<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">voprecotest</journal-id><journal-title-group><journal-title xml:lang="ru">Вопросы экономики</journal-title><trans-title-group xml:lang="en"><trans-title>Voprosy Ekonomiki</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">0042-8736</issn><publisher><publisher-name>Voprosy Ekonomiki, NP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.32609/0042-8736-2023-9-65-83</article-id><article-id custom-type="elpub" pub-id-type="custom">voprecotest-4627</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>МЕЖДУНАРОДНАЯ ЭКОНОМИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>INTERNATIONAL ECONOMICS</subject></subj-group></article-categories><title-group><article-title>Новые тренды в движении капитала в мире и России</article-title><trans-title-group xml:lang="en"><trans-title>New trends in capital flows in the world and Russia</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-2167-9457</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Булатов</surname><given-names>А. С.</given-names></name><name name-style="western" xml:lang="en"><surname>Bulatov</surname><given-names>A. S.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Булатов Александр Сергеевич (bulatov.moscow@mail.ru), доктор экономических наук, профессор, старший научный сотрудник кафедры мировой экономики МГИМО </p><p>Москва</p></bio><bio xml:lang="en"><p>Alexander S. Bulatov</p><p>Moscow</p></bio><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Московский государственный институт международных отношений (университет) МИД России</institution><country>Россия</country></aff><aff xml:lang="en"><institution>MGIMO University</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2023</year></pub-date><pub-date pub-type="epub"><day>06</day><month>09</month><year>2023</year></pub-date><volume>0</volume><issue>9</issue><fpage>65</fpage><lpage>83</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Voprosy Ekonomiki, NP, 2023</copyright-statement><copyright-year>2023</copyright-year><copyright-holder xml:lang="ru">Voprosy Ekonomiki, NP</copyright-holder><copyright-holder xml:lang="en">Voprosy Ekonomiki, NP</copyright-holder><license xlink:href="https://www.vopreco.ru/jour/about/submissions#copyrightNotice" xlink:type="simple"><license-p>https://www.vopreco.ru/jour/about/submissions#copyrightNotice</license-p></license></permissions><self-uri xlink:href="https://www.vopreco.ru/jour/article/view/4627">https://www.vopreco.ru/jour/article/view/4627</self-uri><abstract><p>После мирового экономического кризиса 2008—2009 гг. в международном движении капитала появились новые тренды: изменились динамика, волатильность и география вывоза и ввоза капитала, сменились некоторые страны-лидеры, усилились страновые ограничения на ввоз капитала, расширилось международное сотрудничество при мониторинге международного движения капитала. Коронакризис и геополитические потрясения 2020— 2023 гг. также повлияли на эти процессы. Заметно уменьшилось участие России в международном движении капитала из-за ограничений на российские инвестиции за рубежом и иностранные инвестиции в РФ, а также из-за неясности перспектив российской экономики.</p></abstract><trans-abstract xml:lang="en"><p>In the aftermath of the global economic crisis of 2008—2009 new trends have emerged in the international capital flows: dynamics, volatility and geography of capital outflow and inflow have changed, the list of countries leading in these outflow and inflow have also changed, national restrictions on the import of capital have increased, international cooperation in monitoring international capital movements has expanded. The COVID-19 crisis and the geopolitical upheavals of 2020—2023 have added new trends to these processes. Russia’s participation in international capital flows has become noticeably smaller due to restrictions on Russian investments abroad and foreign investments in Russia, as well as problems with dynamics of the Russian economy.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>мировая экономика</kwd><kwd>Россия</kwd><kwd>международное движение капитала</kwd><kwd>прямые иностранные инвестиции</kwd><kwd>портфельные инвестиции</kwd><kwd>производные финансовые инструменты</kwd><kwd>прочие инвестиции</kwd></kwd-group><kwd-group xml:lang="en"><kwd>world economy</kwd><kwd>Russia</kwd><kwd>international capital flows</kwd><kwd>foreign direct investment</kwd><kwd>portfolio investments</kwd><kwd>derivative financial instruments</kwd><kwd>other investments</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Банк России (2023a). Основные показатели статистики внешнего сектора в 2022 году. https://www.cbr.ru/statistics/macro_itm/svs/key-ind/</mixed-citation><mixed-citation xml:lang="en">Bank of Russia (2023a). Main aggregates of external sector statistics in 2022. (In Russian). https://www.cbr.ru/statistics/macro_itm/svs/key-ind/</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Банк России (2023b). Макроэкономический опрос Банка России. Июль. https://www.cbr.ru/statistics/ddkp/mo_br/</mixed-citation><mixed-citation xml:lang="en">Bank of Russia (2023b). Macroeconomic survey of the Bank of Russia. July. (In Russian). https://www.cbr.ru/statistics/ddkp/mo_br/</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Булатов А. С. (2020). Внешнеэкономические связи России: постсоветские тенденции // Известия Академии наук Российской Федерации. Серия географическая. № 4. C. 517—529. https://doi.org/10.31857/S2587556620040044</mixed-citation><mixed-citation xml:lang="en">Bulatov A. S. (2020). Russia’s external economic relations: Post-Soviet trends. Izvestiya Rossiiskoi Akademii Nauk. Seriya Geograficheskaya, No. 4, pp. 517—529. (In Russian). https://doi.org/10.31857/S2587556620040044</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Ивантер А. (2023). Капитальный контроль понарошку // Эксперт. № 13. C. 55—58.</mixed-citation><mixed-citation xml:lang="en">Ivanter A. (2023). Capital controls make-believe. Expert, No. 13, pp. 55—58. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Росстат (2021). Инвестиции в России. 2021: Стат. сб.</mixed-citation><mixed-citation xml:lang="en">Rosstat (2021). Investment in Russia. 2021: Statistical compendium. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Столяров А. (2023). ВТБ снова нужны деньги // Эксперт. № 14. C. 40—42.</mixed-citation><mixed-citation xml:lang="en">Stolyarov A. (2023). VTB needs money again. Expert, No. 14, pp. 40—42. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Турунцев А. (2023). Острова для «своих» // Эксперт. № 13. С. 47—49.</mixed-citation><mixed-citation xml:lang="en">Turuntsev A. (2023). Islands for cronies. Expert, No. 13, pp. 47—49. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Хейфец Б. А. (2022). Новый этап деофшоризации глобальной экономики и российские реалии. Научный доклад. М.: Институт экономики РАН.</mixed-citation><mixed-citation xml:lang="en">Kheifets B. A. (2022). A new stage in de-offshorization of global economy and Russian realities. Research report. Moscow: Institute of Economics, RAS. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Ahn I. B., Habib A., Malacrino D., Presbitero A. F. (2023). Fragmenting foreign direct investment hits emerging economies hardest. IMF Blog, April 5. https://www.imf.org/en/Blogs/Articles/2023/04/05/fragmenting-foreign-direct-investmenthits-emerging-economies-hardest</mixed-citation><mixed-citation xml:lang="en">Ahn I. B., Habib A., Malacrino D., Presbitero A. F. (2023). Fragmenting foreign direct investment hits emerging economies hardest. IMF Blog, April 5. https://www.imf.org/en/Blogs/Articles/2023/04/05/fragmenting-foreign-direct-investmenthits-emerging-economies-hardest</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">BIS (2021). Changing patterns of capital flows. CGFS Papers, No. 66.</mixed-citation><mixed-citation xml:lang="en">BIS (2021). Changing patterns of capital flows. CGFS Papers, No. 66.</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Bodoni S., Nardelli A. (2023). EU hunt for sanctioned Russian billionaires’ assets stalls. Bloomberg, March 9. https://www.bloomberg.com/news/articles/2023-03-09/eu-stalls-in-search-for-sanctioned-russian-billionaires-assets</mixed-citation><mixed-citation xml:lang="en">Bodoni S., Nardelli A. (2023). EU hunt for sanctioned Russian billionaires’ assets stalls. Bloomberg, March 9. https://www.bloomberg.com/news/articles/2023-03-09/eu-stalls-in-search-for-sanctioned-russian-billionaires-assets</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Bordo M., James H. (2022). Trapped in the trilemma: When security trumps economics. NBER Working Paper, No. 30505. https://doi.org/10.3386/w30506</mixed-citation><mixed-citation xml:lang="en">Bordo M., James H. (2022). Trapped in the trilemma: When security trumps economics. NBER Working Paper, No. 30505. https://doi.org/10.3386/w30506</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Bulatov A. (2022). MNEs and capital flight: The case of Russia. Russian Journal of Economics, Vol. 8, No. 2, pp. 176—188. https://doi.org/10.32609/j.ruje.8.80358</mixed-citation><mixed-citation xml:lang="en">Bulatov A. (2022). MNEs and capital flight: The case of Russia. Russian Journal of Economics, Vol. 8, No. 2, pp. 176—188. https://doi.org/10.32609/j.ruje.8.80358</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Darvas Z., Martins C., McCaffrey C., Léry Moffat L. (2023). Russian foreign trade tracker. Bruegel Datasets. https://www.bruegel.org/dataset/russian-foreign-trade-tracker</mixed-citation><mixed-citation xml:lang="en">Darvas Z., Martins C., McCaffrey C., Léry Moffat L. (2023). Russian foreign trade tracker. Bruegel Datasets. https://www.bruegel.org/dataset/russian-foreign-trade-tracker</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">EC (2023). European economic security strategy. June 20. https://ec.europa.eu/commission/presscorner/detail/en/IP_23_3358</mixed-citation><mixed-citation xml:lang="en">EC (2023). European economic security strategy. June 20. https://ec.europa.eu/commission/presscorner/detail/en/IP_23_3358</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Evernett S. J., Pisani N. (2023). Less than nine percent of Western firms have divested from Russia. Available at SSRN: https://doi.org/10.2139/ssrn.4322502</mixed-citation><mixed-citation xml:lang="en">Evernett S. J., Pisani N. (2023). Less than nine percent of Western firms have divested from Russia. Available at SSRN: https://doi.org/10.2139/ssrn.4322502</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">IMF (2009). Balance of payments and international investment position manual. 6th ed. Washington, DC.</mixed-citation><mixed-citation xml:lang="en">IMF (2009). Balance of payments and international investment position manual. 6th ed. Washington, DC.</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">IMF (2023а). Geoeconomic fragmentation and the future of multilateralism. IMF Staff Discussion Notes, No. 2023/001. https://doi.org/10.5089/9798400229046.006</mixed-citation><mixed-citation xml:lang="en">IMF (2023а). Geoeconomic fragmentation and the future of multilateralism. IMF Staff Discussion Notes, No. 2023/001. https://doi.org/10.5089/9798400229046.006</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">IMF (2023b). Global financial stability report: Safeguarding financial stability amid high inflation and geopolitical risk. April. Washington, DC.</mixed-citation><mixed-citation xml:lang="en">IMF (2023b). Global financial stability report: Safeguarding financial stability amid high inflation and geopolitical risk. April. Washington, DC.</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">IMF (2023c). World economic outlook update. January. Washington, DC.</mixed-citation><mixed-citation xml:lang="en">IMF (2023c). World economic outlook update. January. Washington, DC.</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">IMF (2023d). World economic outlook. April. Washington, DC.</mixed-citation><mixed-citation xml:lang="en">IMF (2023d). World economic outlook. April. Washington, DC.</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Kearney (2023). Cautious optimism: The 2023 Kearney FDI Confidence Index. https://www.kearney.com/foreign-direct-investment-confidence-index/2023-full-report</mixed-citation><mixed-citation xml:lang="en">Kearney (2023). Cautious optimism: The 2023 Kearney FDI Confidence Index. https://www.kearney.com/foreign-direct-investment-confidence-index/2023-full-report</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Lane P. R., Milesi-Ferretti J. M. (2018). The external wealth of nations revisited: International financial integration in the aftermath of the global financial crisis. IMF Economic Review, Vol. 66, pp. 189—222. https://doi.org/10.1057/s41308-017-0048-y</mixed-citation><mixed-citation xml:lang="en">Lane P. R., Milesi-Ferretti J. M. (2018). The external wealth of nations revisited: International financial integration in the aftermath of the global financial crisis. IMF Economic Review, Vol. 66, pp. 189—222. https://doi.org/10.1057/s41308-017-0048-y</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">UNCTAD (2022). World investment report. Geneva.</mixed-citation><mixed-citation xml:lang="en">UNCTAD (2022). World investment report. Geneva.</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">UNCTAD (2023). Investment policy monitor: The evolution of FDI screening mechanisms. Issue 25. Geneva.</mixed-citation><mixed-citation xml:lang="en">UNCTAD (2023). Investment policy monitor: The evolution of FDI screening mechanisms. Issue 25. Geneva.</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">U.S. Department of the Treasury (2023). Joint statement of the REPO task force. March 9. https://home.treasury.gov/news/press-releases/jy1329</mixed-citation><mixed-citation xml:lang="en">U.S. Department of the Treasury (2023). Joint statement of the REPO task force. March 9. https://home.treasury.gov/news/press-releases/jy1329</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
