Abstract

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Abstract

Abstract

This paper considers an application of the ARDL model and bounds testing approach to the analysis of the long-run relationship between household consumption and aggregate income. We have explored the presence of a long-run relationship between real household consumption and indicators characterizing real income, such as: real gross domestic product (GDP), real gross domestic income (GDI), and GDP at constant household consumption prices. We provide statistical evidence of the lack of a long-run relationship in the first and second cases and its presence in the third case. We have concluded that the nominal GDP deflated by the price index of aggregated consumption is the most applicable indicator for describing the dynamics of real consumption in the Russian Federation.

Abstract

The relevance of the study is determined by the urgent need to assess the potential conditions for the consolidation of public and private resources and the capabilities of the financial sector in the implementation of large-scale investment programs. The purpose of the study is to assess the ability and readiness of key economic agents and the financial system to increase investment activity in Russia. The subject of the study is the analysis of the main trends and features of the formation of investment resources by sources of financing and forms of ownership, characteristics of financial and material potential of investment and construction activities. The analysis of investment activity trends was carried out on the basis of methods of comparative analysis of official statistical data, review of strategic planning documents and regulatory and legislative framework. As a result of the study, general and specific features of investment activity in the period 2015-2021 were identified and systematized. Overcoming the consequences of crisis phenomena in the investment sphere is considered in the paradigm of changing the role and participation of the state, business, population and financial markets in resource mobilization and financing of investment projects. The analysis of trends in the formation of the material structure of investment resources allowed us to draw conclusions about the impact of imports of investment goods and determine the potential of domestic production in solving import substitution problems as a factor of innovation and technological modernization of the economy. The evaluation of the system of anti-crisis measures to support and finance investment projects allowed us to determine the potential for mobilizing budgetary and extra-budgetary sources and the distribution of risks between the state, private business and the population. The scientific novelty of the study consists in summarizing the current data on the state of the investment sphere, the practice of regulatory and organizational and managerial impact and assessing the financial sector's capabilities in consolidating resources. The recommendations based on the results of the study are related to the need to further improve the methods of state stimulation of investment activity and the development of tools for consolidating the resources of the public and private sectors, increasing the coherence of investment programs for industrial, technological, infrastructural and social development, reducing the risks of spatial and territorial differentiation and resource provision of investment programs.