Objectives The study aims to analyze the investment processes in the Russian economy during the post-crisis period, to identify existing problems, and justify the areas to solve them. Methods The study rests on the integral analysis of statistical data, comparative analysis of various theoretical concepts, systematization of research results, analysis of statutory documents in the field of investment policy. Results We performed an integrated analysis of investment processes during the post-crisis period. The systematization of the research allowed defining a number of problems, i.e. insufficient gross accumulation and investment activity, a reduction in the proportion of investment in the consumer sector and an increase in the share of the extractive industries, reduction in investment in industries providing the human capital development. The reasons of unsatisfactory dynamics of investment processes are as follows: high debt load of Russian enterprises and high interest rates significantly limit the access to bank loans as a source of investment activity funding, concentrated financial resources at the federal level along with the transfer of social obligations to the regional level considerably restrict investment opportunities of regional budgets, enterprises are not interested in investing in real assets and prefer investing in financial assets. Conclusions To stir up the investment activity, it is crucial to develop regional investment policy through arranging efficient interaction of regions with institutes of development that finance projects based on the public-private partnership mechanism. This mechanism will enable to mitigate risks of private investors thus disposing them to invest in real assets.
Keywords: investment, gross accumulation, funding source, bank loans, fixed assets
References:
Kudrin A., Gurvich E. Novaya model' rosta dlya mirovoi ekonomiki [A new growth pattern for the world economy]. Voprosy Economiki, 2014, no. 12, pp. 4–36.
Aganbegyan A.G. Finansy dlya modernizatsii [Finance for modernization]. Den'gi i kredit = Money and Credit, 2010, no. 3, p. 3.
Mukhetdinov N. Investitsii i gosudarstvennaya investitsionnaya politika [Investments and the State investment policy]. Rossiiskii ekonomicheskii zhurnal = Russian Economics Journal, 2002, no. 8, p. 50.
Buval'tseva V., Chechin V. Razvitie instituta investorov v Rossii kak osnovnogo uchastnika rynka tsennykh bumag [Development of the institution of investors in Russia as a main participant of the securities market]. Voprosy Economiki, 2015, no. 3, pp. 61–75.
Chernyavskii A.V. Problemy sbalansirovannosti regional'nykh byudzhetov [Problems related to regional budgets’ balance]. Finansy = Finance, 2014, no. 8, pp. 21–25.
Logvinov S.A., Pavlova E.G. Investitsionnye faktory ekonomicheskogo rosta [Investment factors of economic growth]. Ekonomicheskie nauki = Economic Sciences, 2014, no. 8, p. 55.
Zubov V., Inozemtsev V. Surrogatnaya investitsionnaya sistema [A substitute investment system]. Voprosy Economiki, 2015, no. 3, pp. 76–86.
Yasin E., Akindinova N., Yakobson L., Yakovlev A. Sostoitsya li novaya model' ekonomicheskogo rosta v Rossii? [Will the new model of economic growth take place in Russia?]. Voprosy Economiki, 2013, no. 5, pp. 4–39.
Igolkina L.M. Partnerstvo gosudarstva i biznesa v realizatsii strategii razvitiya regiona [Partnership of the State and business when implementing the development strategy of the region]. Ekonomicheskie nauki = Economic Sciences, 2012, no. 2, pp. 185–188.
Nikolaev M., Makhotaeva M. Rol' territorial'nogo faktora v ekonomicheskoi dinamike [A role of the territorial factor in economic dynamics]. Ekonomist = Economist, 2015, no. 3, pp. 42–49.
Freinkman L., Yakovlev A. Agentstvo strategicheskikh initsiativ kak institut razvitiya novogo tipa [Agency for strategic initiatives as an institution of the new type development]. Voprosy Economiki, 2014, no. 6, pp. 18–39.
