publication . Article . Preprint . 2000

Capital Flight from Russia

Prakash Loungani; Paolo Mauro;
Open Access
  • Published: 01 Jun 2000 Journal: The World Economy, volume 24, pages 689-706 (issn: 0378-5920, eissn: 1467-9701, Copyright policy)
  • Publisher: Wiley
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.
Persistent Identifiers
free text keywords: Political Science and International Relations, Economics and Econometrics, Accounting, Finance, Capital outflows;Russian Federation;Transition economies;Russia, capital flight, transition, capital controls, capital account, balance of payments
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