Migration of Capital, the movement of capital within one country, as well as from one country to another (international migration of capital) in search of more profitable application. The migration of capital in the capitalist countries is associated with the discovery of new natural resources, with the use of cheaper workforce, cheaper land, etc. It may accelerate the economic development of the territories to which capital flows or, contrariwise, retard the development of territories where capital formation processes have weakened because of capital outflow. The international migration of capital may take two forms: when the owner moves to another country and takes his capital with him, and when he remains in his country of origin. Capital migration with the owner considerably accelerates economic growth in the country where it is invested, because profits brought by capital remain in the country and are used to amass more capital. In the 19th century, the comparatively rapid economic development of the United States was, in particular, connected with considerable migration to the country of West European and especially British capital with its owners. Capital migration without the migration of the owner—the export of capital—which has developed extensively during the epoch of imperialism, is aimed at establishing the rule of the monopolies of one country over the economy of another country and is connected with the garnering and transference to the mother country of much of the profit accruing from exported capital. The international migration of capital has a significant effect on a country’s balance of payments. Entrepreneur’s capital migration is shown in the balance of payments in the item "movement of long-term capital”. Most developed capitalist countries here show a deficit, since they export more capital than import. Usually this deficit is compensated by a higgly favourable balance in the item "profits from foreign investment”, which is shown in the column on the balance of payments on current account. The migration of loan capital (buying or selling bonds, bank deposits on current accounts, etc.) is reflected in the item "movement of short-term capital”. Short-term capital is extremely mobile, very often moving from one country to another because of actual or pending changes of the exchange rate, change of interest rate and other conditions, and hence is called hot money. The extensive movement of hot money in search of better investment terms may sharply aggravate the balance of payments situation and result in a monetary crisis in the given country. In postwar years the mass migration of short-term capital has always been one of the causes of the crisis of the British pound. Since the migration of capital has a considerable effect on a country’s economic development, it has become one of the areas of the state-monopoly regulation. Currency restrictions considerably retard the international migration of capital. Several countries, in particular Japan, have checked the inflow of foreign capital for quite a long time. But over the last few years there has been a tendency in many countries, which also include Japan, to ease restrictions on the international movement of capital.