IDEAS home Printed from https://ideas.repec.org/a/nos/vgmu00/2019i6p105-120.html
   My bibliography  Save this article

Russian Federation Cross-Border Investments and Bank Expansion

Author

Listed:
  • Mstislav Afanasyev
  • Nataliya Shash

Abstract

The paper looks into the specifics of cross-border investments related to changes in the direction of capital flow. The growth factors regarding the export of capital have been identified from the point of view of the Neo-Keynesian theory of investment, which describes a situation when the economy of a country demonstrates a stable excess of the gross saving rate (gross saving to GDP ratio) over the gross accumulation rate (gross accumulation to GDP ratio), which can be the result of forcing exports and/or rapidly growing prices for the main export commodities. The paper presents the results of the evaluated international investment activity of the Russian Federation in 2018-2019, formed with standard components. The main indicators, characterizing financial stability and positions of the Russian banking system given the sectoral limitations, have been reported.The key trade and investment positions of the Russian Federation and the EU countries have been analyzed. Calculations have been made to demonstrate the volume of direct Russian investments in the EU countries within 2010-2017. Some peculiarities have been identified and the presence of asymmetry in the investment cooperation between the EU and the RF has been confirmed. Specific features of the Russian export of capital have been revealed. A range of factors, preconditioning a growth of flow of Russian bank capital to the countries of the EU, has been formed. The main parameters of the international investment activity of Russian banking institutions have been presented and some data have been given on the geographical distribution of foreign assets and liabilities of the Russian bank sector by groups of countries and individual (most attractive for Russian investment) countries of the world. It has been concluded that supporting European expansion of the national banking institutions could be one of the prioritized directions of the state policy of the Russian Federation in the banking sector.

Suggested Citation

  • Mstislav Afanasyev & Nataliya Shash, 2019. "Russian Federation Cross-Border Investments and Bank Expansion," Public administration issues, Higher School of Economics, issue 6, pages 105-120.
    • Handle: RePEc:nos:vgmu00:2019:i:6:p:105-120
    as

    Download full text from publisher

    File URL: http://vgmu.hse.ru/data/2019/11/21/1531827298/Afanasiev,%20Shash%206-2019.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Elisabeth Christen & Oliver Fritz & Gerhard Streicher, 2015. "Effects of the EU-Russia Economic Sanctions on Value Added and Employment in the European Union and Switzerland," WIFO Studies, WIFO, number 58219, January.
    2. Philippe Aghion & Peter Howitt, 2009. "The Economics of Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 9780262012638, December.
    3. Joshua Aizenman & Menzie D. Chinn & Hiro Ito, 2008. "Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time," NBER Working Papers 14533, National Bureau of Economic Research, Inc.
    4. Guillermo A. Calvo, 1998. "CAPITAL FLOWS AND CAPITAL-MARKET CRISES: The Simple Economics of Sudden Stops," Journal of Applied Economics, Taylor & Francis Journals, vol. 1(1), pages 35-54, November.
    5. Enrique Alberola & Aitor Erce & José Maria Serena, 2012. "International reserves and gross capital flows: dynamics during financial stress," Globalization Institute Working Papers 110, Federal Reserve Bank of Dallas.
    6. Philippe Aghion & Diego Comin & Peter Howitt & Isabel Tecu, 2016. "When Does Domestic Savings Matter for Economic Growth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(3), pages 381-407, August.
    7. Peter C. B. Phillips & Donggyu Sul, 2009. "Economic transition and growth," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(7), pages 1153-1185.
    8. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
    9. -, 2009. "Economic growth in the Caribbean," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38668, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ali Sabyrzhan & Gulnara Balgimbekova & Viktor Shestak, 2021. "RETRACTED ARTICLE: Economic and legal regulation of the use and development of renewable energy sources," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 21(4), pages 595-610, December.
    2. Chen Pei Zhao & Gurgen Gukasyan & Valery Bezpalov & Valeriy Prasolov, 2020. "Development of Modern Standards for Energy Efficiency of Industrial Enterprises within the European Union Policy," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 451-459.
    3. Marko Milojević & Paweł Nowodziński & Ivica Terzić & Svetlana Danshina, 2021. "Households’ Energy Autonomy: Risks or Benefits for a State?," Energies, MDPI, vol. 14(7), pages 1-16, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kumar, Sanjesh & Singh, Baljeet, 2019. "Barriers to the international diffusion of technological innovations," Economic Modelling, Elsevier, vol. 82(C), pages 74-86.
    2. Alessandra Cepparulo & Gilles Mourre, 2020. "How and How Much? The Growth-Friendliness of Public Spending through the Lens," European Economy - Discussion Papers 132, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Blagov, Boris & Funke, Michael, 2019. "The Regime-Dependent Evolution Of Credibility: A Fresh Look At Hong Kong'S Linked Exchange Rate System," Macroeconomic Dynamics, Cambridge University Press, vol. 23(6), pages 2434-2468, September.
    4. Sulekha Hembram & Souparna Maji & Sushil Kr. Haldar, 2019. "Club Convergence among the Major Indian States During 1982–2014: Does Investment in Human Capital Matter?," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 20(2), pages 184-204, September.
    5. Tobias Schlegel & Curdin Pfister & Dietmar Harhoff & Uschi Backes-Gellner, 2022. "Innovation effects of universities of applied sciences: an assessment of regional heterogeneity," The Journal of Technology Transfer, Springer, vol. 47(1), pages 63-118, February.
    6. Impullitti, Giammario & Akcigit, Ufuk & Ates, Sina T., 2018. "Innovation and Trade Policy in a Globalized World," CEPR Discussion Papers 15804, C.E.P.R. Discussion Papers.
    7. Noritsugu Nakanishi & Ngo Van Long, 2020. "A new impetus for endogenous growth: R&D offshoring via virtual labor mobility," Review of International Economics, Wiley Blackwell, vol. 28(3), pages 846-883, August.
    8. Magnus Henrekson & Dan Johansson & Johan Karlsson, 2024. "To Be or Not to Be: The Entrepreneur in Neo-Schumpeterian Growth Theory," Entrepreneurship Theory and Practice, , vol. 48(1), pages 104-140, January.
    9. Alireza Motameni, 2021. "The Impact of Oil Rent, Currency Overvaluation, and Institution Quality, on Economic Growth of Oil-Rich Countries: A Heterogeneous Panel Data Study," International Journal of Energy Economics and Policy, Econjournals, vol. 11(3), pages 483-493.
    10. Rafael Torres Gaviria, 2022. "Horsemen of the apocalypse: The Mongol Empire and the great divergence," Documentos CEDE 20533, Universidad de los Andes, Facultad de Economía, CEDE.
    11. Gebs, Mehdi & Nabi, Mahmoud Sami, 2021. "The economic impacts of digitalization through an extended input-output model: theory and application to Tunisia," MPRA Paper 113299, University Library of Munich, Germany.
    12. Philippe Aghion & Antonin Bergeaud & Gilbert Cette & Rémy Lecat & Hélène Maghin, 2019. "Coase Lecture ‐ The Inverted‐U Relationship Between Credit Access and Productivity Growth," Economica, London School of Economics and Political Science, vol. 86(341), pages 1-31, January.
    13. Ghosh Saibal, 2017. "Political Federalism and Innovation: Are de jure Labor Regulations Absolute?," Asian Journal of Law and Economics, De Gruyter, vol. 8(3), pages 1-15, December.
    14. Philippe Aghion & Antonin Bergeaud & Matthieu Lequien & Marc J. Melitz, 2024. "The Heterogeneous Impact of Market Size on Innovation: Evidence from French Firm-Level Exports," The Review of Economics and Statistics, MIT Press, vol. 106(3), pages 608-626, May.
    15. Angelopoulos, Angelos & Economides, George & Liontos, George & Philippopoulos, Apostolis & Sakkas, Stelios, 2022. "Public redistributive policies in general equilibrium: An application to Greece," The Journal of Economic Asymmetries, Elsevier, vol. 26(C).
    16. Jayasooriya, Sujith, 2020. "Revised Macro-Mincer Model for Human Capital Investment in Economic Growth," MPRA Paper 100747, University Library of Munich, Germany.
    17. Yan, Zheming & Du, Keru & Yang, Zhiming & Deng, Min, 2017. "Convergence or divergence? Understanding the global development trend of low-carbon technologies," Energy Policy, Elsevier, vol. 109(C), pages 499-509.
    18. Hof, Franz X. & Prettner, Klaus, 2019. "The quest for status and R&D-based growth," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 290-307.
    19. Christian Morrisson & Fabrice Murtin, 2013. "The Kuznets curve of human capital inequality: 1870–2010," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 11(3), pages 283-301, September.
    20. Esteban Colla‐De‐Robertis & Rafael Garduno Rivera, 2021. "The effect of a free trade agreement with the United States on member countries' per capita GDP: A synthetic control analysis," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(4), pages 1129-1145, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nos:vgmu00:2019:i:6:p:105-120. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Irina A. Zvereva (email available below). General contact details of provider: http://vgmu.hse.ru/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.