Visn. Nac. Akad. Nauk Ukr. 2019. (4):57-67
https://doi.org/10.15407/visn2019.04.057

O.I. Laiko
Institute of Market Problems and Economic & Ecological Research of the National Academy of Sciences of Ukraine, Оdesa

PROSPECTS OF DEVELOPMENT OF THE INVESTMENT SYSTEM OF UKRAINE
According to the materials of scientific report at the meeting of the Presidium of NAS of Ukraine, February 27, 2019

The paper focuses on the study of theoretical and methodological principles of regulation of the investment system of Ukraine in the aspect of realization of perspectives of its sustainable development. The prospects of development of the national investment system, which are based on the current challenges for the improving of the investment climate, reducing the unproductive outflow of financial capital, increasing the innovation component of the investment process, taking into account the requirements of international agreements and strategic documents on the development of the national economy, are determined. The methodical approach to estimation of unproductive outflow of financial capital from the country's economy, which is based on the use of official statistics and takes into account mainly legal methods of withdrawal of financial resources from the economy abroad, is developed, and it allows to determine the most significant components for the development of adequate levers of state regulatory policy. The theoretical and methodological principles of regulation of the development of the investment system of Ukraine are designed on the basis of realization of certain perspectives, reduction of financial capital unproductive outflow, creation of favorable conditions for investments, and conducting of an economic experiment with tax and customs incentives for attraction of investments and enhancement of their innovation orientation. The evaluation of the effectiveness of the proposed regulatory measures is carried out and the expected amounts of value added, salaries, social deductions and tax revenues as indicators of sustainable development of the Ukrainian investment system are determined.
Keywords: investment system, outflow of capital, attraction of investments, regulation of investment activity.

Language of article: ukrainian

 

REFERENCES

1.     Heiets V.M. Ukraine's economy: key issues and prospects. Economics and Forecasting. 2016. (1): 7. https://doi.org/10.15407/eip2016.01.007  

2.     Paskhaver O.Y., Verkhovodova L.T., Ageeva K.M. Great Ukrainian capital: the relationship with power and society. (Kyiv: Dukh i Litera, 2007).

3.     Burkinsky B.V., Laiko O.I. Mechanisms of activation of reproductive processes in the conditions of transformation of the Ukrainian economy In: Problems of market and development of regions of Ukraine in the 21st century: Proc. Scient. Conf. 2010. P. 25-27.

4.     Laiko O.I. Transformation processes in the investment system of the economy of Ukraine. (Odesa, 2014).

5.     Capital investment by sources of financing. State Statistics Service of Ukraine. http://www.ukrstat.gov.ua/operativ/operativ2017/ibd/kindj/infin_u/arh_inv_u.html

6.     Rates of national and foreign currencies. National Bank of Ukraine. https://bank.gov.ua/control/uk/curmetal/currency/search/form/day  

7.     Consumer price indices in 1991-2018. State Statistics Service of Ukraine. http://www.ukrstat.gov.ua/operativ/operativ2006/ct/cn_rik/isc/isc_u/isc_m_u.htm  

8.     Global investment trends monitor. UNCTAD. http://unctad.org/en/Docs/webdiaeia2012d1_en.pdf

9.      Capital investment (annual figures). State Statistics Service of Ukraine. http://www.ukrstat.gov.ua/operativ/operativ2018/ibd/kin/kin2017_u.zip  

10. State financial support for local and regional development. Financing the development of territorial communities. Official site of decentralization in Ukraine. https://decentralization.gov.ua/finance/gallery#gallery-6  

11. Direct foreign investment (equity) (2010-2018). State Statistics Service of Ukraine. http://www.ukrstat.gov.ua/operativ/operativ2017/zd/inv_zd/pi_ak_ks_reg/pi_ak_u2010-2018.xlsx  

[Прямі іноземні інвестиції (акціонерний капітал) (2010–2018). Державна служба статистики України.]

12. The discount rate of the National Bank of Ukraine. National Bank of Ukraine. https://www.bank.gov.ua/control/uk/publish/article?art_id=53647

13. Laiko O.I. Investment potential of the region: use and unproductive outflow of capital. (Odesa:, 2014).

14. Financial capital outflow monitoring. Global Financial Integrity. http://www.gfintegrity.org/issues/data-by-country/

15. Balance of payments of Ukraine. National Bank of Ukraine. https://bank.gov.ua/control/uk/publish/article?art_id=123529

16. Gross Domestic Product (1990-2017). State Statistics Service of Ukraine. http://www.ukrstat.gov.ua/operativ/operativ2005/vvp/vvp_ric/vvp_u.htm

17. Information on insurance and/or reinsurance mediation services. National Commission, which carries out state regulation in the field of financial services markets. https://www.nfp.gov.ua/ua/Informatsiia-pro-poserednytski-posluhy-u-strakhuvanni-taabo-perestrakhuvanni.html

18. Foreign trade incertain types of goods by countries of the world. State Statistics Service of Ukraine. http://www.ukrstat.gov.ua/operativ/operativ2018/zd/e_iovt/arh_iovt2018.htm

19. On Stimulating Investment into Top-Priority Sectors of Economy for the Purpose of Creating New Workplaces. State Law of Ukraine № 5205-VI (State Regulatory Document). (Kyiv: Verkhovna Rada of Ukraine, 2013).

20. Treaty establishing the European Community (Nice consolidated version). 12002E/TXT. (European Union Law). European Union Law Database. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A12002E%2FTXT

21. New Cohesion Policy. (European Union Regulatory Document). European Commission. https://ec.europa.eu/regional_policy/en/2021_2027/

Full text (PDF)