capital of the country - it is not just material savings, and a guarantee of its long years of prosperity.If a country has enough physical resources, which means that they can be sent not only to development, but also to use during a crisis.Therefore, a substantial outflow of capital - is a big problem for any country.The most common cause is the excess of imports over exports, and export funds due to the unfavorable investment climate in the country.In today's article we will look at the nature, forms and consequences of the "flight" of capital.
essence of the concept
system of economic concepts that characterize modern foreign economic relations between the two countries, is still controversial.There are different approaches to the evaluation of the substance of foreign investments.In general, the outflow of capital - is the transfer of funds from the territory of one State to put them in another country.At the same time, this phenomenon does not include the situation with the change of ownership when the company actually passes into the possession of a foreigner, as in this case, the assets remain at home.The new owner continues to pay taxes and provide jobs, that is, his personal capital is for the benefit of the national economy.Similarly, do not turn on the conversion of money in foreign currency, if it remains in the country, regardless of whether it is stored in a bank account or a home "under the mattress."
Capital shadow economy
«gray" money - it is a significant component in terms of the economy of many developing countries, including Russia.They accumulate as a result of illegal business and banking, credit and illegal misconduct the loss of ability to pay.Nevertheless, these funds can not be attributed to the capital of the country, so they should not be included in the "flight" of money from the country.In Russia, they are affected by national and international legislation on countering the legalization of criminal assets method.
reasons for the "flight" of capital
There is a fairly wide range of views on the question of why there is an outflow of funds.But most experts believe is responsible for the unstable economic or political situation, corruption, high taxes.
So, the main reasons that the personal assets of businesses and individuals spent abroad, are as follows:
- adverse economic and investment climate in the country (political instability, the small size of the market, the devaluation of the ruble, poor infrastructure).
- excessive liberalization imposed by international financial institutions.
- of the country's economic course that stimulates investments in foreign currency.
- ineffectiveness of taxation.
- lack of cooperation between the business sector and the government.
- distrust in the banking sector.
- Criminalization of economic activity and high efficiency of money laundering.
- risk of devaluation of money and material assets.
Types outflows
Transferring money abroad or their return is carried out in various ways.The main ones are the following:
- Investing in foreign banks funds that previously were in the accounts in the Russian Federation.
- Export of currency on the cards and traveler's checks and securities at the border crossing.
- Failure to return to profit from economic activities obtained abroad.
- use of non translations.
The practice is often used several methods simultaneously.If we divide them in terms of legality, we can distinguish three main groups:
- by law. These include export of currency on the cards or the creation of enterprises abroad.
- «Grey" ways. These include non-return of profits from abroad, smuggling of currency, which does not fall under the Criminal Code.
- illegal means. including the actions described in article 188 and 193 of the Criminal Code.
negative effect of withdrawal of money abroad
«Escape» the capital - this is not a new phenomenon for the Russian economy.The outflow of capital was observed in a time of great turmoil, Peter's reforms, serfdom and the socialist revolution.This is a characteristic of unstable national economies.The owners seek to protect their commercial interests, so choose the best conditions for the placement of funds.The effect of capital flight reduces the risks in the following areas: economic, political and social.In addition, it increases the level of corruption and crime.The main problem is that the negative effect tends to accumulate, and the situation tends to escalate in the future.
export of capital from Russia
amount of money that come in Russia, less than those who leave the country.Official "flight" takes the form of capital increase of foreign assets by domestic commercial banks buy foreign stocks and currencies to sell the business sector and individuals.This component is easy to calculate and control.Illegal capital flight - is the remainder untranslated export earnings, payment of import non-existent, and lost money in a barter transaction.
In 2014, according to the Central Bank of Russia, the official rate increased by 2.5 times compared to the previous reporting period and amounted to over 150 billion dollars.USA.Moreover, all the preliminary forecasts were talking about less on at least 20 billion. Outflow.Experts agree on the fact that at such a low price of oil banks will be difficult to maintain the necessary amount of reserve and economic problems are structural, not cyclical.
workarounds
outflow of capital - it is a problem to solve it in one day is impossible.Here we need the institutional transformation of the economy.
consider the main ways of keeping money in the country:
- Provide mechanisms to protect the business from unexpected nationalization or raids.
- additional tax and administrative burden on companies, which use the owners of the chain in order to conceal the real beneficiaries.
- Increased transparency of business.
- A tax on investment from Russia.
- control over observance of the term of the foreign investments in the Russian economy.
- fight against money laundering through offshore.
- implementation of preferential regimes, movement of capital.
- formation of a new ideology and propaganda of patriotism.
