Ershov D.N. LIBERALIZATION OF CURRENCY REGULATION: INTERNATIONAL EXPERIENCE

DOI: https://doi.org/10.15688/ek.jvolsu.2022.3.15

Dmitry N. Ershov

Candidate of Sciences (Physics and Mathematics), Senior Researcher, Financial Research Institute of the Ministry of Finance of the Russian Federation, Nastasinskiy Lane, 3, Bld. 2, 127006 Moscow, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-7624-4648


Abstract. An analysis of the development and current state of the main instruments of liberalization of currency regulation and currency control has been carried out. The relevance of the topic is explained by the tendency of many countries to remove restrictions on foreign exchange transactions and the movement of capital funds in order to build an economy that is attractive to foreign investors and resistant to external influences. The development of the principles of capital movement liberalization at the international level, starting with the adoption of the OECD Code in 1961, is briefly considered. The experience of liberalization of monetary and financial regulation at the level of individual countries and integration associations is analyzed and generalized on the example of the USA, the European Union and the BRICS countries. The shortcomings of the current legislation of the Russian Federation in this area are identified and the conclusion is made about the need for further improvement of legislation in order to create a financial system that is resistant to external shocks and international sanctions pressure. The main reason for this is that the measures taken by Russia in 2022 to respond to sanctions do not include reform of federal legislation, but are based on the introduction of temporary restrictions on the foreign exchange market and are somewhat contradictory. In the context of strengthening external restrictions, and the introduction of retaliatory counter-sanction measures, it is necessary to develop new strategic planning documents in the field of monetary and financial regulation in order to ensure the stable functioning of the monetary and financial system.
 
Key words: currency and finance regulation, foreign currency control, liberalization of currency transactions, transparency of foreign exchange rate policy, freedom of capital movement.
 
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LIBERALIZATION OF CURRENCY REGULATION: INTERNATIONAL EXPERIENCEby Ershov D.N. is licensed under a Creative Commons Attribution 4.0 International License.

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