{
  "title": "Capital Flight from Russia",
  "publication": "IMF Policy Discussion Papers, June 1, 2000",
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  "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.",
  "sections": [
    {
      "heading": "Summary and central argument",
      "content": "- This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options.\n- The evidence from other countries suggests that capital flight can be reversed once reforms take hold.\n- The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at:\n  - improving governance and macroeconomic performance, and\n  - strengthening the banking system.\n- Capital controls result in costly distortions and should gradually be phased out as part of that medium-term strategy."
    },
    {
      "heading": "Findings and evidence",
      "content": "- Capital flight from Russia is quantified and compared with other countries (detailed estimates are contained in the paper).\n- Cross-country evidence indicates reversibility of capital flight following reforms.\n- Channels and determinants of capital flight examined include:\n  - export proceeds and channels of capital flight from Russia,\n  - actions by institutional investors and hot money flows,\n  - roles of commercial banks and financial institutions,\n  - corruption, crime, and institutional weaknesses during transition."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Implement a medium-term reform strategy focused on:\n  - improving governance,\n  - improving macroeconomic performance,\n  - strengthening the banking system.\n- Gradually phase out capital controls to avoid the costly distortions they create."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Balance of payments, Capital controls, Capital outflows, Commercial banks, Corruption, Crime, Exports, Financial institutions, International trade\n- 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\n\n---\n\n Content in this bundle\n\n- Capital Flight from Russia - PDP/00/06\n  - Capital Flight from Russia - PDP/00/06 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Capital Flight from Russia - PDP/00/06 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/imf-policy-discussion-papers/issues/2016/12/30/capital-flight-from-russia-3602"
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    "Authors: Prakash Loungani, Paolo Mauro",
    "Published: June 1, 2000",
    "Series: IMF Policy Discussion Papers",
    "DOI: https://doi.org/10.5089/9781451972115.003",
    "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:",
    "Capital controls result in costly distortions and should gradually be phased out as part of that medium-term strategy.",
    "Capital flight from Russia is quantified and compared with other countries (detailed estimates are contained in the paper).",
    "Cross-country evidence indicates reversibility of capital flight following reforms.",
    "Channels and determinants of capital flight examined include:",
    "Implement a medium-term reform strategy focused on:",
    "Gradually phase out capital controls to avoid the costly distortions they create.",
    "Subjects: 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",
    "**Capital Flight from Russia - PDP/00/06**"
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