CAPITAL OUTFLOW FROM UKRAINE: REASONS, VOLUMES AND CONSEQUENCES


ABSTRACT

Cherviakova V.V. Capital outflow from Ukraine: reasons, volumes and consequences. Visnyk National Transport University. Series «Economic sciences». Scientific and Technical Collection. - Kyiv: National Transport University, 2020. - Issue 2 (47).

The article is devoted to the research of causes, ways, volumes and macroeconomic consequences of capital outflow from Ukraine.

Object of study - processes of capital outflow from Ukraine.

Purpose - study of causes, dynamics and macroeconomic consequences of capital outflow from Ukraine.

Methods of research - analysis, synthesis, generalization, systematization, graphic.

The article examines the state of the business environment in Ukraine and identifies the main causes of the economy shadowing and capital outflow from the country. The notions of capital outflow and capital escape from the country were delimited. The study of mirror statistics of foreign trade between Ukraine and the European Union was conducted and the volume of manipulations with the value of export and import of goods was determined. The balance of payments of Ukraine was analyzed and it was concluded that the capital outflow takes place by undervaluation of products when exporting from Ukraine and with the use of investment tools. The underestimated cost of exported goods from Ukraine and their further sale on world markets at world prices through foreign companies registered in low tax jurisdictions, indicates the accumulation of profits from conducting business in Ukraine beyond its borders. The dynamics of investment experiences significant fluctuations and indicates the inflow of funds to Ukraine in the form of direct and portfolio investments during the periods of relative political and economic stability, and the escape of capital via operations belonging to other investments on the eve of the elections and change of power in the country, in particular in 2004, 2009 and 2014. The main macroeconomic effects of capital outflow from Ukraine were determined

KEY WORDS: CAPITAL OUTFLOW, CAPITAL ESCAPE, EXPORT, IMPORT, INVESTMENT.

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AUTHOR

Cherviakova Valentina V., National Transport University, Ph.D., Associate Professor, Department of Economics, https://orcid.org/0000-0003-3568-3836, e-mail: ChervyakovaV@bigmir.net, tel.: +380679571074.

REVIEWER

Vorkut T.A., PhD, Professor, Head of Department of Logistics and Transport Law, National Transport University, Kyiv, Ukraine.

Bondarenko E.V., PhD, Professor, President of the Academy of investment in science and construction of Ukraine, Kyiv, Ukraine.

Article language: Ukrainian

Open Access: http://publications.ntu.edu.ua/visnyk/47/183.pdf

Print date: 15.04.2020

Online publication date: 27.10.2020


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