• Tetiana Shemet SHEE "Kyiv National Economic University named after Vadym Hetman"
Keywords: globalization, regional economic integration, financial integration, international capital flows, liberalization of capital account


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.

Author Biography

Tetiana Shemet, SHEE "Kyiv National Economic University named after Vadym Hetman"


Hagen, J., Siedschlag, I. (2008). Managing Capital Flows: Experiences from Central and Eastern Europe. [Abstract]. ADBI Discussion Paper 103. Tokyo: Asian Development Bank Institute.

National Bank of Kazakhstan. (n.d). Exchange regulation and exchange control. [Electronic resource]. Retrieved from

Retrieved from

The draft decree of the President of Uzbekistan "On priority directions of monetary policy". [Electronic resource].

Transition report 2016-17. (2016). European Bank for Reconstruction and Development (EBRD) TRANSITION REPORT 2016-17. [Electronic resource]. Retrieved from

Abstract views: 173
PDF Downloads: 82
How to Cite
Shemet, T. (2017). LIBERALIZATION OF CAPITAL ACCOUNTUNDER INTEGRATION. Scientific Journal of Polonia University, 20(1), 83-89.