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1Institute for Economics and Forecasting, NAS of Ukraine
INVESTMENT CLIMATE AS A FACTOR OF INDUSTRIAL DEVELOPMENT IN UKRAINE
| Economy and forecasting 2019; 4:67-100 | https://doi.org/10.15407/econforecast2019.04.067 |
ABSTRACT ▼
The article deals with the provision of industrial development based the attrac-
tion of investment depending on the changing characteristics of the investment climate. Since the problems of stagnation of the industrial production, its low productivity, excessive financial vulnerability (in view of high debt dependence and low
solvency of the sector's companies), capital losses, and the level of profitability, which is insufficient for reproduction, all remain relevant, the study offers those means of their solution that are related to attracting investments and improving the
investment climate.
The author highlights essential aspects of the investment climate and its impact
on attracting investment in the industrial development. Conducted a comparative analysis of the indicators of industrial activities depending on the characteristics of the investment climate on the example of reference groups of foreign countries and
Ukraine, which revealed various problematic aspects of the conditions of investment in Ukrainian industry. A set of econometric models was developed with whose help the author substantiates the effect of the system of factors of the investment climate (namely: macroeconomic stability, development level of the goods, financial and la-
bor markets, innovative activities and technological transfer) on the industrial development and assesses the changes caused by the long term shifts in the parameters of the industrial system.
The author shows the feasibility of implementing a comprehensive approach to
improving investment conditions with the use of various public policy instruments
that determine the investment climate (including macroeconomic, monetary, and scientific and innovation policies as well as policies of the expansion of product inlets and regulation of the labor market) to ensure industrial development. In particular,
in the context of the support of innovation, the article proposes the application of smart specialization strategies, which envisages modernization and diversification
of regional industrial potential, and enhancing their entrepreneurial capabilities based on the introduction of technological innovations.
Keywords:investment climate, industrial development, attraction of investment, macroeconomic stability, financial market, credit resources, domestic market, exports, imports, innovation, technological transfer, labor market, wages
JEL: С22, E27, F21, J21, L50, O14, O16, O31
| Article in English (pp. 67 - 100) | Download | Downloads :302 |
| Article in Ukrainian (pp. 67 - 100) |
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doi.org/10.1080/00036846.2017.1282148
21. Hallward-Driemeier, M., Wallsten, S., Xu, L.C. (2006). Ownership, investment climate and firm performance: Evidence from Chinese firms. Economics of Transition, 14(4), 629-647. doi.org/10.1111/j.1468-0351.2006.00267.x
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23. Athukorala, Prema-chandra, Veeramani, C. (2017, Winter/Spring). Internationalization of Indian Enterprises: Patterns, Determinants, and Policy Issues. Asian Economic Papers, 16:1, 142-166. doi.org/10.1162/ASEP_a_00496
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technology-development-silicon-valley/?utm_ source=sfmc&utm_medium=email&utm_
campaign=2703006_AgendaWeekly4 October2019&utm_term=&emailType=Agenda%
20Weekly%20Newsletter
25. India shows remarkable resilience amid global slowdown: World Economic Forum (2019, October 2). Financial express. Retrieved from www.financialex-
press.com/economy/india-shows-remarkable-resilience-amid-global-slowdown-world-eco-
nomic-forum/1724550/?utm_source=sfmc&utm_medium=email&utm_=2703006_Agenda
Weekly4 October2019&utm_term=&emailType=Agenda%20Weekly%20Newsletter
26. Shovkun, I. (2018). Industrial development in decentralized conditions: experience of leading industrial countries and conclusions for Ukraine. Ekon. prognozuvannâ – Economy
and forecasting, 4, 40-66. doi.org/10.15407/eip2018.04.038 [in Ukrainian].
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politics/francis-fukuyama-ukraine-should-grow-an-economy-outside-of-oligarchs-pur-view.html
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