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Capital Flight from Russia

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  • Prakash Loungani
  • Paolo Mauro

Abstract

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. Copyright Blackwell Publishers Ltd 2001.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal The World Economy.

Volume (Year): 24 (2001)
Issue (Month): 5 (05)
Pages: 689-706

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Handle: RePEc:bla:worlde:v:24:y:2001:i:5:p:689-706

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Cited by:
  1. Karla Hoff & Joseph E. Stiglitz, 2002. "After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies," NBER Working Papers 9282, National Bureau of Economic Research, Inc.
  2. Huang, Haizhou & Marin, Dalia & Xu, Chenggang, 2004. "Financial Crisis, Economic Recovery, and Banking Development in Russia, and other FSU Countries," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 79, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  3. Hubert Gabrisch & Karin Szalai, 2002. "The use of unit values in estimating trade-related capital flight -The case of CEE countries with special focus on Russia," IWH Discussion Papers 161, Halle Institute for Economic Research.
  4. Hoff, Karla & Stiglitz, Joseph E., 2004. "The transition from communism : a diagrammatic exposition of obstacles to the demand for the rule of law," Policy Research Working Paper Series 3352, The World Bank.
  5. Arnaud Bourgain & Patrice Pieretti & Skerdilajda Zanaj, 2009. "International Financial competition and bank risk-taking in emerging economies," CREA Discussion Paper Series 09-08, Center for Research in Economic Analysis, University of Luxembourg.
  6. Kristin J. Forbes, 2005. "The Microeconomic Evidence on Capital Controls: No Free Lunch," NBER Working Papers 11372, National Bureau of Economic Research, Inc.
  7. Dalia Marin & Haizhou Huang & Chenggang Xu, 2004. "Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries," IMF Working Papers 04/105, International Monetary Fund.
  8. Biswas, Amit K. & Sengupta, Sarbajit, 2010. "Tariffs and imports mis-invoicing under oligopoly," Dresden Discussion Paper Series in Economics 06/10, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  9. A. Yasemin Yalta & A. Talha Yalta, 2011. "Does Financial Liberalization Decrease Capital Flight? A Panel Causality Analysis," Working Papers 1102, TOBB University of Economics and Technology, Department of Economics.
  10. Andrew Powell & Dilip Ratha & Sanket Mohapatra, 2002. "Capital Inflows and Capital Outflows: Measurement, Determinants, Consequences," Business School Working Papers veinticinco, Universidad Torcuato Di Tella.
  11. Huang, Haizhou & Marin, Dalia & Xu, Cheng-Gang, 2003. "Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies," CEPR Discussion Papers 3794, C.E.P.R. Discussion Papers.
  12. Marcella Mulino, 2002. "On the determinants of capital flight from Russia," Atlantic Economic Journal, International Atlantic Economic Society, vol. 30(2), pages 148-169, June.
  13. Homi Kharas & Brian Pinto & Sergei Ulatov, 2001. "An Analysis of Russia's 1998 Meltdown: Fundamentals and Market Signals," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(1), pages 1-68.
  14. Biswas, Amit K. & Marjit, Sugata, 2007. "Preferential trade and mis-invoicing: Some analytical implications," International Review of Economics & Finance, Elsevier, vol. 16(1), pages 130-138.
  15. Barbara G. Katz & Joel Owen, 2011. "The Crime of Tax Evasion in Transition Economies," Working Papers 11-04, New York University, Leonard N. Stern School of Business, Department of Economics.

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