This study aims to estimate the volume of capital flows from twenty developing countries distributed across four geographical regions (Latin America, Southeast Asia, the Middle East and North Africa - including Egypt - and Sub-Saharan Africa) during the period 1977-2004. It employs a hybrid methodology combining the residual method and trade misinvoicing technique. Furthermore, the study forecasts the magnitude of these flows from the Egyptian economy until 2015, investigates their determinants - including non-traditional variables such as capital gains and the current account balance - and analyzes their negative impact on long-term economic growth, culminating in proposing policies to mitigate them. The study adopts an inductive approach to test its hypotheses using econometric tools. The statistical package "STATA" was utilized to identify the determinants of capital flows from the Egyptian economy, while the "E-Views" package was employed to measure the effects of these flows on long-term economic growth. The study yielded a set of pivotal findings. Primarily, it confirmed the lack of a consensus in the economic literature on a unified definition of the capital flight phenomenon from developing countries, leading to divergent estimates of its scale. The research also revealed the volatile and unstable nature of these flows, both at the aggregate level and across geographical regions, with the Egyptian economy exhibiting the highest volatility levels specifically, compared to its regional and international context.