Subject The article quantifies the impact of macroeconomic factors on investment activity in the Republic of Belarus. Objectives The purpose of the study is to develop a comprehensive model to assess the impact of macroeconomic determinants of financial resource supply on the dynamics of investment in fixed assets. Methods The study employs methods of logical, statistical, correlation, and regression analysis. Results The paper identifies the effect of gross profit of organizations on changes in investment financed from own sources; the effect of consolidated budget expenditures on changes in investment funded from the consolidated budget; the effect of ruble money supply on investment financed by bank credits (loans); the effect of accumulated foreign direct investment on investment financed from foreign sources; the impact of real incomes of the population on investment financed by household funds. I provide an overall assessment of the impact of the said macroeconomic factors on dynamics of investment in fixed assets. Conclusions The paper presents a complex model of the impact of macroeconomic determinants of financial resource supply on changes in investment in fixed capital in the Republic of Belarus. It reveals the effect of fiscal policy 'displacement', under which the increasing expenditures of consolidated budget have a positive impact on investment from budget resources, however, do not enable the growth of investment financed from private funds.
Blaug M. Ekonomicheskaya mysl' v retrospective [Economic Theory in Retrospect]. Moscow, Delo Publ., 1996, 687 p.
Keynes J.M. Obshchaya teoriya zanyatosti, protsenta i deneg [The General Theory of Employment, Interest and Money]. Moscow, Eksmo Publ., 2009, 957 p.
Blaug M. 100 velikikh ekonomistov posle Keinsa [Great Economists since Keynes: An Introduction to the Lives and Works of One Hundred Modern Economists]. Moscow, Ekonomicheskaya shkola, Omega-L Publ., 2008, 384 p.
Harrod R.F. The life of John Maynard Keynes. W.W. Norton & Company, 1983, 708 p.
Hicks J.R. Mr. Keynes and the “Classics”: A Suggested Interpretation. Econometrica, 1937, vol. 5, iss. 2, pp. 147–159.
Leijonhufvud A. On Keynesian Economics and Economics of Keynes. N.Y., Oxford University Press, 1968, 446 p.
Nureev R.M. [''The General Theory of Employment, Interest and Money'' by John Maynard Keynes: Preconditions for emergence, methodology and specifics of interpretation]. Journal of Institutional Studies, 2016, vol. 8, no. 1, pp. 6–35. (In Russ.)
Nureev R.M., Kirdina S.G., Koshovets O.B. et al. Bazovye predposylki sovremennoi ekonomicheskoi teorii (economics) i ikh kritika [Basic premises of modern economics and their criticism]. Moscow, Institute of Economics of RAS Publ., 2013, 31 p.
Hansen A.H. Monetary Theory and Fiscal Policy. New York, McGraw-Hill, 1949, 236 p.
Clower R. The Keynesian Counter-Revolution: A Theoretical Appraisal. In: F.H. Hahn, F. Brechling (eds), The Theory of Interest Rates. London, Macmillan, 1965, pp. 103–125.
Mitsek E.B. Keinsianskie i neokeinsianskie teorii investitsii v osnovnoi capital [Keynesian and neo-Keynesian theories of investment in fixed assets]. Yekaterinburg, Humanities University Publ., 2011, 28 p.
Hazlitt H. The Critics of Keynesian Economics. Princeton, N.J., D. Van Nostrand, 1960. Reprinted by University Press of America, 1983.
Luchenok A.I. et al. Makroekonomicheskie aspekty obespecheniya sbalansirovannosti natsional'noi ekonomiki [Macroeconomic aspects of the balance of the national economy]. Minsk, Belaruskaya navuka Publ., 2015, 371 p.
Sotsial'no-ekonomicheskaya model': stanovlenie i razvitie: teoriya, metodologiya, praktika [A socioeconomic model: formation and development: theory, methodology, practice]. Minsk, Belaruskaya navuka Publ., 2015, 554 p.
Rudyi K.V. et al. Finansovaya dieta: reforma gosudarstvennykh finansov [The fiscal diet: The public finance reform]. Minsk, Zvyazda Publ., 2016, 464 p.
Presnyakova E.V. [Assessing the multiplier effect of investment in fixed capital on economic growth]. Nauchnye trudy Belorusskogo gosudarstvennogo ekonomichskogo universiteta = Scientific Works of Belarus State Economic University, 2016, vol. 9, pp. 278–285. (In Russ.)
Presnyakova E.V. Otsenka effektivnosti investitsii v osnovnoi kapital, finansiruemykh za schet byudzhetnykh i kreditnykh resursov. V kn.:Nauchnye trudy, posvyashchennye 85-letiyu Instituta ekonomiki NAN Belarusi [Assessing the efficiency of investment in fixed capital financed from budgetary and credit resources. In: Scientific works dedicated to the 85th anniversary of the Institute of Economics of the NAS of Belarus]. Minsk, Pravo i ekonomika Publ., 2016, pp. 108–115.
Mitsek S.A., Mitsek E.B. [Monetary policy and economic growth in Russia in 2000–2014]. Vestnik Gumanitarnogo universiteta = Bulletin of Humanities University, 2016, no. 1, pp. 10–29. (In Russ.)
Mitsek E.B. Ekonometricheskii i statisticheskii analiz investitsii v osnovnoi kapital ekonomiki Rossii [Econometric and statistical analysis of investments in the Russian economy's fixed capital]. Yekaterinburg, Humanities University Publ., 2011, 377 p.