OFFSHORE ECONOMY: THE VIEW FROM THE POSITION OF INSTITUTIONAL APPROACH

Abstract

By the middle of 2013 the economic growth substantially in the Russian Federation slowed down and the outflow of capital increased. So, the number of scientific publications on offshore companies and their role in the functioning of the Russian economy has increased. However, in these publications the analysis of offshore companies from the point of fundamental economics is presented fragmentarily. For this reason, the author attempts to explore the offshore economy in terms of the key areas of modern economic science as a fundamental institutional economics and its subsections such as: the theory of transaction costs, property rights theory and public choice theory. The new concepts: «price of offshorization», «non-offshore activity price», «vicious circle of offshore economy» are introduced.