Abstract
In a early stage of the transformation process Russia opened its capital markets to international portfolio capital. It was hoped that an inflow of portfolio capital would lead to similar beneficial effects much like direct investment. Indeed, from a theoretical point of view net capital imports can help, in the case of a relatively low savings ratio, to reach a higher investment propensity and to finance higher growth.
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Vogelsang, M. (2000). Russian Capital Markets and International Financial Flows. In: Welfens, P.J.J., Gavrilenkov, E. (eds) Restructuring, Stabilizing and Modernizing the New Russia. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-57257-9_11
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DOI: https://doi.org/10.1007/978-3-642-57257-9_11
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