problem of capital outflow is a hot topic for the countries with developing economies.The cash outflow from the country almost always has one goal - to provide higher income in another country.
Outflows: Causes
In order to understand how the outflow-inflow of capital, you need to identify the causes of the export of cash:
- lack of proportionate ratio between capital and its demand, which leads to excessive accumulation of finance.Therefore it is reasonable to carry it was there, where there is demand for it, and it is possible to get good dividends.
- lack of competition for products from the host country.
- Cheaper resources needed for the manufacture of a product.
- favorable economic and political climate in the host country.
If a few decades ago, the countries were divided into those who import and export of capital, in today's realities of a country can be directly and exporter, and the host country.
Types of capital movements
capital outflow may divided into two types, depending on the source of funds.
state capital
financial resources of this type are in the possession of the state.The government or intergovernmental organizations themselves decide when, where and how to invest finances.These can be loans, loans with subsequent profit as a percentage for the use of, or international financial assistance.
Private equity
The industry is different from the state that the money can import any individual or company from its own resources, which are not controlled by the state in its territory.But control of funds is the responsibility of the government abroad, if they were not hidden from the authorities.It may be, for example, investment in overseas production of something, opening his own firm, interbank relations, bearing the nature of the investment.
Statistics capital outflows
capital outflow from Russia, according to statistics, after declining the previous year.This situation is justified and logical to link the capital outflow from the country's economic situation and the stabilization of the ruble.
According to forecasts of the Central Bank, the outflow of capital from the country in 2015 will average $ 118 billion, taking into account, plus or minus $ 10 billion.
According to the data, compared with the outflow of capital in the first three months of last year, this year there is a positive trend.It was $ 33 billion., As opposed to $ 47.7 billion. For 2014, it is almost 1.5 times less.And these figures will be reduced.So, in 2016 it is planned to take out money in the amount of $ 87 billion., And in 2017 - at $ 80 billion.
In the early spring of this year, the head of department Alexei Ulyukayev said that so far will be saved sanctions by Western countries, the outflow of capitalwill continue.
export funds in 2014 reached a record maximum amount of $ 150 billion against $ 61 billion in 2013. The Central Bank, focusing on the cost of a barrel of oil, predicts that the import of money this year will be about $ 120 billion. And ifthe price on the world oil market will drop to the critical $ 40 per 159 liters of oil, there is an option to increase the outflow of capital to $ 130 billion. If you look at capital outflows, the statistics show a direct link between the cost of crude oil and export finance.
Sometimes you can hear that in fact no export money abroad, but there is a concealment of taxes and, in the opinion of the exporters, finances over time come back.
for emerging economies is quite typical situation is when both occur and outflows, and import of cash.To this effect the tax disparity between foreign offshore companies and domestic investors.Another reason may be only banal money laundering.
it necessary to deal with the outflow of capital and how?
Most experts naturally believe that the main reason for the outflow of capital is in the low attractiveness of investments in domestic producer compared to the foreign ones.In order to understand where, in the home country or abroad, more profitable to invest money, you must take into account the level of taxation, the economic condition of the country, the stability of the exchange rate and so on.
It is advisable to draw a parallel between the export of capital and the avoidance of public money invested in the property business in the country.And while abroad will be more attractive environment for investment, the investor will not be able to make investments in the local economy.
As mentioned above, the outflow of capital can be linked to money laundering of criminal proceeds, or unpaid taxes.All this illegal activity excites interest among government agencies to combat crime and increases the control over the export of capital.
reasons the consequences of capital flight
Capital flight out of the country for it carries serious economic losses.First of all the state loses its financial resources and has developed itself.The money that could be invested in domestic production, raising the country's economic stability, "swim" abroad.
drops to a minimum supply of currency on the Moscow Stock Exchange, which entails the establishment of unrealistic exchange rate in relation to foreign currencies.If the part of the financial resources that were taken to the neighboring countries, to return back, it would increase the money supply and stabilize the exchange rate.
Lack of financial resources negatively influences the level of employment in the country.
absence of a real amount of money undermines the ability to cover the main Russia's foreign debt and does not allow to pay interest on it.
export of capital seems a normal process at the state level, controlled by the Government at the level of the export of goods and services and create jobs.But when it exceeds all acceptable norms, as it was in 2014, this fully shows the decline of the economic situation in the country, where the lost opportunity to invest in the domestic producers of goods and services.
The greater the amount of money taken abroad, the harder it is to resist this.And the solution to this problem is not limited to administrative measures.It is necessary to create conditions for investment in our country, which will push depositors to develop the economy of the state, create new jobs, instead of enriching foreign country.
