IMF Policy Discussion Papers

Capital Flight from Russia

By Prakash Loungani, Paolo Mauro

June 1, 2000

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Prakash Loungani, and Paolo Mauro. Capital Flight from Russia, (USA: International Monetary Fund, 2000) accessed December 7, 2024
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.

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

Keywords: Baltics, Capital, Capital control, Capital controls, Capital flight, Capital flight from Mexico, Capital flight yield, Capital outflows, Channels of capital flight from Russia, Commercial banks, Concept of capital flight, Control, Corruption, Costs of capital capital flight, Determinants of capital flight, Europe, Export proceeds, Exports, Extent capital flight, Hot money, Institutional investor, PDP, Root causes of capital flight, Russia, Transition, Yearly capital flight

Publication Details

  • Pages:

    27

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Policy Discussion Paper No. 2000/006

  • Stock No:

    PPIEA0062000

  • ISBN:

    9781451972115

  • ISSN:

    1564-5193