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Capital Flight from Russia
Author:
Mr. Prakash Loungani
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Mr. Paolo Mauro
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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 2000: Issue 006
Language:
English
Publication Date:
01 Jun 2000
DOI:
https://doi.org/10.5089/9781451972115.003
ISBN:
9781451972115
ISSN:
1564-5193
Pages:
27
Keywords:
PDP; capital flight; capital control; control; capital; Russia; transition; hot money; costs of capital capital flight; extent capital flight; capital flight yield; export proceeds; capital flight from Mexico; concept of capital flight; root causes of capital flight; institutional investor; determinants of capital flight; channels of capital flight from Russia; yearly capital flight; Capital outflows; Capital controls; Corruption; Commercial banks; Exports; Europe; Baltics
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evidence from other countries suggests that capital flight can be reversed once reforms take hold. The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at improving governance and macroeconomic performance, and strengthening the banking system. Capital controls result in costly distortions and should gradually be phased out as part of that medium-term strategy.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund