Институциональная среда реализации инвестиционного поведения домашних хозяйств

Abstract

The article examines the process of formation of the domestic institutional environment of investment activity of households. The author identifies three periods of the formation of this environment, each of which has its own qualitative characteristics. In particular, in the pre-revolutionary period, households with personal freedom showed investment activity, i.e. the vast majority of the population was unable to form an accumulation fund due to their dependent position. Despite the fact that during the Soviet period, citizens formally acquired the appropriate rights, the prohibition on owning private property significantly limited the possibilities of using investment instruments. In fact, the institutional environment made it possible to form an accumulation fund by investing deposits and, in particular cases, purchasing bonds. The modern period of development of the institutional environment can also be divided into two sub-periods – the period of formation (1991–2004) and the period of activation of investment activity of households (from 2004 to the present). It should be noted that neither at the stage of formation, nor at the present time, the relevant legislation has been formed, the purpose of which would be to stimulate the inclusion of households in investment processes, which, according to the author, is a significant omission, since it is the legal norms that are one of the foundations of the functioning of institutions. In this regard, the state investment policy is of particular importance. Based on the analysis carried out in the study, it was determined that in relation to the household, the state sets such related goals as improving living standards and forming a passive income fund. In addition, in the conditions of the sanctions impact on the national economy of the Russian Federation, the institutional environment should correspond to the goal of accumulating free funds of the population.