Fetisov
G.G. New Approaches to Currency Control: Liberalization or
Growing of Transactional Costs?
The reform of exchange control realizes inconsistently and causes new
risks. The establishment of partial reservation of importable and
exportable capital flows together with the permission to open accounts
in foreign banks stimulates outflow of capital. The liberalization of
transboundary capital flow toughens the requirements to the quality of
exchange control and macroeconomic policy. Especially its main
contradiction between rising of dollar emission with purpose to
stabilize the rate of exchange and emission restriction by overstating
of Central Bank rate should be eliminated. Bank of Russia should widely
use such monetary instruments as refinancing of banks credits and
currency corridor.
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