Capital Flight from Russia

Author/Editor:

Prakash Loungani ; Paolo Mauro

Publication Date:

June 1, 2000

Electronic Access:

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Disclaimer: This Policy Dicussion Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Policy Discussion Paper No. 2000/006

Subject:

Balance of payments Capital controls Capital outflows Commercial banks Corruption Crime Exports Financial institutions International trade

English

Publication Date:

June 1, 2000

ISBN/ISSN:

9781451972115/1564-5193

Stock No:

PPIEA0062000

Pages:

27

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