Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure
The relevance of the study is due to the growing influence of external factors on the structure of cross-border capital flows associated with Russia. The aim of the study is to identify the main changes in the internal and geographical structure of international capital flows in Russia, trace their...
Main Author: | |
---|---|
Format: | Article |
Language: | Russian |
Published: |
Government of the Russian Federation, Financial University
2020-12-01
|
Series: | Финансы: теория и практика |
Subjects: | |
Online Access: | https://financetp.fa.ru/jour/article/view/1099 |
id |
doaj-aaffeb39dbe444ea8d04607b7d346194 |
---|---|
record_format |
Article |
spelling |
doaj-aaffeb39dbe444ea8d04607b7d3461942021-07-28T16:22:49ZrusGovernment of the Russian Federation, Financial University Финансы: теория и практика2587-56712587-70892020-12-0124616117310.26794/2587-5671-2020-24-6-161-173822Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical StructureM. Yu. Golovnin0Institute of Economics, Russian Academy of SciencesThe relevance of the study is due to the growing influence of external factors on the structure of cross-border capital flows associated with Russia. The aim of the study is to identify the main changes in the internal and geographical structure of international capital flows in Russia, trace their connection with the state economic policy and make practical proposals for improving their internal and geographical structure in Russia. The author uses statistical methods related to the calculation of individual indicators and the analysis of statistical data, the study of international experience. The analysis of the calculated structure of flows and stocks of foreign investment in 2007-2019 proves that the internal structure had an increase in the importance of direct investments in the composition of liabilities and a decrease in the role of reserve assets in the composition of assets. Offshore and related jurisdictions dominate in the geographic structure of direct investment, while the structure of reserve assets has shifted from the United States to Asian countries (China and Japan). International experience indicates the development of new approaches to the regulation of international capital flows, including measures of macroprudential policy. The author made a conclusion about the ineffectiveness of the current economic policy in regulating the internal and geographical structure of cross-border capital flows in Russia and about the prevailing influence of administrative measures by the external players. To improve the structure of international capital flows in Russia, the author suggests using separate currency restrictions, macroprudential policy measures, deoffshorization policy, as well as targeted insurance of external risks for Russian investors.https://financetp.fa.ru/jour/article/view/1099international capital flowsdirect, portfolio and other investmentsreserve assetsoffshorepandemic covid-19currency restrictionsmacroprudential policy |
collection |
DOAJ |
language |
Russian |
format |
Article |
sources |
DOAJ |
author |
M. Yu. Golovnin |
spellingShingle |
M. Yu. Golovnin Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure Финансы: теория и практика international capital flows direct, portfolio and other investments reserve assets offshore pandemic covid-19 currency restrictions macroprudential policy |
author_facet |
M. Yu. Golovnin |
author_sort |
M. Yu. Golovnin |
title |
Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure |
title_short |
Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure |
title_full |
Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure |
title_fullStr |
Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure |
title_full_unstemmed |
Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure |
title_sort |
cross-border capital flows in russia: prospects for changing their internal and geographical structure |
publisher |
Government of the Russian Federation, Financial University |
series |
Финансы: теория и практика |
issn |
2587-5671 2587-7089 |
publishDate |
2020-12-01 |
description |
The relevance of the study is due to the growing influence of external factors on the structure of cross-border capital flows associated with Russia. The aim of the study is to identify the main changes in the internal and geographical structure of international capital flows in Russia, trace their connection with the state economic policy and make practical proposals for improving their internal and geographical structure in Russia. The author uses statistical methods related to the calculation of individual indicators and the analysis of statistical data, the study of international experience. The analysis of the calculated structure of flows and stocks of foreign investment in 2007-2019 proves that the internal structure had an increase in the importance of direct investments in the composition of liabilities and a decrease in the role of reserve assets in the composition of assets. Offshore and related jurisdictions dominate in the geographic structure of direct investment, while the structure of reserve assets has shifted from the United States to Asian countries (China and Japan). International experience indicates the development of new approaches to the regulation of international capital flows, including measures of macroprudential policy. The author made a conclusion about the ineffectiveness of the current economic policy in regulating the internal and geographical structure of cross-border capital flows in Russia and about the prevailing influence of administrative measures by the external players. To improve the structure of international capital flows in Russia, the author suggests using separate currency restrictions, macroprudential policy measures, deoffshorization policy, as well as targeted insurance of external risks for Russian investors. |
topic |
international capital flows direct, portfolio and other investments reserve assets offshore pandemic covid-19 currency restrictions macroprudential policy |
url |
https://financetp.fa.ru/jour/article/view/1099 |
work_keys_str_mv |
AT myugolovnin crossbordercapitalflowsinrussiaprospectsforchangingtheirinternalandgeographicalstructure |
_version_ |
1721267092819279872 |