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International Experience of Capital Flows Liberalization

Author

Listed:
  • Maria Repko

    (Center for Economic Strategy)

  • Oleksandr Kashko

    (Center for Economic Strategy)

  • Irina Piontkivska

    (Center for Economic Strategy)

Abstract

In this research we concentrate on such instruments of regulatory policy as restrictions for capital flow and currency regulation. The study highlights the international experience of managing capital flows, considers the consequences of policies to manage capital flows and currency regulation in the world, and summarizes the recommendations of international financial institutions in this regard. Given the globalization of economic processes and the high level of openness in the Ukrainian economy, a strategic goal of currency regulation reform in the country has to be the gradual liberalization of capital flows. This is particularly observed in the Association Agreement with the EU and other documents. In order to take full advantage of liberalization and minimize the risks associated with volatile capital flows, it is necessary to implement a series of measures aimed at improving institutional capacity to manage the effects of both the inflow and outflow of capital in the intermediate stages of liberalization. The approach generally corresponds to the Comprehensive Program for Financial Sector Development in Ukraine Until 2020, the IMF, and the Memorandum of Association Agreement between Ukraine and the EU.

Suggested Citation

  • Maria Repko & Oleksandr Kashko & Irina Piontkivska, 2016. "International Experience of Capital Flows Liberalization," Visnyk of the National Bank of Ukraine, National Bank of Ukraine, issue 235, pages 26-42.
    • Handle: RePEc:ukb:journl:y:2016:i:235:p:26-42
    DOI: 10.26531/vnbu2016.235.026
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    File URL: https://journal.bank.gov.ua/en/article/2016/235/02
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    References listed on IDEAS

    as
    1. Hali J. Edison & Carmen M. Reinhart, 1999. "Capital controls during financial crises: the cases of Malaysia and Thailand," Proceedings, Federal Reserve Bank of San Francisco, issue Sep, pages 1-36.
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    More about this item

    Keywords

    Cross-border capital flows; currency regulation; liberalization; international experience;
    All these keywords.

    JEL classification:

    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F30 - International Economics - - International Finance - - - General
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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