World financial centers and their role in the international movement of capital

The subject of the study is the role of world financial centers in the international movement of capital and the problem of the withdrawal of national capital in offshore zones. The relevance of the study is determined by the fact that currently the movement of capital is one of the main characteristics of the world economy, and its main problem is a high level of offshoreization. The purpose of the study is to consider the influence of world financial centers on the movement of capital in modern conditions in a globalizing world economy. The author considers the movement of capital in the most popular and gaining momentum environment - in offshore financial centers. This interest is caused by the fact that in many (including in developed countries) large corporations, companies, and even banks, store their financial assets in offshore zones. The article shows what role the world offshore financial centers play in the global capital flow, how this affects the economies of the world and countries individually, for example, the Russian Federation. In the course of the study, based on the available official statistics, an analysis was made of the financial flows between the Russian Federation (in the form of private capital) and offshore financial centers for the period 1996-2019. It is shown that the outflow of capital to offshore financial centers is a negative factor for the national economy due to the fact that the decrease in capital in offshore zones is an ineffective capital cycle. It is concluded that the capital circulation between countries and offshore financial centers, if returned to the country’s economy, contributes to its investment development, albeit in a rather distorted form. But with this scheme, tax revenues are reduced, which leads to a restriction on the use of domestic investment.