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Развитие рынка долгосрочных инвестиций: современные преобразования в национальном механизме финансирования экономического роста // Development of the Long-Term Investment Market: Modern Transformations in the National Mechanism for Economic Growth Financing

Author

Listed:
  • I. Yakovlev A.

    (Financial Research Institute of the Russian Finance Ministry, Moscow)

  • L. Kabir S.

    (Financial Research Institute of the Russian Finance Ministry, Moscow)

  • И. Яковлев А.

    (Научно-исследовательский финансовый институт Минфина России, Москва)

  • Л. Кабир С.

    (Научно-исследовательский финансовый институт Минфина России, Москва)

Abstract

The economic growth and its sustainability depend on volumes and dynamics of long-term investments that require careful forecast of the future. Therefore, the paper analyzes the development of long-term investment financing in Russia in 2016–2018. The relevance of the research stems from the need to seek new and develop existing sources of funding the economic growth in Russia. The subject of the research is a set of measures implemented in the framework of the national financial market development plan, compared with recommendations of global level institutional investors related to long-term investment financing. The purpose of the research was to formulate proposals on how to introduce global management recommendations into the national financial regulation practice and offer a set of actions to national governments to support long-term investment by institutional investors. Based on the research findings, it is concluded that the priority in the Russian financial policy should be given to decisions towards overcoming national development problems rather than to decisions aimed at harmonization of relations in the investment sphere and creation of favorable conditions for foreign institutional investors. It has been stated that the main criterion for making a financial decision in the Russian Federation should be development level achieved, challenges facing society as well as available resources and opportunities, including the tolerance (or intolerance) level of the international environment. This position is currently demonstrated by the national financial regulator. Экономический рост и его устойчивость зависят от объемов и динамики долгосрочных инвестиций, которые требуют тщательного прогнозирования будущего. Поэтому в статье анализируется проделанная Россией в 2016–2018 гг. работа по развитию долгосрочного финансирования инвестиций. Актуальность исследования обусловлена необходимостью поиска новых и развития существующих источников финансирования экономического роста России. Предметом исследования стала совокупность мероприятий, реализуемых Россией в рамках плана развития национального финансового рынка в сопоставлении с рекомендациями по развитию финансирования долгосрочных инвестиций институциональными инвесторами. Цель работы — формулировка предложений по внедрению в практику национального финансового регулирования рекомендаций, исходящих с глобального уровня управления и предлагающих национальным правительствам набор действий, по поддержке долгосрочного инвестирования институциональными инвесторами. По итогам исследовании сделаны выводы о приоритете в российской финансовой политике решений, направленных на преодоление национальных проблем развития, в сравнении с решениями, имеющими своей целью гармонизацию отношений в инвестиционной сфере и создание благоприятных условий для иностранных институциональных инвесторов. Установлено, что главным критерием для принятия того или иного решения в финансовой сфере в Российской Федерации должны выступать достигаемый уровень развития, стоящие перед обществом задачи и имеющиеся ресурсы и возможности, включая уровень терпимости (или нетерпимости) международного окружения. Именно эту позицию в настоящее время демонстрирует национальный финансовый регулятор.

Suggested Citation

  • I. Yakovlev A. & L. Kabir S. & И. Яковлев А. & Л. Кабир С., 2018. "Развитие рынка долгосрочных инвестиций: современные преобразования в национальном механизме финансирования экономического роста // Development of the Long-Term Investment Market: Modern Transformation," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 11(6), pages 6-15.
  • Handle: RePEc:scn:econom:y:2018:i:6:p:6-15
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    References listed on IDEAS

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    1. Anna V. Valkova, 2016. "Asian Infrastructure Investment Bank: New Financial Initiatives in the Asia-Pacific Region," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 23-32, February.
    2. Igor A. Yakovlev & Lyudmila S. Kabir & Svetlana I. Nikulina, 2016. "Financial Initiatives of ASEAN: Peculiarities of Financial Cooperation Model in Southeast Asia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 7-17, August.
    3. Bonizzi, Bruno, 2017. "Institutional investors’ allocation to emerging markets: A panel approach to asset demand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 47(C), pages 47-64.
    4. Stewart,Fiona Elizabeth & Despalins,Romain & Remizova,Inna & Stewart,Fiona Elizabeth & Despalins,Romain & Remizova,Inna, 2017. "Pension funds, capital markets, and the power of diversification," Policy Research Working Paper Series 8136, The World Bank.
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