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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Macroeconomic factors shaping the investment climate

Vol. 16, Iss. 6, JUNE 2017

PDF  Article PDF Version

Received: 7 April 2017

Received in revised form: 19 April 2017

Accepted: 11 May 2017

Available online: 29 June 2017


JEL Classification: E22, E60

Pages: 1012-1021


Zaitsev Yu.K. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation

Subject The article analyzes the contribution of macroeconomic policy to investment environment formation.
Objectives The study aims to define a theoretical link between the focal points of macroeconomic policy and their impact on investment inflows and their contribution to formation of investment climate in the national economy.
Methods The study draws upon general scientific methods of logical and comparative analysis, methods of statistical analysis.
Results The analysis enabled to identify the key factors of macroeconomic policy that shapes investment environment. Regulation of these factors is often associated with to tactical tasks solution to stabilize the economic system, and usually does not anticipate the involvement of business community. However, interaction with private investors is systemically important in structural policy implementation, which has a direct impact on the effect of macroeconomic regulation.
Conclusions and Relevance Unlike monetary and fiscal policies, which are used to solve tactical tasks, a structural policy contributes to solving the more serious challenges. Structural reforms can improve the efficiency of both the fiscal and the monetary policy, and should include interaction with investors. The results of the theoretical analysis can be useful for executive authorities responsible for regulation of investment climate and attraction of investment into the national economy.

Keywords: fiscal policy, monetary policy, exchange rate, structural reform, investment climate


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