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...

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Main Author: M. Yu. Golovnin
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
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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
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