic and
financial crimes on economic
growth in emerging and
developing countries
A systematic review
Sani Abubakar Saddiq
Department of General Studies, Abubakar Tatari Ali Polytechnic, Bauchi, Nigeria, and
Abu Sufian Abu Bakar
School of Economics, Finance and Banking,
Universiti Utara Malaysia, Sintok, Malaysia
Abstract
Purpose –The purpose of the study is to investigate the impact of economic and financial crimes on the
economiesof emerging and developing countries.
Design/methodology/approach –Preferred Reporting Itemsfor Systematic review and Meta-Analysis
(PRISMA) guidelines and meta-analysis of economics research reporting guidelines were used to conduct a
quantitativesynthesis of empirical evidence on the impact of economic and financialcrimes indevelopingand
emergingcountries.
Findings –A total of 103 studies were searched, outof which 6 met the selection/eligibility criteria of this
systematic review. The six selected studies indicated that economic and financial crimes have a negative
impact in emergingand developing countries.
Originality/value –To the best knowledge of the authors,no published systematic review of the impact of
economicand financial crimes in developing countries has been conducted to date.
Keywords Impact, Systematic review, Economic and financial crimes,
Emerging and developing countries
Paper type Literature review
Background
Past studies conducted reveal that economicand financial crimes have continued to increase
despite tough policymeasures put in place in both developed and developing countries. For
instance, it was estimated that $1.5 trillionto $2 trillion (or around 2 per cent of global gross
domestic product [GDP]) in bribes arepaid annually in both developing and developed
countries (Lagarde, 2016). It was estimated that illicit financial flows (IFFs) from developing
and emerging economies stood at nearly US$1 trillion in 2014 (Global Financial Integrity,
2017). Developing countries are at high risk of incidences of economic and financial crimes.
For example, the poor in developing countries pay as high as 6.4 to 12.6 per cent of their
incomes in bribe (World Bank Group, 2017). In Nigeria, a survey conducted in 2017 reveals
that 95 per cent of Nigeriansindulge in bribery (NationalBureau for Statistics,2017).
Similarly, research studies conducted by various scholars, institutions, authorities and
organizations have consistently revealed negative impact of economic and financial crimes
JFC
26,3
910
Journalof Financial Crime
Vol.26 No. 3, 2019
pp. 910-920
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-10-2018-0112
The current issue and full text archive of this journal is available on Emerald Insight at:
www.emeraldinsight.com/1359-0790.htm
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