Russia in international capital movement: Turn of tendencies

Abstract

The paper deals with the past, current and future situation in Russian capital outflow and inflow. The specific features of the past situation (2001-2013) were as follows: big scale of Russian participation in international capital movement; turnover of national capital between Russia and offshores; stable surplus of capital outflow over inflow; inadequacy of industrial structure of capital inflow to Russian needs. The current situation is characterized by such new features as radical cut in volumes of capital outflow and inflow, some decrease in its level of offshorization. In the mid-term the probability of continuation of current trends is high. In the long-term the mode of Russian participation in international capital movement will prima facie depend on prospects of realization of systematic reforms in the Russian economy.

Cross-border Capital Flows in Russia: Prospects for Changing their Internal and Geographical Structure

“…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. Keywords: international capital flows; direct, portfolio and other investments; reserve assets; offshore; pandemic COVID-19; currency restrictions; macroprudential policy 4 .…”

“…1). В структуре пасси- 4 Анализ за 2020 г. построен на данных платежного баланса за первые два квартала текущего года. URL: http://cbr.ru/ statistics/macro_itm/svs/ (дата обращения: 16.11.2020).…”