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June 2016 (published: 20.06.2016)
Number 2(25)
Home > Issue > Factor analysis of the capital outflow from the Russian economy
Markovskaia E.I. , Belov A.V.
The primary goal of this article is to investigate and compare the impact of economic and non-economic factors on the capital outflows from Russia. Many recent studies in Russia have focused on studying the impact of economic factors on capital outflow. However, few studies in Russia evaluate and explain the impact of non-economic factors on the volume of capital outflow. Therefore, the impact of the non-economic factors (for example, geopolitical or social) on capital flow is not fully understood. Our hypothesis is that some of them may have significantly affected this outflow. We define the main factors and evaluate their impact applying the factor analysis in our research. Our main result is that non-economic factors had an impact on the volume of capital outflow at the end of 2014. It is important to investigate the factors that influenced the capital outflow from the Russian economy within the period 2010-1014. Since 2011, the growth of the main economic indicators (investment in the economy, capital inflow) have been decreasing, and capital outflow has been increasing. At the end of 2014 the Russian economy was put under pressure by the international sanctions imposed by the EU, including trade limitations and restrictions on capital flows. These sanctions were imposed over international disagreements about the geopolitical conflict between Russia and Ukraine. This resulted in a significant capital flight from the Russian economy. A central issue of our article is to study and compare the impact of economic and non-economic factors on capital outflow from the Russian economy under sanction conditions.
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Keywords: Investment mechanism of the financing in the Russian economy, adaptation, institutional environment.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 330.354
Factor analysis of the capital outflow from the Russian economy
The primary goal of this article is to investigate and compare the impact of economic and non-economic factors on the capital outflows from Russia. Many recent studies in Russia have focused on studying the impact of economic factors on capital outflow. However, few studies in Russia evaluate and explain the impact of non-economic factors on the volume of capital outflow. Therefore, the impact of the non-economic factors (for example, geopolitical or social) on capital flow is not fully understood. Our hypothesis is that some of them may have significantly affected this outflow. We define the main factors and evaluate their impact applying the factor analysis in our research. Our main result is that non-economic factors had an impact on the volume of capital outflow at the end of 2014. It is important to investigate the factors that influenced the capital outflow from the Russian economy within the period 2010-1014. Since 2011, the growth of the main economic indicators (investment in the economy, capital inflow) have been decreasing, and capital outflow has been increasing. At the end of 2014 the Russian economy was put under pressure by the international sanctions imposed by the EU, including trade limitations and restrictions on capital flows. These sanctions were imposed over international disagreements about the geopolitical conflict between Russia and Ukraine. This resulted in a significant capital flight from the Russian economy. A central issue of our article is to study and compare the impact of economic and non-economic factors on capital outflow from the Russian economy under sanction conditions.
Read the full article
Keywords: Investment mechanism of the financing in the Russian economy, adaptation, institutional environment.
DOI 10.17586/2310-1172-2016-9-2-17-23