Capital Flight from Russia

Prakash Loungani and Paolo Mauro

No 2000/006, IMF Policy Discussion Papers from International Monetary Fund

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.

Keywords: PDP; capital flight; capital control; control; capital; Russia; transition; hot money; costs of capital capital flight; extent capital flight; capital flight yield; export proceeds; capital flight from Mexico; concept of capital flight; root causes of capital flight; institutional investor; determinants of capital flight; channels of capital flight from Russia; yearly capital flight; Capital outflows; Capital controls; Corruption; Commercial banks; Exports; Europe; Baltics (search for similar items in EconPapers)
Pages: 27
Date: 2000-06-01
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Citations: View citations in EconPapers (29)

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Journal Article: Capital Flight from Russia (2001)
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