Finance and Credit
 

Approaches to the public management of infrastructure investment in Russia in the light of international practices

Vol. 24, Iss. 9, SEPTEMBER 2018

Received: 20 April 2018

Received in revised form: 5 June 2018

Accepted: 16 July 2018

Available online: 28 September 2018

Subject Heading: INVESTING

JEL Classification: E22, H11, H43

Pages: 2166–2183

https://doi.org/10.24891/fc.24.9.2166

Bogacheva O.V. Financial Research Institute of the Ministry of Finance of the Russian Federation, Moscow, Russian Federation
bogacheva@nifi.ru

https://orcid.org/0000-0002-2821-0988

Smorodinov O.V. Financial Research Institute of the Ministry of Finance of the Russian Federation, Moscow, Russian Federation
osmorodinov@nifi.ru

https://orcid.org/0000-0003-3195-1637

Subject This paper discusses the holistic approach to the public management of investment in the economic and social infrastructure. The majority of economically developed countries have accepted this approach.
Objectives The paper aims to analyze foreign public management of investment in infrastructure and explore the possibility of introducing this approach in Russia.
Methods For the study, we used the methods of logical and comparative analyses, as well as a generalization of world best practices.
Results The paper formulates key characteristics of the holistic approach to the public management of infrastructure investment. It suggests a set of criteria allowing to evaluate the efficiency of investing in infrastructure projects.
Conclusions and Relevance The paper concludes that increasing the efficiency of public management of infrastructure investment in Russia is a multifold task. Its solution requires adoption of long-term national strategy of infrastructure development, forming new government management elements, providing a financial stability during the whole life-cycle of infrastructure project. The results of this research can be useful in investment project selection and project efficiency assessment.

Keywords: socio-economic infrastructure, investment, management, holistic approach, infrastructure facilities, life-cycle, efficiency assessment

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