Subject The article quantifies the impact of macroeconomic factors on investment activity in the Republic of Belarus. Objectives The purpose of the study is to develop a comprehensive model to assess the impact of macroeconomic determinants of financial resource supply on the dynamics of investment in fixed assets. Methods The study employs methods of logical, statistical, correlation, and regression analysis. Results The paper identifies the effect of gross profit of organizations on changes in investment financed from own sources; the effect of consolidated budget expenditures on changes in investment funded from the consolidated budget; the effect of ruble money supply on investment financed by bank credits (loans); the effect of accumulated foreign direct investment on investment financed from foreign sources; the impact of real incomes of the population on investment financed by household funds. I provide an overall assessment of the impact of the said macroeconomic factors on dynamics of investment in fixed assets. Conclusions The paper presents a complex model of the impact of macroeconomic determinants of financial resource supply on changes in investment in fixed capital in the Republic of Belarus. It reveals the effect of fiscal policy 'displacement', under which the increasing expenditures of consolidated budget have a positive impact on investment from budget resources, however, do not enable the growth of investment financed from private funds.
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