Государственное регулирование трансграничных потоков капитала в условиях санкционных ограничений: pro et contra

Государственное управление. Электронный вестник. 2018. № 69. С. 217–242.

Perekhod S., Чистилин Д. К.

The authors consider the main reasons for the export of capital from Russia, since this
significantly affects the conditions of economic growth and its long-term development. The
position of international organizations and the world practice on the issue of capital flow
restrictions are considered. The main theoretical concepts are presented, which take into
account the advantages and disadvantages of limiting the cross-border movement of capital
under sanctions. Based on the research, the authors come to the conclusion that under such
conditions as foreign economic sanctions, a lack of domestic investment and
undercapitalization of the economy, excessive openness of the Russian economy and passive
policies of the Bank of Russia have led to negative consequences in the economy. The result of
such actions were: stagnation of production, deterioration of macroeconomic parameters,
falling incomes of private and corporate sectors of the economy, growth of social tension and
loss of competitiveness of the economy in international markets. All this together represents
the dependence of the Russian economy on the system of international monetary and financial
relations and, as a result, a threat to national economic security. The authors come to the
conclusion that it is advisable to develop special measures that minimize the export of financial
resources from Russia and limit the inflow of speculative foreign capital.
 

Keywords: отток капитала, capital outflows