This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

Abstract
1. Introduction
2. Literature Review
3. Data and Methodology
    3.1. Data
    3.2. Econometrics Methodology
4. Empirical Results
    4.1. Result of Chow and Hausman Tests
    4.2. Result of Classical Assumption and NormalityTests
    4.3. Result of the Fixed Effect Model
5. Discussion
6. Conclusion and Recommendations
References

• Navik ISTIKOMAH(Economics Education Department, Universitas Pendidikan Indonesia, Bandung, Indonesia) Corresponding Author
• Indra SUHENDRA(Department of Economics and Development Studies, Universitas Sultan Ageng Tirtayasa, Banten, Indonesia.)
• Cep Jandi ANWAR(Department of Economics and Development Studies, Universitas Sultan Ageng Tirtayasa, Banten, Indonesia.)