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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">worldneweconomy</journal-id><journal-title-group><journal-title xml:lang="ru">Мир новой экономики</journal-title><trans-title-group xml:lang="en"><trans-title>The world of new economy</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2220-6469</issn><issn pub-type="epub">2220-7872</issn><publisher><publisher-name>Financial University under The Governtment оf The Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2220-6469-2018-12-4-46-56</article-id><article-id custom-type="elpub" pub-id-type="custom">worldneweconomy-208</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>МИРОВАЯ ЭКОНОМИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>WORLD ECONOMY</subject></subj-group></article-categories><title-group><article-title>Современные тенденции динамики международных потоков капитала</article-title><trans-title-group xml:lang="en"><trans-title>Current Trends in the Dynamics of International Capital Flows</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-6687-0744</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Головнин</surname><given-names>М. Ю.</given-names></name><name name-style="western" xml:lang="en"><surname>Golovnin</surname><given-names>M. Yu.</given-names></name></name-alternatives><bio xml:lang="ru"><p>доктор экономических наук, член-корреспондент РАН, заместитель директора</p><p>Москва</p></bio><bio xml:lang="en"><p>Dr Sci. (Econ.), Corresponding Member of the Russian Academy of Sciences, Deputy Director</p><p>Moscow</p></bio><email xlink:type="simple">mg-inecon@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-3795-6973</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Никитина</surname><given-names>С. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Nikitina</surname><given-names>S. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>младший научный сотрудник</p><p>Москва</p></bio><bio xml:lang="en"><p>Junior Researcher</p></bio><email xlink:type="simple">s.veta.nikitina@yandex.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Институт экономики РАН</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Institute of Economics RAS</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2018</year></pub-date><pub-date pub-type="epub"><day>03</day><month>06</month><year>2019</year></pub-date><volume>12</volume><issue>4</issue><fpage>46</fpage><lpage>56</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Головнин М.Ю., Никитина С.А., 2019</copyright-statement><copyright-year>2019</copyright-year><copyright-holder xml:lang="ru">Головнин М.Ю., Никитина С.А.</copyright-holder><copyright-holder xml:lang="en">Golovnin M.Y., Nikitina S.A.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://wne.fa.ru/jour/article/view/208">https://wne.fa.ru/jour/article/view/208</self-uri><abstract><p>Глобальный экономический и финансовый кризис 2007–2009 гг. оказал разрушительное воздействие на международные потоки капитала. Оценка их динамики в последнее десятилетие свидетельствует, что по отдельным направлениям (например, объем обращающихся международных долговых ценных бумаг) предкризисные показатели были превышены, по ряду направлений они были почти достигнуты (потоки прямых иностранных инвестиций, совокупная капитализация мирового фондового рынка). Международное банковское кредитование пока существенно отстает от предкризисных значений. В ведущих мировых экономиках трансграничные потоки капитала относительно ВВП существенно снизились по сравнению с 2007 г. При возобновлении нарастания глобальных дисбалансов между сбережениями и инвестициями изменилась их структура по странам, и ключевую роль в них теперь играют развитые страны. В структуре международных потоков капитала основной сдвиг произошел от прочих к портфельным инвестициям при некотором увеличении роли прямых инвестиций. Существенное влияние на международные потоки капитала оказала проводившаяся в США и проводимая в настоящее время в еврозоне политика «количественного смягчения». В целом при положительных тенденциях в международном движении капитала в 2017–2018 гг. начинают проявляться новые угрозы для их развития, прежде всего в странах с формирующимися рынками.</p></abstract><trans-abstract xml:lang="en"><p>Global economic and financial crisis 2007–2009 had a devastating effect on international capital flows. An assessment of their dynamics over the past decade shows that in certain fields (for example, the volume of international debt securities circulating) the pre-crisis indicators were exceeded, in a number of areas they are close to the pre-crisis level (foreign direct investments, total capitalization of the world stock market), international bank lending remains significantly behind the pre-crisis values. In the leading world economies cross-border capital flows relative to GDP significantly decreased compared to 2007. Global imbalances between savings and investments continued to grow, though their structure by countries changed, and now developed countries play a key role in them. In the structure of international capital flows the main shift occurred from the other to portfolio investment, with a slight increase in the role of direct investment. The “quantitative easing” policy in the USA and euro zone has had a significant impact on international capital flows. With generally positive trends in international capital movements in 2017–2018, new threats to their developments are beginning to emerge, primarily in countries with emerging markets.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>международные потоки капитала</kwd><kwd>глобальные дисбалансы</kwd><kwd>мировой экономический и финансовый кризис 2007–2009 гг.</kwd><kwd>мировые финансовые рынки</kwd></kwd-group><kwd-group xml:lang="en"><kwd>international capital flows</kwd><kwd>global imbalances</kwd><kwd>global economic and financial crisis of 2007–2009</kwd><kwd>international financial markets</kwd></kwd-group><funding-group><funding-statement xml:lang="ru">РФФИ, проект № 18-014-00032.</funding-statement><funding-statement xml:lang="en">the Russian Foundation for Basic Research, the research project No. 18-014-00032.</funding-statement></funding-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Головнин М. 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