Capital Outflow and the Place of Russia in Core–Periphery Relationships

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World Review of Political Economy

Volume 10, Issue 3

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Capital Outflow and the Place of Russia in Core–Periphery Relationships

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Author(s): Oleg Komolov

Publication date (Print): 1 October 2019

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: export of capital, flight of capital, drain of capital, core-periphery relations, unequal exchange

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Abstract

The problem of capital outflow from the Russian economy is considered in three aspects: export of capital, flight of capital and drain of capital. Permanent net capital outflow through private and public channels allows the state to devalue the ruble and create a favorable environment for export-oriented mining industries. This circumstance, firstly, inhibits the qualitative growth of the Russian economy, and secondly, is a sign of its peripheral nature in the global capitalism.

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Author and article information

Journal

Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 October 2019

Volume: 10

Issue: 3 ( doiID: 10.13169/worlrevipoliecon.10.issue-3 )

Pages: 328-341

Article

Publisher ID: worlrevipoliecon.10.3.0328

DOI: 10.13169/worlrevipoliecon.10.3.0328

SO-VID: c89ccb85-0b7b-4eea-907c-3577a2d8f9dc

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ScienceOpen disciplines: Political economics

Keywords: core-periphery relations,unequal exchange,export of capital,flight of capital,drain of capital

References

Abalkin, L. I. 2000. “Kachestvennye izmenenija struktury finansovogo rynka i begstvo kapitala iz Rossii” [Qualitative Changes in the Structure of the Financial Market and Capital Flight]. Russia Financy, no. 1: 2–8.
Bernshtam, B. E. 2013. “Osobennosti begstva kapitala iz Rossii” [Features of “Capital Flight” from Russia]. Jekonomika 23 (3): 113–119.
Big Economic Dictionary. 1997. Big Economic Dictionary. 2nd ed. Moscow: Institut novoj e'konomiki.
Bulatov, A. S. 2014. “Rossiya v mezhdunarodnom dvizhenii kapitala v 2014—nachale 2015 godov Analiticheskiy doklad” [Russia in the International Capital Flow in 2014—Early 2015 Analytical Report]. https://mgimo.ru/upload/iblock/753/russia-mdk-2014.pdf.
Central Bank of the Russian Federation. 2018. “Statistics of the External Sector.” Accessed October 27, 2018. www.cbr.ru/statistics/?PrtId=svs.
CIA (Central Intelligence Agency). 2017. The World Factbook. www.cia.gov/library/publications/the-world-factbook/geos/vi.html.
Dzhabborov, D. B. 2014. “Private Property in Economy Based on Knowledge.” [In Russian.] Problemy Sovremennoj Jekonomiki 54 (2): 79–81.
Evstigneev, V. 2011. “Pochemu rubl' stoit v 1,5 raza deshevle, chem dolzhen” [Why Is the Ruble Worth 1.5 Times Less Than It Should Be]. Forbes (Russian edition), June 10. Accessed November 27, 2018. www.forbes.ru/lichnye-dengi-column/valyuty/74856-pochemu-rubl-stoit-pochti-v-15-raza-deshevle-chem-dolzhen.
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Fituni, L. 2000. “Begstvo kapitala v sisteme global'nogo pereraspredelenija nacional'nyh bogatstv” [Capital Flight in the System of Global Redistribution of National Wealth]. Working Paper of Vestnik Moskovskogo Universiteta, Serija 6, Jekonomika, no. 3: 18–33.
Guzikova, L. A., and I. N. Ljukevich. 2016. “Rossijskij kapital: begstvo ili doroga domoj” [Russian Capital: Flight or Road Home]. Jekonomicheskoe Vozrozhdenie Rossii 47 (1): 101–112.
Interfaks. 2014. “Deofshorizacija v poslanijah Putina: prjanik, knut, prjanik” [De-offshorization in Putin's Messages: Gingerbread, Carrot, Gingerbread]. Accessed October 12, 2018. www.interfax.ru/business/411223.
Katkova, E. 2018. “Sankcii rabotajut, Severnyj potok urezajut” [Sanctions Work, Nord Stream Is Being Cut]. Accessed October 12, 2018. www.gazeta.ru/business/2017/11/01/10966952.shtml.
Kolesov, N. D., and O. V. Petko. 2003. “Problemy begstva kapitala iz Rossii” [Problems of Capital Flight from Russia]. Working Paper of Vestnik Sankt-Peterburgskogo Universiteta Series 2, no. 13: 59–67.
Komolov, O. O. 2015. “The Problem of Monopolization of Production in Marxist Paradigm and Modern World.” [In Russian.] Terra Economicus, no. 2: 95–105.
Kornilov, M. S., and S. V. Lobachev. 2008. “Ja. Kak ocenit' obem begstva kapitala iz Rossii” [How to Estimate the Amount of Capital Flight from Russia]. Terra Economicus, no. 1: 78–86.
Lenin, V. I. 1969. “Imperializm, kak vysshaja stadija kapitalizma” [Imperialism as the Highest Stage of Capitalism], Izdatel'stvo politicheskoj literatury, Moscow.
Maslov, G. A. 2017. “Postindustrial Society Theories: Historical Reasons and Methodological Contradictions.” [In Russian.] Jekonomicheskoe Vozrozhdenie Rossii, no. 1: 132–140.
Panina, T. 2016. “Ishhem povival'nuju babku” [We Are Looking for a Midwife]. Rossijskaja Gazeta, June 12. Accessed January 27, 2019. https://rg.ru/2016/12/06/v-kakih-ekonomicheskih-usloviiahnam-predstoit-prozhit-blizhajshie-gody.html.
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The Economist. 2018. “The Big Mac index Global Exchange Rates.” The Economist. Accessed October 11, 2018. www.economist.com/content/big-mac-index.
UNCTAD (United Nations Conference on Trade and Development). 2017. Foreign Direct Investment: Inward and Outward Flows and Stock, 1970–2016. Accessed October 11, 2018. http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx.
US Department of the Treasury. 2018. Major Foreign Holders of Treasury Securities (in Billions of Dollars). Accessed July 9, 2019. http://ticdata.treasury.gov/Publish/mfh.txt.
Wallerstein, I. 2001. “Analiz mirovyh sistem i situacija v sovremennom mire” [Analysis of World Systems and the Situation in the Modern World]. Working paper of Universitetskaja Kniga.
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Comments

Comment on this article

[1] Abalkin, L. I. 2000. “Kachestvennye izmenenija struktury finansovogo rynka i begstvo kapitala iz Rossii” [Qualitative Changes in the Structure of the Financial Market and Capital Flight]. Russia Financy, no. 1: 2–8.

[2] Bernshtam, B. E. 2013. “Osobennosti begstva kapitala iz Rossii” [Features of “Capital Flight” from Russia]. Jekonomika 23 (3): 113–119.

[3] Big Economic Dictionary. 1997. Big Economic Dictionary. 2nd ed. Moscow: Institut novoj e'konomiki.

[4] Bulatov, A. S. 2014. “Rossiya v mezhdunarodnom dvizhenii kapitala v 2014—nachale 2015 godov Analiticheskiy doklad” [Russia in the International Capital Flow in 2014—Early 2015 Analytical Report]. https://mgimo.ru/upload/iblock/753/russia-mdk-2014.pdf.

[5] Central Bank of the Russian Federation. 2018. “Statistics of the External Sector.” Accessed October 27, 2018. www.cbr.ru/statistics/?PrtId=svs.

[6] CIA (Central Intelligence Agency). 2017. The World Factbook. www.cia.gov/library/publications/the-world-factbook/geos/vi.html.

[7] Dzhabborov, D. B. 2014. “Private Property in Economy Based on Knowledge.” [In Russian.] Problemy Sovremennoj Jekonomiki 54 (2): 79–81.

[8] Evstigneev, V. 2011. “Pochemu rubl' stoit v 1,5 raza deshevle, chem dolzhen” [Why Is the Ruble Worth 1.5 Times Less Than It Should Be]. Forbes (Russian edition), June 10. Accessed November 27, 2018. www.forbes.ru/lichnye-dengi-column/valyuty/74856-pochemu-rubl-stoit-pochti-v-15-raza-deshevle-chem-dolzhen.

[9] Federal Customs Service of the Russian Federation. 2018. “Foreign Trade of the Russian Federation on Goods, Federal Customs Service of the Russian Federation.” Accessed November 27, 2018. www.customs.ru/index.php?option=com_newsfts&view=category&id=52&Itemid=1978.

[10] Fituni, L. 2000. “Begstvo kapitala v sisteme global'nogo pereraspredelenija nacional'nyh bogatstv” [Capital Flight in the System of Global Redistribution of National Wealth]. Working Paper of Vestnik Moskovskogo Universiteta, Serija 6, Jekonomika, no. 3: 18–33.

[11] Guzikova, L. A., and I. N. Ljukevich. 2016. “Rossijskij kapital: begstvo ili doroga domoj” [Russian Capital: Flight or Road Home]. Jekonomicheskoe Vozrozhdenie Rossii 47 (1): 101–112.

[12] Interfaks. 2014. “Deofshorizacija v poslanijah Putina: prjanik, knut, prjanik” [De-offshorization in Putin's Messages: Gingerbread, Carrot, Gingerbread]. Accessed October 12, 2018. www.interfax.ru/business/411223.

[13] Katkova, E. 2018. “Sankcii rabotajut, Severnyj potok urezajut” [Sanctions Work, Nord Stream Is Being Cut]. Accessed October 12, 2018. www.gazeta.ru/business/2017/11/01/10966952.shtml.

[14] Kolesov, N. D., and O. V. Petko. 2003. “Problemy begstva kapitala iz Rossii” [Problems of Capital Flight from Russia]. Working Paper of Vestnik Sankt-Peterburgskogo Universiteta Series 2, no. 13: 59–67.

[15] Komolov, O. O. 2015. “The Problem of Monopolization of Production in Marxist Paradigm and Modern World.” [In Russian.] Terra Economicus, no. 2: 95–105.

[16] Kornilov, M. S., and S. V. Lobachev. 2008. “Ja. Kak ocenit' obem begstva kapitala iz Rossii” [How to Estimate the Amount of Capital Flight from Russia]. Terra Economicus, no. 1: 78–86.

[17] Lenin, V. I. 1969. “Imperializm, kak vysshaja stadija kapitalizma” [Imperialism as the Highest Stage of Capitalism], Izdatel'stvo politicheskoj literatury, Moscow.

[18] Maslov, G. A. 2017. “Postindustrial Society Theories: Historical Reasons and Methodological Contradictions.” [In Russian.] Jekonomicheskoe Vozrozhdenie Rossii, no. 1: 132–140.

[19] Panina, T. 2016. “Ishhem povival'nuju babku” [We Are Looking for a Midwife]. Rossijskaja Gazeta, June 12. Accessed January 27, 2019. https://rg.ru/2016/12/06/v-kakih-ekonomicheskih-usloviiahnam-predstoit-prozhit-blizhajshie-gody.html.

[20] Platonova, I. N. 2001. “Problemy vyvoza i begstva kapitalov iz Rossii (voprosy strategii i taktiki)” [Problems of Export and Flight of Capital from Russia (Issues of Strategy and Tactics)]. Finansy i Kredit 83 (11): 2–9.

[21] Rosatom. 2018. “Corporation Projects.” [In Russian.] Accessed October 12, 2018. www.rosatom.ru/investor/projects/.

[22] Sergeev, G. S. 2018. “Rossijskaja Imperija pered Pervoj Mirovoj vojnoj: Imperialisticheskaja derzhava ili polukolonija?” [Russian Empire before the First World War: An Imperialist Power or Half-Colonony?]. Voprosy Politicheskoj Jekonomii, no. 1: 10–34.

[23] The Economist. 2018. “The Big Mac index Global Exchange Rates.” The Economist. Accessed October 11, 2018. www.economist.com/content/big-mac-index.

[24] UNCTAD (United Nations Conference on Trade and Development). 2017. Foreign Direct Investment: Inward and Outward Flows and Stock, 1970–2016. Accessed October 11, 2018. http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx.

[25] US Department of the Treasury. 2018. Major Foreign Holders of Treasury Securities (in Billions of Dollars). Accessed July 9, 2019. http://ticdata.treasury.gov/Publish/mfh.txt.

[26] Wallerstein, I. 2001. “Analiz mirovyh sistem i situacija v sovremennom mire” [Analysis of World Systems and the Situation in the Modern World]. Working paper of Universitetskaja Kniga.

[27] World Bank. 2018. PPP Conversion Factor, GDP (LCU per international $). Accessed October 11, 2018. https://data.worldbank.org/indicator/pa.nus.ppp.