ACTUAL ISSUES OF RUSSIA’S PARTICIPATION IN THE INTERNATIONAL MOVEMENT OF CAPITAL

The article analyzes the problems and prospects of modern liberal model of Russia’s participation in international capital movement, based on the free convertibility of ruble for capital transactions. Realization of this model folded in the middle of 2000th had a significant, but ambiguous impact on the national economy. On the one hand, it added to the country’s investment appeal and stimulated capital inflows. On the other hand, with no barriers on its way amid not favorable enough investment climate, export of investment from Russia surged up and exceeded import in terms of volumes, resulting in a weakened resource base for the domestic economic growth. Deficiencies of the liberal model showed up most clearly in the year of 2014, which witnessed a new record in capital outflow driven by increasing economic turbulence in the country and foreign policy tensions. Resulting pressure on the economy raised an issue of restricting foreign exchange to stop the running away capital.

The authors believe that in spite of the deficiencies inherent to the free capital movement principle, to reject it would be a step back in the economic policy of the country. To enhance the efficiency of Russia’s integration to the global financial system, it would be more appropriate for the government to start regulating the capital inflows and outflows using market instruments rather than to put up barriers. In this context, the article analyses a number of top-priority measures, which could currently help stabilize the import of investment into Russia. 

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