LIBERALIZATION OF CAPITAL ACCOUNTUNDER INTEGRATION

Abstract

The article summarizes countries’ approaches to the liberalization of capital accountincluding CEE countries before their accession to the European Union – in pre- accession. The main steps on the way of capital liberalization are identified: the removing of restrictions on FDI before the liberalization of financial flows; the preference for the liberalization of capital inflows against capital outflows; the primary liberalization of long- term capital flows against short-term flows. The financial liberalization experience in Kazakhstan and Uzbekistan in the context of regional integrationis considered. As it is known, Uzbekistanhas always stayed away from the projects of economic integration. As a result, this country has a less developed domestic exchange market.In contrast, an active integration policy of Kazakhstan has become the driving force behind the liberalization of exchange regulation.