The international division of labor is realized not only through the exchange of goods and services, but also through the export and import of capital. This process is widely used in the late XIX - early XX centuries.
The export of capital - this is the cost of moving abroad in the form of money or goods to systematically obtain profits or achieve other economic and political benefits.
In other words, the essence of the export of capital is reduced to the withdrawal of financial or material resources of the process of national economic turnover in one country and their incorporation into the production process in other countries. Moving the capital from one country to another due, first of all, ahead of domestic economic development exporting country compared to the growth of its foreign trade.
The need for capital exports caused by the formation in the industrialized countries "surplus" of capital, due to its over-accumulation.
At the present stage of development of the world economy a major factor in the development of international economic relations is the export of capital. Such forms of international economic relations, such as international trade in goods, services, technologies affect monetary and financial aspects: the implementation of export-import operations are carried out international payments or need international loans, with international labor migration are transferred transfers of wages.
The formation and development of the international migration of capital began much later these forms of international economic relations, such as international trade in goods, international labor migration.
Only possibility for the emergence of the export of capital required is quite substantial accumulation in the country.
In the evolution of the relations arising in the field of international migration of capital, can be divided into several stages.
Stage 1 - starts after the completion of the process of primitive accumulation of capital and the development of capitalist relations of production - at the turn of the XVII-XVIII centuries. and lasted until the end of the XIX century. This stage is called "nucleation stage of the export of capital." The current processes are most accurately reflects the term "capital flight", because the latter have migrated only in one direction (from the metropolis to the colonies), and has been limited and random.
Stage 2 - the late XIX - early XX century. to the mid XX century., ie, as the approval and distribution in the global economy of the capitalist relations of production. The process is carried out as capital flight between industrial countries and between industrial and developing countries. At this stage, the export of capital has become typical, repetitive and characteristic phenomenon that allows you to define the term and call this stage - the "stage of capital export."
Thus, the export of capital - is the process of withdrawal of capital from the national turnover of the country and moving it in a commodity or cash in the manufacturing process and the treatment of other country in order to extract higher profits.
Stage 3 - In the mid 50's and 60's of the XX century. - The stage of the evolution of international capital movements, continuing to the present, reflecting the term "international migration of capital." Rationale for the use of this term are the following circumstances:
First, the export of capital is carried out not only industrialized countries but also many developing and former socialist countries;
Secondly, the countries at the same time and become exporters and importers of capital;
thirdly, the export of capital is significant in terms of the inverse movement of capital in the form of interest on loans, business profits, dividends on shares. For example, payments on interest on foreign loans.
Based on the foregoing, the international migration of capital - it processes a counter movement of capital between the different countries of the world economy, regardless of their level of socio-economic development, bringing additional income to their owners.
The objective basis for the international movement of capital is the uneven economic development of the countries of the world economy, which in practice is expressed by:
· In the uneven accumulation of capital in different countries;
· A "relative abundance" of capital in individual countries;
· Mismatch in the demand for capital and its proposals in various links of the world economy.
The term "relative abundance of capital" primarily associated with the fact that in the industrialized countries is no absolute excess capital as it is believed that the production cost tends to unrestricted growth, and hence the capital requirement must always be.
The development of the process of international migration of capital affect two groups of factors, including:
1) economic factors: the development of production and maintain the pace of economic growth, deep structural changes in the global economy and in individual economies, deepening international specialization and cooperation of production, the growth of trans-nationalization of the global economy (for example, the volume of production by foreign subsidiaries of U.S. multinationals 4 times higher than the volume of merchandise exports from the U.S.), the growth of the internationalization of production and integration processes;
2) the factors of a political nature: the liberalization of exports (imports) of capital (FEZ, offshore zones, etc.), the policy of industrialization in the "Third World"; economic reforms (privatization of state enterprises, the support of the private sector, small business); policy level support employment.
In the implementation of the export of capital entities are guided by economic expediency, consisting of the following:
• obtaining additional profits
• establishing control over other entities;
• bypass protectionist barriers put forward in the path of trade flows,
• approximation of production to new markets;
• gaining access to new technologies (for example, through the acquisition of a controlling stake)
• preservation of trade secrets by establishing overseas branches, so the Japanese automotive company "Toyota", entering the U.S. market, chose to organize its own branch merged with the "General Motorzs", although the latter option was more profitable;
• save on tax payments, especially when creating or registering companies in offshore areas and EPZs
• reducing the costs of environmental protection.
The economic feasibility of capital imports is:
• opportunities for the development of certain new and old productions;
• attracting additional foreign exchange reserves;
• expansion of scientific and technical potential;
• the creation of new jobs.
The country's participation in the processes of international migration of capital is reflected in a number of indicators.
Allocate absolute figures, for example, the volume of export of capital, the amount of capital imports, the balance of exports and imports of capital, the number of companies with foreign capital in the country, the number of their employees, etc. On the basis of the balance of the world economy of the country is classified as a country mainly exporters of capital (Japan , Switzerland), the country's predominantly importers of capital (U.S., UK) and countries with an approximate balance (Germany, France).
Another family - relative to reflect more realistically the current international migration of capital balance of power and the country's dependence on exports and imports of capital. Among them:
1) The ratio of imports of capital (Kick), which reflects the share of foreign capital (IC) in GDP:
Kick = (IR / GDP) * 100%;
2) The ratio of exports of capital (BTB), which reflects the proportion of exported capital (EC) in relation to the country's GDP (or GNP)
BTB = (EC / GDP) * 100%;
3) ratio, which reflects the proportion of foreign capital to the domestic needs for investment in the country:
R = (IR / D (K)) * 100%
where K - the coefficient needs, IR - foreign capital, D (K) - the demand for capital in the country.
4) other relative indicators - the proportion of foreign or mixed companies in national production, the growth rate of exports (imports) of capital in relation to the previous period, the amount of foreign investment per capita of the country.
The international movement of capital as a factor of production takes a variety of specific forms.
By source of origin of the capital, in motion on the world market is divided into official and private.
The official (state) capital - funds from the state budget, moved abroad or received from abroad by the decision of governments as well as by intergovernmental organizations. The source is the official capital of the state budget, that is ultimately the taxpayers' money. Therefore, decisions about how to move this capital abroad are taken jointly by the government and bodies of representative power (Parliament).
Private (non-state) capital - private companies, banks and other non-governmental organizations, moved abroad or received from abroad to solve their governing bodies and associations. The source of origin of the funds of private equity firms are not associated with the state budget.
But despite the relative autonomy of decision-making firms in the international movement of capital belonging to them, the government usually reserves the right to regulate and control.
By the nature of the use allocate:
• entrepreneurial capital - funds directly or indirectly invested in production for profit;
• loanable funds - funds transferred to borrow to obtain the percentage.
By maturity investments emit:
• medium-term and long-term capital - capital investment for a period of more than 1 year. All venture capital investments in the form of direct and portfolio investments are typically long-term.
• Short-term capital - capital investment for a period of less than one year.
On the purpose of investing distinguished:
direct investment (direct investments) - capital investment to acquire a lasting interest in the country's economic capital investment, providing control over object placement investor capital. They are almost entirely associated with the export of private venture capital, not counting relatively small volume of foreign investment companies owned by the state;
portfolio investment (portfolio investments) - investing in foreign securities that do not give the investor the right real control over the investee. Such investments are also mainly based on private entrepreneurial capital, even though the state often produces and acquires its foreign securities