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Инвестиции Нон Грата: Неформальные Ограничения Движения Капитала В Странах Евразэс // Investments Non Gratae: Informal Restrictions On Capital Flows In The Еurasian Economic Union (Eurasec) Member Countries

Author

Listed:
  • M. Lobanov M.

    (RAS Institute of Economics)

  • М. Лобанов М.

    (Институт экономики РАН)

Abstract

The article focuses on the problems of investment cooperation between the EurAsEC countries caused by informal restrictions on the movement of capital. An analysis of investment activities of foreign companies in the markets of these countries allows to reveal at least seven types of informal constraints (introduced under the influence of various factors) which impact on the interaction between recipients and donors of capital. In this context, the author evaluates the prospects of creating conditions for the free movement of capital within the EurAsEC and proposes measures to remove barriers to foreign investment. It is noted that irrational bureaucratic management is another barrier to foreign investment and it is often mentioned by entrepreneurs as one of the main investment risks. The negative impact of bureaucracy on the company's work can take on various forms: from incompetence in making decisions to direct intervention in business processes. Also, a very common practice in business is changing “the rules of the game”. For example, before signing investment agreements, foreign companies count to obtain benefits and preferences which can be eliminated later, in the process of project implementation. In this case, low predictability of decisions and actions of the authorities acts as an informal barrier to investment. В статье рассматриваются проблемы инвестиционного сотрудничества между странами Евразийского экономического союза (ЕвраАзЭС), обусловленные действием неформальных ограничений движения капитала. Анализ инвестиционной деятельности зарубежных компаний на рынках указанных стран позволяет выделить не менее семи типов неформальных ограничений, характеризующихся различными факторами возникновения и влиянием на взаимодействие реципиентов и доноров капитала. В этой связи оцениваются перспективы создания условий для свободного перемещения капитала в ЕвраАзЭС и предлагаются меры по устранению барьеров на пути зарубежных инвестиций. При этом отмечается, что барьером для иностранных капиталовложений является иррациональное бюрократическое управление, часто упоминаемое предпринимателями в качестве одного из основных инвестиционных рисков. Влияние бюрократии на работу компании может приобретать различные формы - от некомпетентности в принятии решений до прямого вмешательства в бизнес-процессы. Кроме того, весьма распространенная практика - смена «правил игры» в отношении бизнеса остается весьма распространенным явлением. Перед подписанием инвестиционных соглашений иностранным компаниям гарантируют разнообразные льготы и преференции, однако по мере реализации проектов они могут быть упразднены. В данном случае неформальным барьером для инвестиций выступает низкая степень предсказуемости решений и действий власти.

Suggested Citation

  • M. Lobanov M. & М. Лобанов М., 2016. "Инвестиции Нон Грата: Неформальные Ограничения Движения Капитала В Странах Евразэс // Investments Non Gratae: Informal Restrictions On Capital Flows In The Еurasian Economic Union (Eurasec) Member Cou," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 20(3), pages 90-99.
  • Handle: RePEc:scn:financ:y:2016:i:3:p:90-99
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    References listed on IDEAS

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