International Experience of Capital Flows Liberalization

Maria Repko (), Oleksandr Kashko and Irina Piontkivska ()
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Maria Repko: Center for Economic Strategy
Oleksandr Kashko: Center for Economic Strategy
Irina Piontkivska: Center for Economic Strategy

Visnyk of the National Bank of Ukraine, 2016, issue 235, 26-42

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.

Keywords: Cross-border capital flows; currency regulation; liberalization; international experience (search for similar items in EconPapers)
JEL-codes: F20 F30 G18 G28 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ukb:journl:y:2016:i:235:p:26-42

DOI: 10.26531/vnbu2016.235.026

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