Igonina L.L.Financial University under Government of Russian Federation, Krasnodar Branch, Krasnodar, Russian Federation LLIgonina@fa.ru
Importance Stirring up the domestic investment demand is a key factor to implement priority goals of sustainable growth and structural balance of the Russian economy under external financial and economic constraints. Objectives I perform a systems analysis of changes in and the current status of domestic investment demand in the Russian economy. Methods The study applies principles of systems approach, methods of logical, comparative, structural-dynamic and economic-statistical analysis, tabular and graphical data visualization. Results The paper investigates specific aspects of shaping the domestic investment demand in the Russian economy for 2000–2016, unveils quantitative characteristics, and justifies the choice of indicators of domestic investment demand. It includes an analysis of development trends in the investment sphere and the current status of investment demand in Russia, considering the impact of internal and external determinants, namely, economic dynamics, money income of economic agents operating in the saving sectors of the economy, and their distribution profile, expected changes in business activity, the structure of sources of investment financing, the profitability level to interest rate ratios, alternative investment opportunities, and others. Conclusions Buildingand stimulating domestic investment demand to ensure sustainable economic growth requires an integrated approach. It implies setting and following the strategic priorities of financial and investment policy that ensure a growth in gross savings alongside with an increase in the efficiency of capital flow mechanisms and elimination of deformations in the saving and investment behavior of economic agents.
Gridina E., Gridin M., Pashina E., Korzun L. [Evolution of boosting the investment activity, essence and content of investment process and investment demand categories in economics]. Predprinimatel'stvo = Entrepreneurship, 2010, no. 5, pp. 106–112. (In Russ.)
Haavelmo T. A Study in the Theory of Investment. USA, University of Chicago Press, 1960, 221 p.
Raiskaya N.N., Sergienko Ya.V., Frenkel' A.A. [Stable economic development and investment demand]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2004, no. 11, pp. 69–78. (In Russ.)
Aizenman J., Pinto B., Sushko V. Financial Sector Ups and Downs and the Real Sector in the Open Economy: Up by the Stairs, Down by the Parachute. Emerging Markets Review, 2013, vol. 16, pp. 1–30. URL: Link
Catinat M., Cawley R., Ilzkovitz F. et al. The Determinants of Investment. European Economy, 1987, no. 31, pp. 5–60.
Carlin W., Mayer C. Finance, Investment, and Growth. Journal of Financial Economics, 2003, vol. 69, iss. 1, pp. 191–226. URL: Link00112-0
Cheung Y.-W., Dooley Michael P., Sushko V. Investment and Growth in Rich and Poor Countries. NBER Working Paper, 2012, no. 17788, 29 p.
Fazzari S.M., Petersen B.C. Working Capital and Fixed Investment: New Evidence on Financing Constraints. The RAND Journal of Economics, 1993, vol. 24, no. 3, pp. 328–342.
Guerrieri P., Luciani M., Meliciani V. The Determinants of Investment in Information and Communication Technologies. Economics of Innovation and New Technology, 2011, vol. 20, iss. 4, pp. 387–403. URL: Link
Campbell J.Y. Household Finance. The Journal of Finance, 2006, vol. 61, iss. 4, pp. 1553–1604. URL: Link
Huggett M., Ventura G. Understanding Why High Income Households Save More Than Low Income Households. Journal of Monetary Economics, 2000, vol. 45, iss. 2, pp. 361–397. URL: Link00058-6
Lindqvist A. A Note on Determinants of Household Saving Behavior. Journal of Economic Psychology, 1981, vol. 1, iss. 1, pp. 39–57. URL: Link90004-0
Modigliani F. Life Cycle, Individual Thrift, and the Wealth of Nations. The American Economic Review, 1986, vol. 76, iss. 3, pp. 297–313.
Matovnikov M.Yu. [Savings activity of the Russian population]. Den'gi i kredit = Money and Credit, 2015, no. 9, pp. 34–39. (In Russ.)
Danilov Yu., Buklemishev O., Abramov A. [Urgency of financial markets’ and non-banking financial sector reform]. Voprosy Ekonomiki, 2017, no. 9, pp. 25–52. (In Russ.)
Igonina L.L. Finansovaya sistema i ekonomicheskoe razvitie: monografiya [Financial system and economic development: a monograph]. Moscow, Rusains Publ., 2016, 140 p.
Igonina L.L. [Commercial bank investment loans in financing the real sector of Russian economy]. Mezhdunarodnyi zhurnal prikladnykh i fundamental'nykh issledovanii = International Journal of Applied and Fundamental Research, 2017, no. 1, part 1, pp. 119–123. (In Russ.)
Abramova M.A., Dubova S.E., Krasavina L.N. et al. [Key aspects of the modern Russian monetary policy: Expert opinion]. Ekonomika. Nalogi. Pravo = Economics, Taxes, Law, 2016, no. 1, pp. 6–15. (In Russ.)
Denezhno-kreditnaya politika Rossii: novye vyzovy i perspektivy: monografiya [Monetary policy of Russia: New challenges and prospects: a monograph]. Moscow, Rusains Publ., 2016, 120 p.
Ivanter V.V., Porfir'ev B.N., Shirov A.A., Shokin I.N. [Fundamentals of structural and investment policy in modern Russian conditions]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2017, vol. 21, no. 1, pp. 6–15. (In Russ.)
Bulatov A.S. [Russia in international capital movement: Turn of tendencies]. Voprosy Ekonomiki, 2017, no. 5, pp. 148–158. (In Russ.)