Capital Flight from Russia
A Threat to the Economy?
Deutsche Fassung
Abstract
In Russia, politicians and the media often portray capital flight as a threat to economic development. They refer to data published by the central bank of Russia on private-sector capital export. Whether they really measure capital flight according to the general understanding of the term is doubtful, however. The debate ignores the fact that the kind of capital flight discussed in Russia is a normal occurrence in countries with strong export sectors and does not have to affect economic development. In particular, it is not a barrier to investment.
(Osteuropa 10/2011, pp. 83–94)