Tatarinova L.F.,
Ph.D., professor of the Russian Academy
of Natural Sciences
The Republic of Kazakhstan, Almaty
Problems selecting the vector of development and regulation of the capital
markets of the Eurasian Economic Union in the transformation of the world order
and geopolitical conditions
Abstract: The world practice has
accumulated considerable baggage mechanisms, tools, methods of construction of
integration associations. This is very important to study both the theoretical
issues of development stages of integration, the factors influencing this
process, and analysis of the practice of formation of integration ties in the
CIS.
Keywords: integration, economic
space, the union, the economy, the capital.
Changes in the
geopolitical situation affecting the conditions of functioning and development
of their economies - and EAEU members, including national capital markets,
member countries (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia).
Starting in 2014 for
their subjects (primarily Russian) increases the cost of borrowing on the
external and domestic credit markets, there is an outflow of resources is not
only speculative, but portfolio investors, investment sources are reduced. States
- members of the EAEU, of course, must take into account changes
in the global trends of financial market regulation and to implement
appropriate initiatives to them at their regional level. But above all, it is
necessary to implement the strategic choice of the Eurasian vector of
development of the economy in the framework of the existing model of the global
economy. Attempts to form a geolocation using
traditional lament of the Third World to the injustice the existing order of
things, can only support the trend in conservation status of countries -
suppliers of raw materials and human capital to developed countries. It is much
wiser to try to lift the "resource curse" is not through political
spell of his identity and a special way, and consciously pursued policy of
transformation of economies within the EAEU of resource extraction in
innovative or rather a mixed economy, resource-innovative type.
The main problems of
development of innovative activity in the EAEU related to the lack of effective
mechanisms for implementation of the priorities of innovation policy, the lack
of financial resources needed for the implementation of technological
modernization of production, and forward-looking research and development.
Requires development and implementation of measures to provide state support
and stimulation of innovation, on the development of forms of integration and
cooperation related to the organization of 13 high-tech competitive industries,
they provide the necessary expertise [1].
At the heart of the
well-known inhibition of innovation processes in the EAEU is a lack of
financial investment resources, lack of investment capital and a weak
investment activity in the field of entrepreneurship. That, in turn, is a
consequence of the administrative burden on small and medium businesses,
increase (or maintain) the dominant role of state-owned corporations and
companies with state participation in the economy.
These problems of
the innovation process can be eliminated by appropriate adjustments of public
policies and a positive regulatory effect on business by creating comfortable
for her political and legal environment. One of the reasons for the current
state of affairs is that the current in the states - members of the EAEU
financial infrastructure does not include effective mechanisms to raise capital
in innovative projects. In order for the productive forces in the leading
economies of EAEU (Russia and Kazakhstan) began to develop at the expense of
innovation, rather than the extractive industries, it is necessary to create
the conditions necessary for the growth of the capacity of the financial
markets [2, s.12-13].
The processes of
globalization and capital market development are closely linked. Changing the
duration of economic cycles and forms of manifestation of the economic crisis
is closely linked to the increase in capital market influence on the world
economy. The dependence of the post-industrial economies of the capital market
is higher than in industrialized or developing. The first will come in the
crisis, but will come out of it, due to the fact that capital markets provide
fast overflow of resources from the stagnating economy growing segments. The
role of capital markets in the national economies of states - members of the
EAEU does not allow them yet to confront the growing manifestations of stagnation
or slow growth [3, s.14].
The situation can
change due to agreed policy of government bodies and international cooperation
EAEU, including through the implementation of joint integration projects, such
as the formation of a single exchange area.
EAEC should become much more profound form of economic integration than
previous attempts at such in the post-Soviet space, and includes, in addition
to the Customs Union, such components of sustainable economic growth, as the
introduction of a coordinated economic policy, to ensure the free movement of
services, capital, labor and access infrastructure of states - members of the
EAEU.
Within the framework
of the EAEU should operate the same type of regulation mechanisms of the
economy based on market principles, harmonization and unification of rules and
regulations. To create a corridor of institutional capacity of attracting
investment in the economy is necessary to ensure consistency mechanisms
maintain competition and state investments, harmonization of tax, monetary -
credit policy and currency regulation, create conditions for the development of
the EAEU in an integrated capital market.
It is believed that
the implementation of the EAEU attempts than the standard models form of
interaction between the participants. The actual dominance relationships on the
basis of the country's financial center - a country of the periphery of the
alleged financial integration weights received format in EU countries. For this
format in late 2013 he was invited to Ukraine, which was considered
"underdeveloped" country, with all the limitations of
self-development of the economy [4, c.12].
On the other hand,
it is obvious that Armenia, Belarus and Kyrgyzstan cannot claim to be an
important financial centers due to objective size of its economy and capital
markets, but that does not mean that they cannot be involved in their creation
in the Russian Federation and the Republic of Kazakhstan and take advantage of
free access to their services, primarily through participation in the formation
of a single exchange area states - members of the Eurasian economic Union.
For example, the
noteworthy proposals for the establishment in Armenia, Belarus and Kyrgyzstan
interconnected marketplaces for trade in agricultural products. Eurasian integration
project in its conception is a long-term and based on the principles of
political equality of its members, regardless of the size of their economies
for the implementation of which requires adequate financial, organizational -
economic, intellectual and human resources.
However,
intensification of geopolitical risks reduces the dynamics of development of
integration processes in the states - members of the EAEC, due to the weakening
of foreign policy positions of key actors - Russia.
As you know, to
Russia at the G - 7 and the EU decided to impose sanctions aimed at reducing
its economic in, respectively, the political influence on international
relations. It is hoped that a gradual but consistent sanctions against key
economic entities of the Russian Federation as a result of the annexation of
Crimea, of course, reduce the resource base of the EAEC, but will not change
the direction of development of this process.
On the contrary, the
issue of Eurasian integration is of particular priority in the face of
increasing global challenges and the uncertainty of their consequences. The
sharp reduction or even withdrawal of foreign investment from Russia should try
to compensate for other factors that increase the efficiency of its economy, as
a bar EAEU. For example, openness to capital flows from countries -
participants of the EAEU, human resources, intangible assets; stimulating tax
and customs policy; immigration law; simplified procedure of registration of
enterprises, registration of transactions, compliance with modern international
standards of accounting, financial reporting, regulation and supervision of the
capital market.
In the difficult political and economic circumstances, which were Russia and
its partners in the EAEU, as a result of the events taking place in Ukraine,
and around policy enforcement, regulatory capital market in the states -
members of the EAEU, should largely be based around the idea of
integration and the use of domestic sources of growth, as this is
one of the little that bilateral relations level EAEU can be contrasted with
the unfavorable geopolitical environment.
Thus, we can say that in the difficult political and economic circumstances,
which were Russia and its partners in the EAEU, as a result of the events
taking place in Ukraine and Syria and around it, the policy bodies regulating
the capital market in the states - members of the EAEU, must largely be built
around the idea of integration and the use of domestic sources of
growth, as this is one of the little that bilateral relations level EAEU can be
contrasted with the unfavorable geopolitical environment.
In this regard, the
conclusion that, given the existing objective criteria for integration, it
would be natural for the states - members of the EAEU to carry out development
of capital markets through their inclusion and integration through their
development.
The practical
implementation of the ideology of the integration of the capital markets EAEU
proposed to simultaneously in three key aspects:
- The gradual
elimination of the existing restrictions on cross-border capital flows and
access of non-residents from other countries of the Union to the internal
market for financial services;
- The adoption of
common standards of regulation of professional activity in the capital market
and corporate governance with the transition in the future to the harmonization
of legislation;
- Formation of EBP
on the basis of agreed technology and business - processes regulated markets
(primarily in the field of clearing and settlement of transactions in financial
instruments of issuers of states - members of the EAEU) as a project around
which may Eurasian system of financial centers.
Accordingly, the successful integration of the capital markets will contribute
to the innovative development of the economies of all states - members of the
EAEC.
List of references:
1. Belova G.I.
Financial integration as an incentive to innovative development of the Eurasian
Economic Community // Expert Network in Public Administration / http://www.gosbook.ru/node/77133
2. "Creating a
single exchange area and the centralization of institutions, accounting and
settlement in the framework of the Common Economic Space" Report on
research work. - M., 2015. - 148 p.
3. Lanskov P.M.
Domestic investment in financial instruments of capital markets EEA / P.M.
Lansky, N.V. Maksimchuk, G.G. Duisenova // Analytical Review / Eurasian
Development Bank. - 2015.
4. Ragovik L.V.
Factors and limit the development of the Eurasian integration processes in the
context of increasing risks of financial globalization // Abstract of the thesis
for the degree of candidate of economic sciences. - RSTU 2014.