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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. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Andrew Powell & Dilip Ratha & Sanket Mohapatra, 2002. "Capital Inflows and Capital Outflows: Measurement, Determinants, Consequences," Business School Working Papers veinticinco, Universidad Torcuato Di Tella.
  7. Yalta, A. Yasemin & Yalta, A. Talha, 2012. "Does financial liberalization decrease capital flight? A panel causality analysis," International Review of Economics & Finance, Elsevier, vol. 22(1), pages 92-100.
  8. Kristin J. Forbes, 2005. "The Microeconomic Evidence on Capital Controls: No Free Lunch," NBER Working Papers 11372, National Bureau of Economic Research, Inc.
  9. Marin, Dalia & Huang, Haizhou & Xu, Chenggang, 2002. "Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies," Discussion Papers in Economics 27, University of Munich, Department of Economics.
  10. Karla Hoff & Joseph E. Stiglitz, 2002. "After the Big Bang? Obstacles to the emergence of the rule of law in post-communist societies," Discussion Papers 0203-03, Columbia University, Department of Economics.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.

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