Capital Loss and Corruption: The Example of Nigeria -- Testimony before the House Financial Services Committee

December 22, 2009

CGD visiting fellow Ruhu Ribadu testifies before the House Financial Services Committee about the effects of corruption on democracy, global markets, and the poor in developing countries. He suggests how the United States could help put an end to corrupt practices.

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From Ribadu's testimony:

The global financial crisis has made nothing so clear as the fact that the global economy is now highly integrated and interconnected. What affects one corner of the globe will reach to all other corners, and the lack of proper regulation and oversight in one place can undermine stability far away.

Corruption has the same effect on global markets, although it is not often thought of in those terms. So just as it is the purpose of this hearing to explore lines of responsibility in the global financial crisis, so too should it be to better understand the global responsibility to end corrupt practices.

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