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Capital Flight from Russia

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Author Info
Prakash Loungani
Paolo Mauro

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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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File URL: http://www.blackwell-synergy.com/links/doi/10.1111/1467-9701.00376
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Publisher Info
Article provided by Blackwell Publishing 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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  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. [Downloadable!] (restricted)
    Other versions:
  2. Haizhou Huang & Dalia Marin & Chenggang Xu, 2004. "Financial Crisis, Economic Recovery, and Banking Development in Russia, and other FSU Countries," Discussion Papers 79, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  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. [Downloadable!]
  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. [Downloadable!]
  5. Kristin J. Forbes, 2005. "The Microeconomic Evidence on Capital Controls: No Free Lunch," NBER Working Papers 11372, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. 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. [Downloadable!]
  7. Andrew Powell & Dilip Ratha & Sanket Mohapatra, 2002. "Capital Inflows and Capital Outflows: Measurement, Determinants, Consequences," Business School Working Papers veinticinco, Universidad Torcuato Di Tella. [Downloadable!]
  8. 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. [Downloadable!] (restricted)
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  9. 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. [Downloadable!] (restricted)
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