Nigmatullin I.G.National Assembly of Republic of Bashkortostan - Kurultai, Russian Presidential Academy of National Economy and Public Administration, Ufa, Republic of Bashkortostan, Russian Federation nigmatullin.ireck@yandex.ru
Importance An investment policy is a constituent of the financial policy of the State. It defines the investment potential and opportunities, investment climate and attractiveness of the regional economy. The regions of Russia should grow through their investment potential and high growth pace of investment processes since insufficient renewal of fixed assets will lower the technological level of the existing manufacturing enterprises. Objectives The article aims at analyzing and evaluating investment priorities of the financial policy of the Republic of Bashkortostan as a constituent entity of the Russian Federation. The research formulates and sets the following tasks: to identify investment priorities of the financial policy of the Republic of Bashkortostan; to determine trends for changes in the investment potential and investors' behavior as part of the State's financial policy; to measure budget effectiveness in manufacturing with reference to the investment growth rate in the region; to articulate proposals for improving the investment policy of the Republic of Bashkortostan. Methods The research employs the systems analysis of financial statements, statistic data, and comprehensive review of regulatory and legislative documents on investment. I examine the investment priorities and financial policy of the Republic of Bashkortostan that were effective in 2012-2014. Results Pursuing the above objective, I identify the investment priorities of the financial policy of the Republic of Bashkortostan, review the condition of the region's investment policy, highlight strategic priorities in the forecasted period, and outline recommendations on the ways to improve the financial policy of the Republic of Bashkortostan. Conclusions and Relevance I conclude that the financial instability requires improving and adapting strategic investment priorities of the national financial policy, which pursues setting robust measures and ensuring the efficient implementation of the policy in the long run.
Beketov N.V. Podkhody k formirovaniyu i realizatsii investitsionnoi strategii razvitiya federal'nogo okruga [Approaches to the formation and implementation of the investment strategy of the Federal district]. Regional'naya ekonomika: teoriya i praktika = Regional Economics: Theory and Practice, 2008, no. 34, pp. 31–37.
Vladimirov S.A. O nauchnom obosnovanii ekonomicheskoi effektivnosti strategicheskoi sbalansirovannoi programmy gosudarstvennykh investitsii [On scientific substantiation of cost effectiveness of the strategic balanced program for public investment]. Finansy i kredit = Finance and Credit, 2006, no. 3, pp. 23–30.
Gubanova E.S. Investitsionnye prioritety v ekonomike regiona [Investment priorities in the region's economy]. Problemy razvitiya territorii = Problems of Territory’s Development, 2002, no. 1, pp. 22–24.
Kompleksnoe razvitie Privolzhskogo federal'nogo okruga: kontseptual'nye napravleniya i prakticheskaya realizatsiya [Integrated development of the Volga Federal District: conceptual directions and practical implementation]. Gosudarstvennaya sluzhba = Public Administration, 2010, no. 6, pp. 33–37.
Kul'kov V.V. Investitsionnyi klimat i konkurentosposobnost' kak prioritet modernizatsii ekonomiki RF: oshibki v gosudarstvennoi politike [Investment climate and competitiveness as a priority in modernizing the economy of the Russian Federation: errors in the public policy]. Problemy sovremennoi ekonomiki = Problems of Modern Economics, 2012, no. 7, pp. 154–160.
Kudryashova E.V. Sootnoshenie prava i politiki v sotsial'nom regulirovanii gosudarstvennogo finansovogo planirovaniya [Correlation of law and policy in social regulation of the national finance planning]. Nalogi i finansovoe pravo = Taxes and Financial Law, 2014, no. 7, pp. 221–229.
Kundiu V.A., Tsvetkov V.V. Obosnovanie investitsionnykh prioritetov na osnove regional'nykh balansovykh modelei [Substantiation of investment priorities on the basis of regional balance models]. Sibirskii vestnik sel'skokhozyaistvennoi nauki = Siberian Bulletin of Agricultural Science, 2010, no. 1, pp. 109–116.
Lavrov A.M. Byudzhetnaya reforma 2001–2008 gg.: ot upravleniya zatratami k upravleniyu rezul'tatami [The 2001–2008 Budget Reform: from cost management to result management]. Finansy = Finance, 2005, no. 9, pp. 3–12.
Makolov V.I. Dominanty investitsionnoi politiki regiona v postkrizisnyi period [Priorities of the regional investment policy in the post-crisis period]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2010, no. 36, pp. 19–24.
Mel'nikov R.M. Otsenka obshchestvenno znachimykh proektov, podderzhivaemykh federal'nymi organami vlasti: metodicheskie problemy i puti sovershenstvovaniya [Evaluation of socially significant projects supported by Federal authorities: methodological issues and ways of improvement]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2015, no. 6, pp. 9–19.
Nigmatullin I.G. Prioritetnye napravleniya finansovoi politiki Respubliki Bashkortostan [Priority areas of the financial policy of the Republic of Bashkortostan]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2014, no. 38, pp. 42–53.
Rakhimov M.G. Osobennosti regional'nogo opyta sovremennoi investitsionnoi politiki na primere Respubliki Bashkortostan [The specificity of regional experience in implementing a modern investment policy (the Republic of Bashkortostan case study)]. Pravo i investitsii = Law and Investment, 2009, no. 4, pp. 24–28.
Reshetova L.V. Osnovnye podkhody k realizatsii innovatsionno-investitsionnogo protsessa v Rossii [Basic approaches to implementation of the innovative and investment process in Russia]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2011, no. 26, pp. 16–22.
Rykova I.N., Fisenko N.V. Otsenka effektivnosti investitsionnoi politiki Stavropol'skogo kraya [Evaluating the effectiveness of the investment policy of the Stavropol Krai]. Finansy i kredit = Finance and Credit, 2008, no. 40, pp. 15–21.
Sultanguzhin I.F. Tekhnologicheskie uklady v Rossii i prioritety innovatsionnogo razvitiya [Technological modes in Russia and priorities of innovative development]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2011, no. 1, pp. 39–43.
Tamrazyan D.A. Natsional'nyi proekt, gosudarstvo, sotsial'nyi effekt [National project, the State, social effect]. Ekonomika i upravlenie: problemy, resheniya = Economy and Management: Problems and Solutions, 2014, no. 9, pp. 16–19.
Trukhachev V.V. [Priority national projects and the 2020 strategy: scenarios and prospects]. Aktual'nye voprosy ekonomicheskikh nauk: materialy mezhdunarodnoi nauchnoi konferetsii [Proc. Int. Sci. Conf. “Actual Issues of Economic Sciences”]. Novosibirsk, Centre for Scientific Collaboration Development Publ., 2010, vol. 11-3, pp. 277–281.
Trubnikova V.V. Osobennosti investirovaniya v regional'nuyu ekonomiku [The specificity of investment in the regional economy]. Regional'naya ekonomika: teoriya i praktika = Regional Economics: Theory and Practice, 2010, no. 41, pp. 24–31.
Filippova I.A. Investitsionnaya deyatel'nost' i tendentsii ee razvitiya v usloviyakh sovremennoi Rossii [Investment activity and trends for its development in modern Russia]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2011, no. 4, pp. 10–15.
McKinsey: World needs $57 trillion in infrastructure by 2030. Available at: Link. washingtonpost.com/blogs/wonkblog/wp/2013/01/17/mckinsey-world-needs-57-trillion-in-infrastructure-by- 2030-yes-trillion-with-a-t/. (accessed 17.01.2013)
$53 Trillion in Infrastructure Needed by 2030 – OECD/Oliver Wyman. Available at: Link- OECD Oliver. (accessed 11.04.2012)
