Acta Slavica Iaponica;21


Russia as a Newcomer to the International Financial Market, 1992-2000

Uegaki, Akira

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This paper intends to show the peculiar status of Russia in the international financial market. It elucidates the rapid liberalization of the international financial system of Russia by critical analysis of relevant legal documents and makes it clear that that the economy is legally open, and consequently that capital going through the Russian border has increased on a large scale. It also investigates the features of Russia's role in the market by using original data made from the balance of payments statistics. By studying both official and "gray" capital movements, the author came to the conclusion that there has been a large shortage of investment compared to private saving in Russia and that the remainder of savings have been fleeing the country. From the viewpoint of open macro economics, this excess of private saving is absorbed by the external financial market. Russia's emergence on the international financial market produced this curious status of Russia in the world. The characteristic peculiar to this paper is that it investigates not only the illegal and gray aspects of the economy, which have been researched by many experts, but also the legal and official aspects which have also caused some problems of the economy and that it shows the relation between both aspects.