Abstract
The investment policy of the state is an important tool for diversifying the economy. This paper analyzes the share of capital investment in GDP, the index of fixed capital investment for 2015–2019, and assesses the investment policy determinants of the state of developed countries and emerging countries. Correlation-regression analysis methods were used to determine the relationship between real GDP, the share of industrial output in GDP, and the index of fixed capital investment in countries with economies in transformation. As a result, it was determined that in the vast majority of countries studied, the increase in investment in fixed assets contributes to the acceleration of economic growth, and the level of economic growth determines the investment potential of countries; that the heterogeneity of the impact of investment on the level of economic growth in countries with transformational economies is due to their raw material orientation, insufficient level of validity and predictability of the implemented investment policy of the state; the state’s investment policy is an important tool for ensuring macroeconomic stability and stimulating economic growth in a recession. Using the data of the panels for the period from 2015 to 2019, it is substantiated that the creation of conditions for macroeconomic balance will increase business activity of enterprises, which is the result of purposeful influence of state investment policy on economic processes by ensuring quality transformation and innovation of the national economy. The obtained results show that the level of influence of the state investment policy on the level of economic growth varies significantly depending on the level of development of financial institutions in the country and the infrastructure of the financial market.
Highlights
Investment policy of the state plays an important role in the deep foundations of economic activity
Various arguments are provement of selection, maintenance, the realiza- put forward on the factors and level of influence tion of investment projects in the financial and of state investment policy, public investment credit structures; activation of the stock market; on economic growth
The study makes it possible to determine that attracting investment in the economy is considered as the most important tool for its competitiveness and forms the prospect of accelerating economic growth
Summary
Investment policy of the state plays an important role in the deep foundations of economic activity. The model of public management of in- stage, an important area of the investment polvestment processes is carried out based on special icy of the state in both developed countries and methods of direct and indirect financial and man- emerging countries is to increase the share of inagerial regulation. The important tasks of the mechanisms to stimulate savings of the population transition to a new economic growth model in de- and business entities; development of institutional veloped countries and emerging countries are the support for investment activities, increasing the level mobilization of investment and their effective use, of investment activity and improving the infrastrucjustification of socio-economic sectors of targeted ture of the financial market. Large and longterm investments require a longer period of capital accumulation, a cheaper long-term loan mar-
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