Advertisement

The Influence of the Russian Economic Crisis on the Regional Peculiarities of Investment Activity

  • Marina N. MironovaEmail author
  • Uliana V. Mizerovskaya
  • Ludmila V. Shubtsova
Conference paper
  • 13 Downloads
Part of the Springer Proceedings in Business and Economics book series (SPBE)

Abstract

This work analyses the influence of the current economic crisis on the transformation of investment flows in the economy of Russia, its regions and its causes. The volumes of investment in the capital stock as a whole in 2013–2016 are reduced by 12.2%. In the investment structure, there were changes in the forms of ownership, sources, directions and types. A decrease was in the state property share along with an increase in the private one. This led to an increase in the share of own funds and investments in mining industries and real estate. The tendency to increase the share of investment in buildings and structures while reducing it in machinery and equipment was revealed. The volumes of foreign direct investments (FDI) also decreased over this period. The geography of FDI inflows had more pronounced offshore nature. The estimation of the regional groups’ ratio with different investment volumes in the capital stock in 2013 and 2016 was indicative of the increasing concentration of investments in the economy of the most constituent entities of the Russian Federation. The analysis of regional features of the FDI inflow, outflow and balance dynamics also exacerbated their polarization. The comparison of the regional priorities of national and foreign investors identified the regions of the country with different levels of total investment activity.

Notes

Acknowledgements

This work has been prepared with the support of the “RUDN University Programme 5-100”.

References

  1. Alvarez, R., Jara, M., & Pombo, C. (2018). Do institutional blockholders influence corporate investment? Evidence from emerging markets. Journal of Corporate Finance, 53, 38–64.CrossRefGoogle Scholar
  2. Bayev, I., & Solovyeva, I. (2014). Empirical analysis of the relationship of investment and innovative activity of regions of Russia. Economy of Region, 1(1), 147–155.CrossRefGoogle Scholar
  3. Drobetz, W., El Ghoul, S., Guedhami, O., & Janzen, M. (2018). Policy uncertainty, investment, and the cost of capital. Journal of Finance Stability, 39, 28–45.Google Scholar
  4. Ershova, N. (2017). Investment climate in Russia and challenges for foreign business: The case of Japanese companies. Journal of Eurasian Studies, 5, 151–160.CrossRefGoogle Scholar
  5. Gubanova, E. S., & Kleshch, V. S. (2017). Methodological aspects in analyzing the level of non-uniformity of socioeconomic development of regions. Economic Social Changes: Facts, Trends, Forecast, 10(1), 58–75.Google Scholar
  6. Investment Climate in Regions 2017. JSC Expert RA. (2018). Access mode https://raexpert.ru/ratings/regions/2017.
  7. Kalotay, K. (2008). Russian transnationals and international investment paradigms. Research in International Business and Finance, 22, 85–107.CrossRefGoogle Scholar
  8. Krasilnikova, E. A., Mayorova, E. A., Nikishin, A. F., & Pankina, T. V. (2017). Investment activity in Russian regions. European Respiratory Statement Journal XX, 4B, 509–521.Google Scholar
  9. Kuznetsova, O. (2016). Differences in Russian regions attractiveness for foreign and domestic investors. Vopr Ek, 4, 86–102.CrossRefGoogle Scholar
  10. Mariyev, O., Drapkin, I., Chukavina, K., & Rachinger, H. (2016). Determinants of FDI inflows: The case of Russian regions. Economy of Region, 1(4), 1244–1252.CrossRefGoogle Scholar
  11. Mau, V. (2015). Economic crises in post-communist Russia. Economic Policy, 2, 7–19.Google Scholar
  12. Nesterova, D., & Mariyev, O. (2005). Factors of direct foreign investments involvement into Russian regions. Economic of Region, 1(4), 57–70.Google Scholar
  13. Nikitin, A. S. (2016). Investment rating as an instrument of effective govern management stimulation in Russian regions. Economic Policy, 6, 192–221.CrossRefGoogle Scholar
  14. Porter, M. E. (2003). The economic performance of regions. Regional Studies, 37(6–7), 549–578.CrossRefGoogle Scholar
  15. Rating of 600 biggest Russian companies following the results of 2016. JSC Expert RA. (2017). Access mode https://raexpert.ru/ratings/expert400/2017.
  16. Russian regions. Socio-economic indicators. 2017: statistics book. Rosstat, Moscow. (2017). Access mode: https://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/statistics/publications/catalog/doc_1138623506156.
  17. Zubarevich, N. V. (2015). Regional dimension of the new Russian crisis. Vopr Ek, 4, 37–52.CrossRefGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Marina N. Mironova
    • 1
    Email author
  • Uliana V. Mizerovskaya
    • 1
  • Ludmila V. Shubtsova
    • 2
  1. 1.RUDN UniversityMoscowRussia
  2. 2.Financial University under the Government of the Russian FederationMoscowRussia

Personalised recommendations