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.
Highlights
Formation of globalized financial environment of interaction of economic agents is one of the most important signs of our time
The NBK has maintained a high level of international reserves, up by 9.4 per cent in June compared with the beginning of the year as a result of interventions in the foreign exchange market; National Fund reserves increased by 3.5 per cent between the beginning of the year and June 2016
In a globalizing world economy and the growth of international financial transactions, capital movement liberalization is inevitable and it is a necessary condition for economic development for countries wishing to maximize the benefits of greater integration into the world economy
Summary
Formation of globalized financial environment of interaction of economic agents is one of the most important signs of our time. Globalization does change the balance of power on the world stage, but it determines the new sovereign integration imperatives of economic and financial policies. Today one can see a range of serious qualitative changes in integration processes, which make them the only path for the development of nations and regions. Regionalization of world economy – is a natural stage of modern world economy development under the globalization. A consistent enforcement of the European model of development in general is the main strategic goal of Ukraine’s public policy. The study of international experience in regional integration is the topical scholarly task for politicians and government.One of the most important aspects of such studies is the capital account liberalization
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