Multilateral Regulation of Cross-Border Capital Movement in Modern Conditions
Abstract
The subject of the study is the cross–border movement of capital regulated by international organizations and agreements concluded by them. The purpose of the work is to identify the role of international agreements, taking into account the peculiarities of their regulation in historical and modern contexts. The relevance of the article is determined by the specifics of the international monetary system in the new economic reality. The research methodology includes the use of methods of expert assessments, analysis and synthesis, concretization, and sistematization. The article examines the role of the IMF, OECD, WTO, and UNCTAD in regulating cross-border capital flows. The approaches of international organizations to their regulation at different stages of the process of transformation of the global financial architecture are revealed. The features of the WTO’s role in the context of the Agreement on Trade-Related Investment Measures (TRIMS) are determined and the General Agreement on Trade in Services (GATS). The results of the negotiations were evaluated in order to develop a multilateral agreement. The special conditions for the regulation of cross-border capital movement by free trade agreements and international investment agreements are disclosed. It is concluded that the measures used in various formats to regulate cross-border capital movement do not contradict each other, although the content of the main provisions of the basic documents sometimes differs significantly.
About the Author
N. S. Revenko
Financial University, Moscow, Russia
Russian Federation
Russian Federation
Nikolay S. Revenko — Cand. Sci. (Polit.), Leading Researcher, Institute for Research of International Economic
References
1. Blundell-Wignall A., Roulet C. Capital controls on inflows, the global finance crisis and economic growth: evidence for emerging economies. OECD Journal: Financial Market Trends. 2014;2013(2):1–14.
2. Божечкова А. В., Горюнов Е.Л., Синельников-Мурылев С.Г., Трунин П. В. Ограничения на движение капитала: мировой опыт и уроки для России. Экономическая политика. 2017;12(2):8–43. DOI: 10.18288/1994–5124–2017–2–01 BozhechkovaA.V., Goryunov E.L., Sinelnikov-Murylev S.G., Trunin P.V.Capital controls: World experience and lessons for Russia. Ekonomicheskaya politika = Economic Policy. 2017;12(2):8–43. (In Russ.). DOI: 10.18288/1994–5124–2017–2–01
3. Feibelman A. The IMF and regulation of cross-border capital flows. Chicago Journal of International Law. 2015;15(2):409–451.
4. Moschella M. The institutional roots of incremental ideational change: The IMF and capital controls after the global financial crisis. The British Journal of Politics and International Relations. 1915;17:442–460. DOI: 10.1111/1467–856X.12049
5. Viterbo A. International economic law and monetary measures. Cheltenham, UK, Northampton, Massachusetts, USA: Edward Elgar Publishing Limited; 2012. 357 p.
6. Gallagher K.P., Tian Y. Regulating capital flows in emerging markets: The IMF and the global financial crisis. GEGI Working Paper. Boston University; 2014. 33 p.
7. Korinek A., Loungani P., Ostry J.D. The IMF’s updated view on capital controls: Welcome fixes but major rethinking is still needed. URL: https://www.brookings.edu/articles/the-imfs-updated-view-on-capitalcontrols-welcome-fixes-but-major-rethinking-is-still-needed.
8. Левашенко А.Д., Коваль А.А. Либерализация движения капитала в России и Кодекс ОЭСР. М.: РАНХиГС; 2018. 25 с. Levashenko A.D., Koval A.A. Liberalization of capital flows in Russia and the OECD code. Moscow: RANHiGS; 2018. 25 p. (In Russ.)
9. Архипова В.В. Регулирование международного движения капитала в контексте глобальных финансовых реформ 2010-х годов. Вестник Института экономики Российской академии наук. 2016;(6):29–41. Arkhipova V.V. Regulation of world capital movement in the context of global financial reforms 2010s. Vestnik Instituta ekonomiki Rossiyskoy akademii nauk = The Bulletin of the Institute of Economics of the Russian Academy of Sciences. 2016;(6):29–41. (In Russ.).
10. Анисимова А.А. Либерализация потоков капитала: современные тенденции. Финансовая политика: проблемы и решения. 2015;43:22–31. Anisimova A.A. Liberalization of capital flows: current trends. Finansovaya politika: problemy i resheniya = Financial Analytics: Science and Experience. 2015;43:22–31. (In Russ.).
11. Медведкова И.А., Трудаева Т.А. Упрощение процедур инвестирования и перспективы создания многосторонних правил. Торговая политика. 2020;23(3):107–117. DOI: 10.17323/2499–9415–2020–3–23–107–117 Medvedkova I.A., Trudaeva T.A. Investment facilitation and prospects for development of multilateral rules. Torgovaya politika = Trade Policy. 2020;23(3):107–117. (In Russ.). DOI: 10.17323/2499–9415–2020–3–23–107–117
12. Pasini L. The international regulatory regime on capital flows. ADBI Working Paper 338. Tokyo: Asian Development Bank Institute; 2011. 25 p.
13. Исаченко Т.М., Медведкова И.А., Крючков Р.В. Всеобъемлющее инвестиционное соглашение между ЕС и КНР: проблемы заключения и поиск баланса интересов. Вестник Санкт-Петербургского университета. Экономика. 2022;38(1):26–64. DOI: 0.21638/spbu05.2022.102 Isachenko T.M., Medvedkova I.A., Krjuchkov R.V. EU — China comprehensive investment agreement: Problems of conclusion and search for the balance of interests. Vestnik Sankt-Peterburgskogo universiteta. Ekonomika = St Petersburg University Journal of Economic Studies. 2022;38(1):26–64. (In Russ.). DOI: 0.21638/spbu05.2022.102
Review
For citations:
Revenko N.S. Multilateral Regulation of Cross-Border Capital Movement in Modern Conditions. Economics, taxes & law. 2024;17(6):68-77. (In Russ.)
Views:
9
Email this article 