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Léonce Ndikumana
Director of the Africa Policy Program, PERI
910 Thompson Hall
(413) 545-1340
web site:


Ph.D., Economics, Washington University, May 1996
M.A., Economics, Washington University, December 1992
B.A., Economics (with Distinction), University of Burundi, June 1986

Professional Experience

Andrew Glyn Professor of Economics, University of Massachusetts at Amherst, 2011-2014
Professor of Economics and Director, African Development Policy program, Political Economy Research Institute (PERI), 2011-present
Member of the United Nations Committee on Development Policy, 2013-2015
Honorary Professor of Economics, University of Stellenbosch, South Africa, 2011-2013, 2014-2016
Director, Department of Operational Resources and Policy, African Development Bank, 1-8/2011
Director, Department of Development Economics Research, African Development Bank, 2008-2010
Chief, Macroeconomic Policy Analysis, United Nations Economic Commission for Africa (UNECA), 2006-2008
Associate Professor of Economics, University of Massachusetts, Amherst, 2002-2008
Assistant Professor of economics, University of Massachusetts, Amherst, 1996-2002
Visiting Fulbright Associate Professor, University of Cape Town, Department of Economics, 2003-2004
Director of Finance and Administration, University of Burundi, 1989-1990
Junior Lecturer, Department of Economics, University of Burundi, 1987-1990

Research Interests

Capital flight from sub-Saharan Africa: magnitudes, causes, and consequences;
Macroeconomic policies in African countries: fiscal, monetary, and exchange rate policies;
Financial intermediation and real economic activity;
Capital flows, capital account and exchange rate regimes in African countries;
Economics and politics of conflicts and civil wars in Africa;
Post-conflict reconstruction, state building, and development in African countries - Natural resources and domestic resource mobilization


Macroeconomics, graduate and undergraduate
African economic development
Money and Banking

Honors & Awards

Dudley Seers Memorial Prize for the best article in Volume 38 of the Journal of Development Studies (article co-authored with James. K. Boyce)
College Outstanding Teacher Award, 2001-2002
Nominee for Distinguished Teacher Award, 1999 and 2004

Professional Activities

Associate Editor, Journal of African Development
African Finance and Economics Association, member and past President (2005-2007)
American Economic Association, member
African Studies Association, member
African Econometrics Society, former Committee member


Fulbright Scholarship (Teaching/Research), 2003-2004 (Host Institution: University of Cape Town, Department of Economics)


African Economic Research Consortium, Resource Person
African Finance and Economics Association, member and past President (2005-2007)
American Economic Association, member
African Studies Association, member
African Econometrics Society, former Committee member

Selected Publications

Ajayi, S. I. and Ndikumana, L. (Eds.) (2015), Capital Flight from Africa: Causes, Effects and Policy Issues.  Oxford: Oxford University Press.

Ndikumana, L. (2014) "Capital Flight and Tax Havens: Impact on Investment and Growth in Arica." Revue d'Economie du Développement, 2014/2 (English Issue), 99-124.

Ndikumana, L. (2014) "Fuite des capitaux et paradis fiscaux: Impact sur l'investissement et la croissance en Afrique." Revue d'Economie du Développement, 2014/2, vol. 22, 113-141.

La Dette Odieuse d’Afrique : Comment l’endettement et la fuite des capitaux ont saigné un continent (co-authored with James K. Boyce), Dakar: Amalion Publishing, 2013.

AFRICA’S ODIOUS DEBT: How Foreign Loans and Capital Flight Bled a Continent. London: Zed Books. Co-authored with James K. Boyce, 2011.

"New Estimates of Capital Flight from Sub-Saharan African Countries: Linkages with External Borrowing and Policy Options", co-authored with James K. Boyce. International Review of Applied Economics 25(2) 149-170, 2011.

"Measurement of Capital Flight: Methodology and Results for Sub-Saharan African Countries." African Development Review 22 (4), 471-481, 2010. co-authored with James K. Boyce.

"Africa’s counter-cyclical policy responses to the crisis." Journal of Globalization and Development (Symposium Edition), co-authored with Louis Kasekende and Zuzana Brixiova, Vol. 1(1), article 16, January 2010.

"Capital Flight Repatriation: Investigation of its Potential Gains for Sub-Saharan African Countries." Co-authored with Hypolite Fofack. African Development Review 22 (1), 4-22, 2010.

"The Linkages between FDI and Domestic Investment: Unravelling the Development Impact of Foreign Investment," co-authored with Sher Verick (UNECA), Development Policy Review 26 (6), 713-26, 2008.

"Can macroeconomic policy stimulate private investment in South Africa? New insights from aggregate and manufacturing sector-level evidence." Journal of International Development 20 (7), 869-87, 2008.

An Employment-Targeted Economic Program for South Africa. Northampton, MA: Edward Elgar Publishing. Co-authored with Robert Pollin, Gerald Epstein, and James Heinz, 2006.

"Distributional conflict, the state and peace building in Burundi." The Round Table, 2005, vol. 94 (381), 413-427.

"Financial development, financial structure, and domestic investment: International evidence." Journal of International Money and Finance, 2005, vol. 24 (4), 651-673.

"Additionality of Debt Relief and Debt Forgiveness, and Implications for Future Development Financing." International Review of Economics and Finance, 2004, vol. 13, 325-340.

"Financial markets and economic development in Africa." In: Emmanuel Nnadozie (Ed.) African Economic Development, Academic Press, 2003, pp. 373-403.

"Public debts and public assets: Explaining capital flight from sub-Saharan African countries." Co-authored with James K. Boyce, World Development, 2003, vol. 31(1), 107-130.

"Is Africa a net creditor? New estimates of capital flight from severely indebted sub-Saharan African countries, 1970-1996," co-authored with James K. Boyce, Journal of Development Studies, 2001, vol. 38(2), 27-56. [Winner of the Dudley Seers Memorial Prize for best article]

"Towards a solution to violence in Burundi: A case for political and economic liberalization," Journal of Modern African Studies, 2000, vol. 38(3), 431-459.

"Financial determinants of domestic investment in sub-Saharan Africa: Evidence from panel data," World Development, 2000, vol. 28(2): 381-400.

"Congo’s odious debt: External borrowing and capital flight in Zaire," co-authored with James K. Boyce, Development and Change, 1998, vol. 29 (2), 195-217.

"Institutional failure and ethnic conflicts in Burundi," African Studies Review, 41(1), April 1998, 29-47.

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