许多发展中国家外债(例如，阿根廷)的很大部分是由预期货币贬值而产生的资本外流(合法或非法)引起的。(政府和中央银行借入外国货币来维持本国的汇率，这些资金却又会流到私人手中并进一步流到纽约和其他地方的银行账户。)由于资本外流会带给政府大量债务，同时也会给将资金带到国外的本国人带来相应的外国资产，从整体来看国家净债务并未改变。这是否意味着主要由于资本外流而形成政府外债的国家就没有债务问题了?
The external debt buildup of some developing countries(such as Argentina)in the 1970s was in part due to(legal or illegal)capital flight in the face of expected currency devaluation．(Governments and central banks borrowed foreign currencies to prop up their exchange rates，and these funds found their way into private hands and into bank accounts in New York and elsewhere．)Since capital flight leaves a government with a large debt but creates an offsetting foreign asset for citizens who take money abroad，the consolidated net debt of the country as a whole does not change．Does this mean that countries whose external government debt is largely the result of capital flight face no debt problem?