The export of capital takes place in two main forms. Basic forms of import and export of capital. Why is this happening

The classification of forms of international capital movement reflects the various aspects of this process. Capital is exported, imported and functions abroad in the following forms.

Forms of capital export differ according to the following criteria:

1) sources of origin of capital;

2) the nature of the use of capital;

3) the purpose of investing capital;

4) timing of capital investment.

The first group includes the following forms:

1. state capital: the subject of investment is the state, which provides loans, government loans, grants, and economic assistance. The movement of state capital is carried out on the basis of intergovernmental agreements;

2. loans and other funds provided by international organizations (IMF, etc.);

3. private capital - funds coming from non-state sources (legal entities and individuals). Leading TNCs play a significant role here.

The second group (by nature of use) includes:

4. export of entrepreneurial capital;

5. export of loan capital.

Investments of entrepreneurial capital in a country can occur either through the creation of a branch or through the acquisition of enterprises already existing in it. Specific forms of export of loan capital include loans, credits, investments in foreign banks, purchase of bonds and shares of foreign companies, etc.

Capital in loan form (loan capital) brings its owner income mainly in the form of interest on deposits, loans and credits, and capital in entrepreneurial form (entrepreneurial capital) - mainly in the form of profit.

In monetary and commodity forms. Thus, the export of capital can be machinery and equipment, patents and know-how, if they are exported abroad as a contribution to the authorized capital of a company being created or purchased there. Another example would be trade loans.

The third group, according to the purpose of investment, foreign investments are divided into direct and portfolio.

Foreign direct investment is based on the long-term economic interests of investors. A characteristic feature of direct investment, as defined by the IMF, is that the investor participates in management control over the object (enterprise) in which his capital is invested. Usually, it is enough to own 10% of the share capital. They give the right of ownership or actual control over the enterprise - the object of investment. For quite a long time, direct investments included investments that made it possible to obtain a block of shares in an enterprise amounting to at least 25% of their total value.

Portfolio investments do not give the right to control the object of capital investment, but only the right to income. By investing in the securities of an enterprise, the investor does not seek direct participation in the affairs of the company, but prefers to receive dividends or interest. They are typically represented by blocks of stock (or individual shares) that represent less than 10% of the firm's equity, as well as bonds and other securities. In different countries, the formal boundary between direct and portfolio investment is set differently, but usually it is 10%.

The fourth group, depending on the length of the loan capital investment, distinguishes between short-term, medium-term and long-term investments.

It should be borne in mind that in addition to the actual export of capital, the reinvestment of profits received from foreign investments is becoming increasingly important. Therefore, the concepts of “export of capital” and “foreign investment” do not coincide.

Closely related to the export of capital is the so-called “official development assistance” - financial and technical assistance provided to developing countries in order to overcome their socio-economic lag behind industrialized countries.

There are two main channels for the flow of funds into these countries: “official development finance” and “official development assistance”. The first concept is broader than the second and includes the sum of “official development assistance” and all other resources allocated through official channels, with the exception of government export subsidies.

Financial assistance includes gifts, loans, credits and grants. Often, the concept of “development assistance” includes all the movement of capital to developing countries (in entrepreneurial and loan form). Technical assistance can be provided in the form of transfer of production experience and scientific and technical knowledge on preferential terms or free of charge. For this purpose, vocational training centers with equipped laboratories and libraries, etc. are created in developing countries to train national personnel. As a rule, this type of assistance involves sending experts and specialists from donor countries, as well as providing scholarships for students in developing countries.

Just as the export and import of goods together constitute international trade, the export and import of capital together constitute the international movement (migration) of capital. In this case, we are talking about the movement of one of the most important factors of production, which leaves circulation within its own (“its”) national economy and moves to other countries. The export of capital and its active international migration (overflow) is one of the characteristic features of the modern world economy.

Already at the beginning of the 20th century. The export of capital in the world economy in its dynamics was ahead of the export of goods, although they are interconnected: the export of capital often contributes to the export of goods and, conversely, the export of goods often entails the export of capital.

The export of capital is the withdrawal of part of capital from the national turnover of a given country and its movement in appropriate forms to the economies of foreign countries. At the same time, it is important that it is not the act of realizing the profit already included in the price of the exported product or service that is transferred abroad, but the process of its creation.

The placement of part of the national capital abroad and the admission of foreign capital into the national economy mean the formation of stable economic ties between the economies of the two countries, since exported (or imported) capital becomes part of the reproduction process of the country of final use, either directly (in the form of entrepreneurial capital) or indirectly (in form of loan capital).

The main purpose of capital export is to obtain business profit or loan interest (if loan capital is exported). In addition, the goals of conquering new segments of the world market and gaining a foothold in them are being pursued, i.e., the goals of the actual expansion of capital.

The reasons for the “exit” of capital beyond national state borders are varied. Traditional Marxist economic teaching proceeded from the fact that the main reason for the export of capital in the era of imperialism is the relative excess of capital (monopolies do not always find areas of sufficiently profitable use of capital in their own country). It was also noted that the technical possibility of exporting capital to almost all regions of the world appeared with the spread of advanced means of transport in the late 19th - early 20th centuries.

However, at the turn of the XX-XXI centuries. this explanation is not entirely adequate.

The worldwide scientific and technological revolution has led to significant changes in the scale of production. In the economies of industrialized countries, a complex hierarchy of small, small, medium, large and largest enterprises is maintained and developed. While the first three categories operate primarily within national boundaries, large and major enterprises, in search of profitable investment of capital, strive to develop more and more of the world economic space, which contributes to:

Achieving economies of scale;

Use of cheaper skilled labor
strength;

Using the factor of unequal provision of different regions and countries with natural resources;

Penetration into the markets of countries pursuing a policy of restricting foreign capital;

Strengthening the position of firms in existing and potential product markets.

In modern conditions, being a large company and being confined within national borders usually means a loss of “pace of movement”, and therefore a worsening position in competition. A strong incentive is the desire to overcome tariff and non-tariff restrictions that prevent imported goods from entering national markets. An important incentive is also the opportunity to diversify economic and political risks, gain access to more accurate information about market conditions and sales prospects, and thereby create stronger guarantees for the stability of the company’s activities. The desire to establish itself in countries whose markets in the future may become a field for investment of capital is also of certain importance.

The diversity of reasons prompting companies to export capital beyond national borders is most fully manifested in the context of globalization of the world economy. The logic of economic development is such that in order to strengthen its position, a large company must explore the entire global economic space. In some cases, the company's enterprises may remain in one country, but the scope of application will be much wider. An example of such a global company is Microsoft.

Export of state capital is also carried out in order to ensure national economic interests. In addition, ideological considerations have not lost their importance. In a number of cases, the export of state capital aims to either support the relevant political regimes or contribute to their transformation in the direction desired by the creditor. On the contrary, if the ruling regime in a particular country pursues a policy that is in sharp contradiction with the position of the creditor, then in this case the provision of government loans to such a regime is either limited or completely stopped.

As in foreign trade, the export of capital from one country is the import of capital to another. The reasons for importing capital are also varied. Private companies may borrow or enter into joint ventures with foreign firms to develop and absorb new technologies, advance management practices, use well-known trademarks, strengthen their domestic position, and penetrate global markets. States strive to create favorable conditions for achieving higher rates of economic growth and structural restructuring of the national economy.

However, the consequences of the international “overflow” of capital for countries - exporters and countries - importers of capital are contradictory. For example, in the case of active export of capital, a given country expands its presence in various regions of the world, but at the same time, with the departure of capital, its own employment problems may worsen (as was the case in the 90s of the 20th century in Japan). With the active import (arrival) of foreign capital, the rate of profit for the domestic business of a given country may decrease, but at the same time employment will increase, etc.

Therefore, when attracting foreign capital to a given country, a number of specific circumstances must be taken into account:

The structure of the national economy and the current situation in it
production specialization;

The state of the country's financial system and financial markets;

Level of competition in the country;

Situation in the social sphere (employment, standard of living of the bulk of the population, etc.).

Depending on the specified specific circumstances, foreign capital can become both a development factor and, on the contrary, a factor in the aggravation of socio-economic and political contradictions (within a state and between states). This depends on solving a number of problems:

What is the scale of foreign investment;

Which sectors and regions of the national economy receive foreign capital and in what forms;

How are foreign investments regulated in a given country, etc.

World practice shows that foreign capital is more willing to go to countries with stable national legislation regulating foreign investment, with predictable economic policies and a stable political regime, with a favorable investment climate, which refers to the whole set of factors (political, economic, legal, social and etc.), determining the prospects for profitability (efficiency) of capital investment and the degree of risk for the investor. In the concept of investment climate, domestic and external (foreign) investments are interconnected: if foreign capital does not flow into a country due to an unfavorable investment climate, then most likely there will be “leave” and domestic capital.

Therefore, in practice, simultaneously with the concept of capital export, there is also the concept of “capital flight”. In this case, we are talking, as a rule, about a situation of massive outflow of private capital due to certain manifestations of country risk (increasing economic and (or) political instability and (or) the danger of depreciation of the national currency).

Thus the export and import of capital cannot be satisfactorily explained in terms of any one cause. It can already be assumed that the demographic situation in industrialized countries in the first half of the 21st century will be among the most important factors that will have a strong impact on the geographical distribution of global investments. The aging population of industrialized countries will lead to the need to search for new areas and regions for the use of capital. It is believed that developing countries, in which the bulk of the working-age population will be concentrated, can become an arena for the investment of capital accumulated in industrialized countries.

Forms of capital export differ according to the following criteria:

1) sources of origin of capital;

2) the nature of the use of capital;

3) the purpose of investing capital;

4) timing of capital investment.

The first group (by sources of origin of capital, i.e. who is the subject of capital investment) includes the following forms:

State capital: the subject of investment is the state, which provides loans, government loans, grants, and economic assistance. The movement of state capital is carried out on the basis of intergovernmental agreements;

Loans and other funds provided by international organizations (IMF, etc.);

Private capital is funds coming from non-state sources (legal entities and individuals). Leading TNCs play a significant role here.

The second group (by nature of use) includes:

Export of entrepreneurial capital;

Removal of loan capital.

According to investment purposes, foreign investments are divided into direct and portfolio.

Foreign direct investment is based on the long-term economic interests of investors. They give the right of ownership or actual control over the enterprise - the object of investment. For quite a long time, direct investments included investments that made it possible to obtain a block of shares in an enterprise amounting to at least 25% of their total value. However, in recent years, direct investments include investments that provide at least 10% of the total value of the company's shares.

Portfolio investments (no more than 10 or 25 % total value of the enterprise's shares) do not give the right to control over the object of capital investment, but only the right to income. By investing in the securities of an enterprise, the investor does not seek direct participation in the affairs of the company, but prefers to receive dividends or interest.

In Russian statistics, direct investments include capital investments by legal entities or individuals who fully own an enterprise or control at least 10% of shares and share capital. Portfolio investments include investments in the purchase of shares, bills or: other securities that constitute less than 10% of the total share capital of the enterprise.

Depending on the duration of the loan capital investment, short-term, medium-term and long-term investments are distinguished.

There are two main channels for the flow of funds to these countries: “official development finance” and “official development assistance”. The first concept is broader than the second and includes the sum of “official development assistance” and all other resources allocated through official channels, with the exception of government export subsidies.

Developing countries (in addition to economic, financial and technical) also receive food assistance, which is usually provided in emergency circumstances, for example, droughts, floods, etc. Over the past 20 years, such assistance has often been provided to a number of countries, primarily African .

Funds allocated through “official development assistance” must meet the following requirements: 1) be allocated for economic development purposes and 2) contain a grant element of at least 25% (with a fixed discount rate of 10%). The grant element is defined as the percentage quotient of the difference between the face value of the loan and the amount of future debt service payments, discounted at a fixed rate, divided by the size of the loan.

Despite the increase in the total volume of financial resources allocated in the 90s. to developing countries, the share of “official development assistance” expressed in constant prices declined by the end of the decade, which caused concern among the public in developing countries and a number of international organizations.

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Introduction

International capital movement is a determining element in the functioning of the world economy, the development of forms and conditions of international economic relations of all types.

International capital movement is the export of capital abroad (primarily for the purpose of its “self-expansion”). The essence of the export of capital comes down to the withdrawal of part of capital from the process of national turnover in one country and its inclusion in the production process (or other circulation) in other countries. The export of capital becomes possible when in industrialized countries the accumulation of capital has reached significant levels and its relative “surplus” has formed. This “excess,” or discrepancy between the amount of capital accumulation in industrialized countries and the possibilities for its application in the same countries, makes the export of capital necessary.

The chosen topic of the work has been sufficiently studied in the literature and is very relevant in modern conditions, when legal reform is being actively carried out in the Russian Federation and the foundations of the rule of law are being laid.

The role played by the export of capital is different for countries that export and import capital. It is generally accepted that the export of capital slows down the economic development of the exporting country, but is an effective means of its foreign trade expansion. On the other hand, the import of capital accelerates the economic development of host countries. In modern conditions, capital migration resolves a number of economic contradictions.

Firstly, the problems of domestic production, the problem of limited resources and their effective use are overcome.

Secondly, merchandise exports are expanding due to the fact that the export of capital is becoming a means of encouraging the export of goods abroad.

Thirdly, the role and place of TNCs is changing and an increasing part of the national economy is being included in the international reproduction process, the pace of scientific and technological progress is accelerating.

The purpose of the work is to study the essence and content of the main forms of capital export.

For this purpose, the following tasks have been set (the main issues to be developed (researched)): the essence of international capital movement; forms of capital removal; features of capital export.

In the process of carrying out the work, an analysis of the current legislation was carried out, the works of domestic scientists were studied, as well as publications in scientific publications and periodicals covering problematic atypical issues relating to the export of capital. We can highlight the works of the following authors: Avdokushina E.F., Pebro M., Crozet I., Shmeleva N.P. etc.

1. The essence of international capital movements

The international movement of capital is carried out through its export and import directly between countries, through international financial markets or international financial institutions.

Capital is the most important factor of production; the supply of funds necessary to create material and intangible benefits; value that generates income in the form of interest, dividend, profit. Irrevocable and interest-free funds provided to other countries, strictly speaking, are not capital, because they do not bring income to its owners Shmelev N.P. World economy: trends, shifts, contradictions. -M.: Education, 2001. P. 56.

.

However, in the host country these funds may be
used as capital. And, conversely, funds exported as capital can be spent on consumption in the country of application. An increase in the volume of foreign capital in the national economy may not be associated with a new influx of resources. It can be carried out through borrowing by a non-resident from local public and private sources, as well as converting part of the profit into the capital of enterprises with foreign participation.

Exporters and importers of capital are public and private structures, including central and local authorities and other government organizations; private firms, banks, international and regional organizations, individuals.

The state is responsible to creditors for public borrowings and private borrowings with a state guarantee. Sovereign obligations have priority, i.e. obligations of central authorities.

The main reasons causing and stimulating international capital migration are Khalevinskaya E.D., Crozet I. World Economy. - M.: Mysl, 2005. P. 121. :

- uneven development of national economies: capital leaves stagnating economies and is attracted to stable economies with high growth rates and higher rates of profit.

- imbalance of current balances of payments causes the movement of capital from countries with a surplus to countries with a deficit balance according to current accounts;

- capital migration between countries is stimulated by the liberalization of national capital markets, i.e. lifting restrictions on the inflow, operation and export of foreign investments;

- the development and expansion of international credit, currency and stock markets contributes to a large-scale increase in the international movement of capital;

- international capital migration is closely related to the increased activity of transnational corporations and banks; with the inclusion of non-banking and non-financial organizations in the financial activities; with an increase in the number and resources of institutional and individual investors;

- economic policy of countries that attract foreign capital, creating favorable conditions for domestic investment, for servicing external and internal debts of the state.

2. Forms of capital export

Capital in motion in the world economic system takes various forms.

1. The transfer of capital can be carried out in monetary and commodity form. Export credits, as well as contributions to the authorized capital of a company being created or purchased in the form of machinery, equipment, buildings, and vehicles, take the commodity form.

2. In terms of terms, capital can be short-term and long-term. Short-term capital refers to investments for a period of less than a year. These include trade loans, bank deposits, funds held in accounts of other financial institutions, short-term commercial paper and other forms of capital. Long-term investments are entrepreneurial capital, loans from commercial banks, foreign states and international organizations.

3. Based on the source of origin, capital is divided into state (official) and private. Public capital includes funds from the federal government, local governments and other government institutions, as well as the capital of international intergovernmental organizations, including the International Monetary Fund (IMF). Official funds are usually provided in the form of loans - government loans, loans, grants (gifts), assistance, loans from international organizations. Non-repayable loans and grants are not capital; in this case, foreign states act not as a creditor, but as a donor. Loans can also be supplied to receiving countries in a related form, i.e. Goods are supplied for the agreed loan amount. Loans from the IMF and the International Bank for Reconstruction and Development (IBRD), which is part of the World Bank system, are provided to the governments of host countries and have a specific purpose. IMF loans are provided to the recipient country (recipient) in parts (tranches). The provision of the next tranche depends on whether the recipient country fulfills its obligations under which the loan was provided. The source of official capital is budgetary funds, i.e. taxpayer funds. Decisions on the movement of official capital abroad are made jointly by the government and representative authorities on the basis of intergovernmental agreements. Ibid. P. 128. .

The funds of intergovernmental organizations are generated from contributions from member countries and are budgetary in origin. Decisions on granting loans are made by the leadership of the relevant international organizations. Official resources are provided on preferential, non-market terms. The predominance of official funds in the influx of financial resources indicates the unfavorable economic situation of the country, which limits its ability to attract private resources. Private capital is funds from non-state sources, i.e. own or borrowed funds of private firms, banks, mainly transnational, as well as foundations and other non-state institutions. They are moved abroad on market conditions by decision of the governing bodies of the relevant organizations. Private funds flow to foreign countries and through international organizations such as the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), on the basis of agreements concluded by these organizations with private firms. The main source of obtaining private funds in loan form is the international financial market, which transforms idle currency funds into capital and redistributes it between issuers and borrowers of different countries. The borrowing structure of troubled countries is dominated by official resources from countries with developed economies, and other countries without payment problems attract loan capital primarily from private sources.

4. According to the purposes or nature of use, capital is divided into loan and entrepreneurial. Loan capital is repayable funds lent for a certain period of time in order to receive interest on deposits, loans and credits. Loan capital appears in the form of short-term bank deposits, funds in the accounts of other financial institutions, short-term and long-term loans and credits. Loan capital can be state (official) and private. It is provided for an agreed period, during which the entire borrowed amount with interest must be gradually, in parts, returned to the lender. Full payments (depreciation plus interest) are due after the end of the interest-only grace period. Developing countries and countries with transition economies with payment difficulties turn, first of all, to IMF loans, an agreement with which is a prerequisite for obtaining resources from other sources. Loan capital is attracted by government agencies from official and private sources to replenish foreign exchange reserves, cover budget deficits, service external and internal debt obligations, implement macroeconomic stabilization and structural adaptation measures, for social payments, purchases of goods and other needs. Loan capital in the form of short-term and long-term syndicated loans provided by a syndicate of lending banks is also used by private borrowers. Entrepreneurial capital represents funds invested directly or indirectly in the production of goods or services, in business in general, with the aim of generating income primarily in the form of profit. The international flow of entrepreneurial capital is dominated by funds from TNCs; they are the main exporters and importers of capital. Funds from government institutions and international organizations can also be used as entrepreneurial capital abroad.

Entrepreneurial capital is represented by:

Direct investments;

Portfolio investments.

Foreign direct investment (FDI) is the investment of capital abroad to generate long-term income. A distinctive feature of direct investment is that the direct investor owns or controls the object (enterprise) in which his capital is invested.

The share of a direct investor in the capital of a company, which gives control over the enterprise, may be different. Formally, in the United States this limit is considered to be 10%. Establishing a quantitative boundary between direct and portfolio investments is very conditional. With equity dispersal, management control may result in a firm's shareholding below 10%.

Foreign direct investment includes:

First, the investor's initial acquisition of property abroad;

Secondly, all subsequent transactions between the investor and the enterprise in which his capital is invested.

Through outward FDI, investors establish new firms abroad, either independently or with a local partner; buy a significant stake in a company already operating abroad; completely absorb (buy) the existing company.

Foreign direct investment enterprises can take various forms:

This may be a branch or department that is wholly owned by the parent company (TNC), acting as a direct investor, and is not a legal entity;

This is a subsidiary company, which is a legal entity with its own balance sheet, but is controlled by a parent company, which is a direct non-resident investor and owns more than 50% of the capital in shares and shares;

In an associated company, a non-resident direct investor owns less than 50%, and may have effective control depending on the distribution of capital among shareholders;

Finally, affiliated enterprises associated with a direct investor also include enterprises in which the parent company does not have shares or shares, but it exercises management control through the conclusion of contracts for the management of the enterprise, for joint production through the supply of raw materials, technology, etc. , for joint extraction of raw materials and others. In this case, control is exercised on the basis of non-stock ownership forms.

The reasons for importing capital in the form of foreign direct investment are manifold. Host countries may be motivated by the following:

Foreign direct investment compensates for the savings gap for domestic investment;

With direct investment comes new technology, management, employment increases, national personnel are trained;

New goods appear on the market, foreign enterprises pay taxes;

FDI contributes to the implementation of government programs for structural transformation and economic development, the creation of competitive import-substituting and export-oriented production,

FDI reduces the need for debt capital,

Reasons for the export of capital in the form of foreign direct investment.

The export of direct investment is stimulated by the desire of the direct investor, which is primarily TNCs, to obtain maximum profit by reducing production costs in the host country as a result of the use of cheap labor, raw materials, energy, low environmental standards and fees, low taxes, savings on transport and other expenses.

Export of FDI is carried out with the aim of conquering markets and maintaining control over key technology that provides competitive advantages.

Foreign direct investment allows for the creation of wholly foreign or joint ventures in other countries. They stimulate the growth of international production and the deepening division of labor, primarily within transnational corporations; contribute to the development and strengthening of production and technological relationships between countries.

Foreign portfolio investment is an important way to attract foreign capital and provide financing to foreign borrowers. Portfolio investments are investments in foreign securities that do not give the investor the right to real control over the investment object.

They are divided into attachments:

In debt securities, certifying the debt relationship between the borrower who issued the document and the lender who bought it;

In property titles, i.e. into shareholder securities certifying the property right of the owner of the document in relation to the person who issued the document.

Debt securities confirm the lender's right to collect the debt from the borrower. These are fixed income securities and are safer and less profitable than property investments can provide. Debt securities are an important source of external borrowing. They are divided into long-term and medium-term bonds (bonds), promissory notes, promissory notes (notes), commercial paper, as well as short-term debt securities (Treasury bills, certificates of deposit, bankers' acceptances).

Investments in property titles. On the international property title market, the most common are shares, shares, and American Depositary Receipts (ADR), which confirm the investor’s participation in the capital of the enterprise.

Shares are securities that confirm their owner's right to a share in the capital of a company and give him the right to vote at annual meetings of shareholders, elect directors and receive a share of the company's profits in the form of dividends. Shares can be preferred or ordinary.

Depository receipts are securities issued by a national bank that confirm its ownership of shares in foreign companies. The most common are American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), each of which can be equated to multiple foreign shares and traded on the stock market as a separate title.

The incentive to make foreign portfolio investments through shares and other titles is the desire to achieve maximum profit through growth in market value and dividends at an acceptable level of risk. In addition, the investor hopes to protect money from inflation; receive speculative income; provide yourself with highly liquid funds that can be quickly converted into cash. Stocks do not provide a fixed income, are not redeemable, and are less reliable than bonds, but stocks can provide high returns.

5. Capital can be borrowed, i.e. forming debts, and unborrowed or not forming debts. Non-debt funds include direct investments and portfolio equity investments. Borrowed funds include credit forms of raising capital - loans, credits, debt securities. Based on the balance of capital inflows and outflows, countries are divided into net importers and net exporters of capital. According to the balance of international assets and liabilities, i.e. Based on the accumulated foreign capital in the country's economy (liabilities) and on the accumulated national capital abroad (assets), the balance of the country's external debt is determined. The excess of assets over liabilities characterizes the country as a net creditor; excess of liabilities over assets - as a net debtor. Debtor countries can be solvent, timely fulfilling their debt obligations to foreign creditors, and insolvent, i.e. violating their obligations and accumulating arrears. According to the IMF classification, defaulting countries or those with difficulties in servicing debt include states that have had overdue debt over the past 5 years and/or whose debts have been restructured, i.e. were re-registered.

3. Features of capital export

In modern conditions, the export of capital has a number of features.

First, the movement of private capital between industrialized countries has increased. Thus, only five countries - the USA, Great Britain, Japan, Germany, France - account for over 70% of the export of private capital Pebro M. International economic, currency and financial relations. - M.: Progress-Univers, 2004. P. 312. .

Secondly, since the mid-70s. capital is exported from the countries of the Near and Middle East - major oil exporters, as well as from industrially advanced countries in Asia and Latin America (Taiwan, South Korea, Singapore, Brazil). Overall, developing countries account for about 3.0% of total foreign investment.

Thirdly, in connection with the development of integration processes and the growth of TNCs (if in 1970 there were approximately 7 thousand TNCs, and in 2004 their number exceeded 50 thousand), the forms of capital movement have changed. This is, first of all, the intensive interpenetration of entrepreneurial capital in developed countries (USA and Canada - 35%, Western European countries - 29% of the total amount of foreign capital investment in the world). About 17% of foreign direct investment is invested in developing countries. This allowed developing countries such as South Korea, Singapore, and Malaysia to become world leaders in the field of electronics, mechanical engineering, and computer science.

Fourthly, in recent decades, the export of capital has created conditions for the intensive introduction of foreign capital into the reproduction process of many countries. For example, the share of enterprises controlled by foreign capital in the total volume of manufacturing production in Canada, Australia, South Africa exceeds 33%, in leading Western European countries it is 21-28%, including in the UK, Germany - over 21%, in Italy - over 23%, in France - over 27%. Foreign capital plays an even greater role in the economies of developing countries. In them, companies with foreign participation account for 40% of industrial production. In a number of countries it predominates. Enterprises controlled by foreign capital produce about 97% of electronic and electrical products in Singapore, 82% in Taiwan, and 75% in South Korea. In the first half of the 2000s. the share of foreign investment in gross capital investments in Asian countries was 4.8%, in Latin American countries 3.8%, in African countries - 4.0% Ibid. P. 313. .

Conclusion

The export (import) of capital is divided into three types, depending on who owns the property of the exported capital. On this basis they distinguish:

private export of capital, carried out mainly by the largest industrial companies and banks;

state export of capital carried out by the government at the expense of the state budget or by state organizations and companies;

export of capital by international monetary and financial companies and organizations.

These types of capital movements can take two forms:

Removal of loan capital, which is divided into loans, credits, bank deposits and funds in accounts in other financial institutions (deposits, as well as securities transferred for storage to credit institutions). The export of loan capital is carried out by providing public and private external loans in order to generate income in the form of interest, the level of which is fixed in advance. This export of capital is carried out either by issuing foreign bonds in the country exporting capital, or by directly lending funds to foreign private or public organizations.

A feature of the export of loan capital is that this capital is sent to another country for a predetermined period, and the lender retains ownership of the loaned capital, but the right to use this capital passes to the borrower, governments or entrepreneurs of foreign countries;

Export of entrepreneurial capital, which is divided into foreign direct investment and “portfolio” investment. Depending on the period, the export of capital is divided into short-term (usually for a period of up to one year) and long-term (more than one year).

The entrepreneurial form of capital export involves its investment in industrial, agricultural, financial and commercial enterprises. Moreover, these can be both independent enterprises and branches, divisions or subsidiaries of capital exporting companies. The export of capital in an entrepreneurial form retains for its owner the right of ownership of the capital exported to another country and the possibility of direct control over its use. The purpose of the export of entrepreneurial capital is to obtain entrepreneurial profit based on the advantages obtained in the country of application of capital.

Foreign direct investment (FDI) represents flows of entrepreneurial capital in the form of a combination of managerial expertise and lending. According to the IMF definition, FDI is a form of investment when the investor has management control over the object in which capital is invested.

The reasons for preferring the export of capital in the form of FDI are:

a) the desire for the most profitable investment of capital;

b) creation abroad of its own infrastructure for foreign economic relations (i.e. warehouses, transport enterprises, insurance companies, distribution networks, etc.).

The income received by direct investors consists of dividends, interest, royalties and management fees. FDI grew rapidly in the immediate post-war years when the United States was the largest investing country.

Portfolio investments are capital investments, stocks, bonds and other forms of “participation” that do not provide direct control over the activities of a foreign enterprise.

It should be noted that in modern conditions the line between countries exporting and importing capital is becoming more and more arbitrary, since each country is both an exporter and an importer of capital. Therefore, today it is more correct to talk about a new phenomenon in the movement of capital, about its “migration”. Capital migration should be understood as the interpenetration of capital from industrialized countries, developing countries and countries with “transition” economies.

Various forms of capital export - direct private investment, government loans, loans from international financial organizations - have today become the most important driving force in developing and deepening world economic ties.

List of sources and literature used

1. Avdokushin E.F. International economic relations. - M.: IVC Marketing, 2002. - 693 p.

2. Lindert P. X. Economics of world economic relations. - M.: Progress-Univers, 2002. - 504 p.

3. Pebro M. International economic, currency and financial relations. - M.: Progress-Univers, 2004. - 556 p.

4. Spiridonov I.A. World economy. - M.: Education, 2002. - 934 p.

5. Khalevinskaya E.D., Crozet I. World economy. - M.: Mysl, 2005. - 609 p.

6. Shmelev N.P. World economy: trends, shifts, contradictions. - M.: Education, 2001. - 524 p.

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The export of capital takes place in two main forms. Basic forms of import and export of capital. Why is this happening