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The retrospective analysis of developing investment tools in the subjects of the Russian Federation
Available online: 23 November 2014 Subject Heading: Investment potential JEL Classification: Pages: 2-9
For two last decades Russian regions have been developing their own investment mechanisms that serve to provide investment attraction to the economy. Some subjects of the Russian Federation count on getting funds from the federal budget. Others focus their investment policy on using their own budget income for investment purposes. However, it is difficult to implement such approaches to investment activity as the federal center constantly reviews the distribution of expenditure powers between the levels of the budgetary system of the Russian Federation and assigns bigger volumes of social expense to local budgets. The author stresses that the most productive and effective approach is one focused on promoting and attracting private investment capital. Implementing this strategy provides for developing well-considered regional investment laws prescribing mechanisms and tools of investment activities at the level of the subject of the Russian Federation. The author analyzes processes of building tools of investment activity in the subjects of the Russian Federation. Based on the study of Russian legislation and law-making activity in regions, the author describes the specifics of creating investment policy tools at the regional level. The study identifies the stages in building investment tools in the subjects of the Russian Federation, defines their time frames and specific features. The study also describes the specifics of implementing investment policy in certain Russian regions at various stages of investment tools creation. There is a definition of the main groups of instruments to promote investments, which are actively applied in the practice of the subjects of the Russian Federation. Using comparative analysis methods, the author examines the laws of the Russian Federation and its subjects that regulate this sphere, describes the ways to promote investment activity in regions, names the main instruments of economic incentives and support for investment activity, and offers measures for their improvement. The conclusion is that competitive environment in investment sphere has an impact on future development of investment tools and induces regions to be proactive. Keywords: tools, investment policy, region, specifics, develop, investment tools, subjects, Russian Federation References:
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ISSN 2311-8709 (Online)
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