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Economic Analysis: Theory and Practice
 

Renovation of fixed capital in the real sector: The potential of import substitution and economic security

Vol. 16, Iss. 5, MAY 2017

PDF  Article PDF Version

Received: 22 February 2017

Received in revised form: 7 March 2017

Accepted: 20 April 2017

Available online: 29 May 2017

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: F52, G31, H56, O25

Pages: 800-815

https://doi.org/10.24891/ea.16.5.800

Vyakina I.V. Tver State Technical University, Tver, Russian Federation
vyakina@yahoo.com

Importance One of the key threats to economic security of Russia from the strategic perspective is a technological lag, which depends on the scale of investment in fixed assets and the industrial and technological potential. Solving this problem objectively requires significant changes in the nature of renovation the technical and technological base.
Objectives The article aims at researching the processes of fixed capital reproduction in the real sector in the context of regional economic complexes and systematization of scientific knowledge on fixed asset renovation to ensure economic independence and security under import phase-out.
Methods I apply traditional methods of scientific analysis, techniques of economic and mathematical statistics, technical-economic and logical analysis, graphic simulation, systematization and ranking as a methodological basis of the study.
Results The article overviews the problem of overcoming the technological backwardness through updating the production facilities in the national science and business practices. It describes the process of production asset renewal by economic activities, assesses the opportunities for its implementation under import substitution, analyzes the intensity of property, plant and equipment renovation from regional perspective and the role of subjects of the Russian Federation in import substitution.
Conclusions The findings testify to the need for a clear justification of mechanisms for fixed capital renovation and continuation of further research in this field.

Keywords: fixed asset, investment, replacement of fixed assets, economic security, import substitution

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