185 research outputs found
Regional Economic Policy: Structured Approach and Tools (The Oretical Formulation
The subject matter of the article is the development of a doctrine of coordinated regional development and the study of the structural quality of development of regional systems based on the theoretical analysis of institutional factors (parameters) that determine the technological efficiency of the regional economy. The purpose is to show possibilities of technological changes and the shift of economic growth in a particular regional system, with strict limits for accelerated development, with emphasis on industrial regions. For this purpose, we generated a number of structural models, analyzed the impact of technological factors on parameters of growth of the regional economy and determined conditions for development of industrial regions. We applied correlative and regression analysis to establish a statistically significant correlation between relevant parameters, used econometric models to show the possibility to estimate parameters of growth through control parameters, including technological factor. The structural aspect of regional economic growth is measured by dividing investments into two classes: old and new technologies. It is possible to increase the technological efficiency of the regional economy by improving results with regard to used (old) technologies and applying new technologies. This approach fundamentally refines the priority queue algorithm for regional development, provides a choice of a strategy of regional technological development. When resources are directed only to the latest technologies, the disproportion in development of the regional economic system can dramatically increase, and parameters related to diversion of resources and creation of a new resource will determine the growth rate of the region. The behavior of investment in old technologies has a major impact on the rate of regional economic growth in Russia, while investments in new technologies are minor and did not have an equivalent impact on the economic growth rate compared with old technologies. Institutional corrections that define parameters of resource diversion from old technologies and creation of a new resource for development, will determine the quality of new economic growth
ΠΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½Π°Ρ ΡΡΠ½ΠΊΡΠΈΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° Π ΠΎΡΡΠΈΠΈ
The intensification of investment dynamics is a determining factor in the new growth model of the Russian economy. The Covid crisis has greatly limited the opportunities to use this factor and made restoring growth dynamics an urgent task. The aim of the study is to determine the investment function of the Russian economy before the Covid crisis in order to identify the main instruments of the investment policy of growth in the post-crisis period. The research methods are macroeconomic and regression analysis based on software Gretl 2020b, which helped to choose the investment function according to the instrument-factors. Solving the problem of collinearity of multiple regression factors makes it possible to select the best models for GDP and investment in fixed assets of the Russian economy. The research result is selected multivariate models of gross product and investment that allow considering the impact of the following instruments on the goalβs function: monetization level, key interest rate, exchange rate, risk, profitability, oil prices, financial investments, inflation. The author concludes that an increase in the monetization of the economy, a decrease in the key interest rate, and a controlled devaluation generally had a positive effect on the amount of investment in fixed assets. The investment growth increased the risk of economic activity; the decrease in profitability relatively decreased investment and increased Russiaβs GDP with an increased risk over the considered time interval. When implementing investment policy, one should consider these features along with the specified macro-aggregates, the structure of investment distribution between sectors and types of investments, for example, in financial and non-financial assets. The paper shows the significance of this condition, which affects the effectiveness of the investment policy, when the shift in investment towards financial assets accompanies the slowdown in economic growth. The prospect of further research is an assessment of the equalization of sectoral risks affecting the distribution of investments and investment dynamics.ΠΠΊΡΠΈΠ²ΠΈΠ·Π°ΡΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ ΡΠ²Π»ΡΠ΅ΡΡΡ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΡΡΠΈΠΌ ΡΠ°ΠΊΡΠΎΡΠΎΠΌ Π½ΠΎΠ²ΠΎΠΉ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΡΠΎΡΡΠ° ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. Β«ΠΠΎΠ²ΠΈΠ΄Π½ΡΠΉ ΠΊΡΠΈΠ·ΠΈΡΒ» ΡΠ΅ΡΡΠ΅Π·Π½ΠΎ ΡΡΠ·ΠΈΠ» Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΠΈ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΡ ΡΡΠΎΠ³ΠΎ ΡΠ°ΠΊΡΠΎΡΠ°, Π°ΠΊΡΡΠ°Π»ΠΈΠ·ΠΈΡΠΎΠ²Π°Π² Π·Π°Π΄Π°ΡΡ Π²ΠΎΡΡΡΠ°Π½ΠΎΠ²Π»Π΅Π½ΠΈΡ ΡΠΎΡΡΠΎΠ²ΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ. Π¦Π΅Π»Ρ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ β ΠΎΠΏΡΠ΅Π΄Π΅Π»ΠΈΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΡΡ ΡΡΠ½ΠΊΡΠΈΡ ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ Π΄ΠΎ Β«ΠΊΠΎΠ²ΠΈΠ΄Π½ΠΎΠ³ΠΎ ΠΊΡΠΈΠ·ΠΈΡΠ°Β», ΡΡΠΎΠ±Ρ Π²ΡΡΠ²ΠΈΡΡ ΠΎΡΠ½ΠΎΠ²Π½ΡΠ΅ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΡΠΎΡΡΠ° Π² ΠΏΠΎΡΡΠΊΡΠΈΠ·ΠΈΡΠ½ΡΠΉ ΠΏΠ΅ΡΠΈΠΎΠ΄. ΠΠ΅ΡΠΎΠ΄ΠΎΠ»ΠΎΠ³ΠΈΡ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΡΠΎΡΡΠ°Π²Π»ΡΠ΅Ρ ΠΌΠ°ΠΊΡΠΎΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΉ ΠΈ ΡΠ΅Π³ΡΠ΅ΡΡΠΈΠΎΠ½Π½ΡΠΉ Π°Π½Π°Π»ΠΈΠ·, ΠΏΡΠΎΠ²Π΅Π΄Π΅Π½Π½ΡΠΉ Π½Π° Π±Π°Π·Π΅ ΠΏΡΠΎΠ³ΡΠ°ΠΌΠΌΠ½ΠΎΠ³ΠΎ ΠΌΠΎΠ΄ΡΠ»Ρ Gretl 2020b, ΠΏΡΠΈ ΠΏΠΎΠΌΠΎΡΠΈ ΠΊΠΎΡΠΎΡΠΎΠ³ΠΎ ΠΎΡΡΡΠ΅ΡΡΠ²Π»Π΅Π½ ΠΏΠΎΠ΄Π±ΠΎΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΡΡΠ½ΠΊΡΠΈΠΈ Π² Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΠΎΠ²-ΡΠ°ΠΊΡΠΎΡΠΎΠ². Π Π°Π·ΡΠ΅ΡΠ΅Π½ΠΈΠ΅ ΠΏΡΠΎΠ±Π»Π΅ΠΌΡ ΠΊΠΎΠ»Π»ΠΈΠ½Π΅Π°ΡΠ½ΠΎΡΡΠΈ ΡΠ°ΠΊΡΠΎΡΠΎΠ² ΠΌΠ½ΠΎΠΆΠ΅ΡΡΠ²Π΅Π½Π½ΠΎΠΉ ΡΠ΅Π³ΡΠ΅ΡΡΠΈΠΈ ΠΏΠΎΠ·Π²ΠΎΠ»ΡΠ΅Ρ ΠΎΡΠΎΠ±ΡΠ°ΡΡ Π»ΡΡΡΠΈΠ΅ ΠΌΠΎΠ΄Π΅Π»ΠΈ Π΄Π»Ρ ΠΠΠ ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π» ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. Π Π΅Π·ΡΠ»ΡΡΠ°ΡΠΎΠΌ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ Π²ΡΡΡΡΠΏΠ°ΡΡ ΠΎΡΠΎΠ±ΡΠ°Π½Π½ΡΠ΅ ΠΌΠ½ΠΎΠ³ΠΎΡΠ°ΠΊΡΠΎΡΠ½ΡΠ΅ ΠΌΠΎΠ΄Π΅Π»ΠΈ Π²Π°Π»ΠΎΠ²ΠΎΠ³ΠΎ ΠΏΡΠΎΠ΄ΡΠΊΡΠ° ΠΈ Π²Π΅Π»ΠΈΡΠΈΠ½Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ, ΠΏΠΎΠ·Π²ΠΎΠ»ΡΡΡΠΈΠ΅ ΡΠ°ΡΡΠΌΠΎΡΡΠ΅ΡΡ ΠΊΠ°ΡΡΠΈΠ½Ρ Π²Π»ΠΈΡΠ½ΠΈΡ ΡΠ»Π΅Π΄ΡΡΡΠΈΡ
ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΠΎΠ² Π½Π° ΡΡΠ½ΠΊΡΠΈΠΈ ΡΠ΅Π»ΠΈ: ΡΡΠΎΠ²Π½Ρ ΠΌΠΎΠ½Π΅ΡΠΈΠ·Π°ΡΠΈΠΈ, ΠΊΠ»ΡΡΠ΅Π²ΠΎΠΉ ΠΏΡΠΎΡΠ΅Π½ΡΠ½ΠΎΠΉ ΡΡΠ°Π²ΠΊΠΈ, Π²Π°Π»ΡΡΠ½ΠΎΠ³ΠΎ ΠΊΡΡΡΠ°, ΡΠΈΡΠΊΠ°, ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ, ΡΠ΅Π½Ρ Π½Π° Π½Π΅ΡΡΡ, ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ, ΠΈΠ½ΡΠ»ΡΡΠΈΠΈ. ΠΠ²ΡΠΎΡ Π΄Π΅Π»Π°Π΅Ρ Π²ΡΠ²ΠΎΠ΄, ΡΡΠΎ ΡΠ²Π΅Π»ΠΈΡΠ΅Π½ΠΈΠ΅ ΠΌΠΎΠ½Π΅ΡΠΈΠ·Π°ΡΠΈΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ, ΡΠ½ΠΈΠΆΠ΅Π½ΠΈΠ΅ ΠΊΠ»ΡΡΠ΅Π²ΠΎΠΉ ΠΏΡΠΎΡΠ΅Π½ΡΠ½ΠΎΠΉ ΡΡΠ°Π²ΠΊΠΈ ΠΈ ΡΠΏΡΠ°Π²Π»ΡΠ΅ΠΌΠ°Ρ Π΄Π΅Π²Π°Π»ΡΠ²Π°ΡΠΈΡ Π² ΡΠ΅Π»ΠΎΠΌ ΠΏΠΎΠ»ΠΎΠΆΠΈΡΠ΅Π»ΡΠ½ΠΎ Π²Π»ΠΈΡΠ»ΠΈ Π½Π° Π²Π΅Π»ΠΈΡΠΈΠ½Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ ΠΊΠ°ΠΏΠΈΡΠ°Π». Π ΠΎΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΡΠΎΠΏΡΠΎΠ²ΠΎΠΆΠ΄Π°Π»ΡΡ ΡΠΎΡΡΠΎΠΌ ΡΠΈΡΠΊΠ° Π²Π΅Π΄Π΅Π½ΠΈΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ, Π° ΡΠ½ΠΈΠΆΠ΅Π½ΠΈΠ΅ ΡΠ΅Π½ΡΠ°Π±Π΅Π»ΡΠ½ΠΎΡΡΠΈ ΡΠΎΠΏΡΠΎΠ²ΠΎΠΆΠ΄Π°Π»ΠΎΡΡ ΠΎΡΠ½ΠΎΡΠΈΡΠ΅Π»ΡΠ½ΡΠΌ ΡΠ½ΠΈΠΆΠ΅Π½ΠΈΠ΅ΠΌ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΠΈ ΡΠΎΡΡΠΎΠΌ ΠΠΠ Π ΠΎΡΡΠΈΠΈ Ρ ΡΠ²Π΅Π»ΠΈΡΠ΅Π½ΠΈΠ΅ΠΌ ΡΠΈΡΠΊΠ° Π½Π° ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Π΅ΠΌΠΎΠΌ ΠΈΠ½ΡΠ΅ΡΠ²Π°Π»Π΅ Π²ΡΠ΅ΠΌΠ΅Π½ΠΈ. ΠΡΠΈ Π²ΡΡΠ²Π»Π΅Π½Π½ΡΠ΅ ΠΎΡΠΎΠ±Π΅Π½Π½ΠΎΡΡΠΈ ΡΡΠ΅Π±ΡΡΡ ΡΡΠ΅ΡΠ° ΠΏΡΠΈ ΡΠ΅Π°Π»ΠΈΠ·Π°ΡΠΈΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ Π½Π°ΡΠ°Π²Π½Π΅ Ρ ΡΠΊΠ°Π·Π°Π½Π½ΡΠΌΠΈ ΠΌΠ°ΠΊΡΠΎΠ°Π³ΡΠ΅Π³Π°ΡΠ°ΠΌΠΈ, ΡΡΡΡΠΊΡΡΡΡ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΠΌΠ΅ΠΆΠ΄Ρ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌΠΈ ΠΈ Π²ΠΈΠ΄Π°ΠΌΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ, Π½Π°ΠΏΡΠΈΠΌΠ΅Ρ Π² ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ ΠΈ Π½Π΅ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ. ΠΠΎΠΊΠ°Π·Π°Π½Π° Π·Π½Π°ΡΠΈΠΌΠΎΡΡΡ Π΄Π°Π½Π½ΠΎΠ³ΠΎ ΡΡΠ»ΠΎΠ²ΠΈΡ, Π²Π»ΠΈΡΡΡΠ΅Π³ΠΎ Π½Π° ΡΠ΅Π·ΡΠ»ΡΡΠ°ΡΠΈΠ²Π½ΠΎΡΡΡ ΠΏΡΠΎΠ²ΠΎΠ΄ΠΈΠΌΠΎΠΉ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ, ΠΊΠΎΠ³Π΄Π° ΡΠΌΠ΅ΡΠ΅Π½ΠΈΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΡΠΎΡΠΎΠ½Ρ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
Π°ΠΊΡΠΈΠ²ΠΎΠ² ΡΠΎΠΏΡΠΎΠ²ΠΎΠΆΠ΄Π°Π΅Ρ ΡΠΎΡΠΌΠΎΠΆΠ΅Π½ΠΈΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ°. ΠΠ΅ΡΡΠΏΠ΅ΠΊΡΠΈΠ²Ρ Π΄Π°Π»ΡΠ½Π΅ΠΉΡΠ΅Π³ΠΎ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΡΠΎΡΡΠ°Π²Π»ΡΠ΅Ρ ΠΎΡΠ΅Π½ΠΊΠ° Π²ΡΡΠ°Π²Π½ΠΈΠ²Π°Π½ΠΈΡ ΡΠ΅ΠΊΡΠΎΡΠ°Π»ΡΠ½ΡΡ
ΡΠΈΡΠΊΠΎΠ², ΡΠΊΠ°Π·ΡΠ²Π°ΡΡΠΈΡ
ΡΡ Π½Π° ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠ΅
Determining Optimal Mining Work Size on the OpenCL Platform for the Ethereum Cryptocurrency
In terms of cryptocurrency, mining is a process of creating a new transaction block to add it to the blockchain. The cryptocurrency protocol should ensure the reliability of new transaction blocks. One of the popular mining protocols is the Proof-of-Work protocol, which requires the miner to perform a certain work to verify its right to add a new block into the blockchain. To perform this work, high-performance hardware is used, such as GPU. On the program level, hardware needs special computing framework, for example, CUDA or OpenCL. In this article, we discuss Ethereum cryptocurrency mining using the OpenCL standard. The Ethereum cryptocurrency is the most popular cryptocurrency with GPU-based mining. There are several open-source implementations of the Ethereum cryptocurrency miners. The host-part of the OpenCL-miner is considered, which makes the research results independent of the mining algorithm and allows using the results of the research in the mining of other cryptocurrencies. During the research, we have found the problems, which lead to mining productivity loss, and we are looking for the ways to resolve these problems and thus increase mining performance. As part of solving these problems, we have developed the algorithm for the functioning of the miner and proposed the methodology of determining the optimal size of OpenCL work, which allows to reduce the impact of problems found and achieve maximum mining productivity using OpenCL framework
Gating-by-tilt of mechanosensitive membrane channels
We propose an alternative mechanism for the gating of biological membrane
channels in response to membrane tension that involves a change in the slope of
the membrane near the channel. Under biological membrane tensions we show that
the energy difference between the closed (tilted) and open (untilted) states
can far exceed kBT and is comparable to what is available under simple
ilational gating. Recent experiments demonstrate that membrane leaflet
asymmetries (spontaneous curvature) can strong effect the gating of some
channels. Such a phenomenon would be more easy to explain under gating-by-tilt,
given its novel intrinsic sensitivity to such asymmetry.Comment: 10 pages, 2 figure
ΠΠΠΠΠ’ΠΠ Π«Π ΠΠ ΠΠΠΠΠΠ« Π’ΠΠΠ ΠΠ ΠΠΠΠΠΠΠΠ§ΠΠ‘ΠΠΠΠ Π ΠΠ‘Π’Π
The subject of the study is the resource approach to the economic growth policy including theoretical aspects of the economic growth model. A recession is usually replaced by the growth dynamics, and the economyβs recovery from the recession requires justification of government policy measures that not only help overcome the crisis, but also lead the economy to sustainable growth at a given pace. The study is concerned with the assessment of aggregate type models within the framework of the resource-factor approach and the impact of investments and consumer spendings on the economic growth rate at the theoretical (model) and empirical levels of analysis. The modern technological level and the type of βtechnological functionβ ensure not only the ability of the economy to grow in the current regime but also provide the basis for long-term growth prospects. The technological choice determines the extensive or intensive types of economic growth. The relationship between the rates of creating a new resource and diversion of an existing one to ensure the growth has been determined. The more intensive is the diversion of the resource from available facilities as well as the higher is the interest rate, the lower are the opportunities for creating a new resource and more modest are growth opportunities through the development of a new resource. It is shown that the change in the technological level to ensure the growth of the economic system requires a greater change in consumer spendings. Concerning the economic policy of investment promotion in Russia, it is shown that in the first phase of the recovery, it is advisable not so much to increase the amount of investments as stimulate aggregate consumption and restore the income level. Therefore, the consumption crisis must be eliminated, and since economic growth can occur not through investments (as it was in Russia before the 2015 crisis), it is necessary to seek a growth policy through investments considering their impact on the technological parameters of the economic system. Besides, the increase in the savings rate is not an end in itself for the establishment of the economic growth policy, it is, rather, a resultant parameter that should be taken as such when making macroeconomic decisions.ΠΡΠ΅Π΄ΠΌΠ΅ΡΠΎΠΌ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΡΡΠ°Π» ΡΠ΅ΡΡΡΡΠ½ΡΠΉ ΠΏΠΎΠ΄Ρ
ΠΎΠ΄ ΠΊ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° - ΡΠ΅ΠΎΡΠ΅ΡΠΈΡΠ΅ΡΠΊΠΈΠ΅ Π°ΡΠΏΠ΅ΠΊΡΡ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΡΠΎΡΡΠ° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. Π ΠΎΡΡΠΎΠ²Π°Ρ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠ° ΠΎΠ±ΡΡΠ½ΠΎ ΡΠΌΠ΅Π½ΡΠ΅Ρ ΡΠ΅ΡΠ΅ΡΡΠΈΡ, Π° Π²ΡΡ
ΠΎΠ΄ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ ΠΈΠ· ΡΠ΅ΡΠ΅ΡΡΠΈΠΈ ΡΡΠ΅Π±ΡΠ΅Ρ ΠΎΠ±ΠΎΡΠ½ΠΎΠ²Π°Π½ΠΈΡ ΠΌΠ΅ΡΠΎΠΏΡΠΈΡΡΠΈΠΉ ΠΏΡΠ°Π²ΠΈΡΠ΅Π»ΡΡΡΠ²Π΅Π½Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ, ΡΠΏΠΎΡΠΎΠ±ΡΡΠ²ΡΡΡΠΈΡ
Π½Π΅ ΡΠΎΠ»ΡΠΊΠΎ ΠΏΡΠ΅ΠΎΠ΄ΠΎΠ»Π΅Π½ΠΈΡ ΠΊΡΠΈΠ·ΠΈΡΠ°, Π½ΠΎ ΠΈ Π²ΡΠ²ΠΎΠ΄Ρ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ Π½Π° ΡΡΠ°Π΅ΠΊΡΠΎΡΠΈΡ ΡΡΡΠΎΠΉΡΠΈΠ²ΠΎΠ³ΠΎ ΡΠΎΡΡΠ° Π·Π°Π΄Π°Π½Π½ΠΎΠ³ΠΎ ΡΠ΅ΠΌΠΏΠ°. ΠΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΠ΅ ΠΊΠ°ΡΠ°Π΅ΡΡΡ ΠΎΡΠ΅Π½ΠΊΠΈ ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ Π°Π³ΡΠ΅Π³Π°ΡΠ½ΠΎΠ³ΠΎ ΡΠΈΠΏΠ° Π² ΡΠ°ΠΌΠΊΠ°Ρ
ΠΏΡΠΈΠΌΠ΅Π½ΡΠ΅ΠΌΠΎΠ³ΠΎ ΡΠ΅ΡΡΡΡΠ½ΠΎ-ΡΠ°ΠΊΡΠΎΡΠ½ΠΎΠ³ΠΎ ΠΏΠΎΠ΄Ρ
ΠΎΠ΄Π°, Π° ΡΠ°ΠΊΠΆΠ΅ Π²Π»ΠΈΡΠ½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΠΈ ΠΏΠΎΡΡΠ΅Π±ΠΈΡΠ΅Π»ΡΡΠΊΠΈΡ
ΡΠ°ΡΡ
ΠΎΠ΄ΠΎΠ² Π½Π° ΡΠ΅ΠΌΠΏ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° Π½Π° ΡΠ΅ΠΎΡΠ΅ΡΠΈΡΠ΅ΡΠΊΠΎΠΌ (ΠΌΠΎΠ΄Π΅Π»ΡΠ½ΠΎΠΌ) ΠΈ ΡΠΌΠΏΠΈΡΠΈΡΠ΅ΡΠΊΠΎΠΌ ΡΡΠΎΠ²Π½Π΅ Π°Π½Π°Π»ΠΈΠ·Π°. Π‘ΠΎΠ²ΡΠ΅ΠΌΠ΅Π½Π½ΡΠΉ ΡΡΠΎΠ²Π΅Π½Ρ ΡΠ΅Ρ
Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ½ΠΎΡΡΠΈ ΠΈ Π²ΠΈΠ΄ Β«ΡΠ΅Ρ
Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΡΠ½ΠΊΡΠΈΠΈΒ» ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠΈΠ²Π°ΡΡ Π½Π΅ ΡΠΎΠ»ΡΠΊΠΎ ΡΠΏΠΎΡΠΎΠ±Π½ΠΎΡΡΡ ΡΠΎΡΡΠ° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ Π² ΡΠ΅ΠΊΡΡΠ΅ΠΌ ΡΠ΅ΠΆΠΈΠΌΠ΅, Π½ΠΎ ΠΈ Π΄ΠΎΠ»Π³ΠΎΡΡΠΎΡΠ½ΡΠ΅ ΠΏΠ΅ΡΡΠΏΠ΅ΠΊΡΠΈΠ²Ρ ΡΠΎΡΡΠ°. Π’Π΅Ρ
Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΠΈΠΉ Π²ΡΠ±ΠΎΡ ΠΏΡΠ΅Π΄ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅Ρ ΡΠΊΡΡΠ΅Π½ΡΠΈΠ²Π½ΡΠΉ ΠΈΠ»ΠΈ ΠΈΠ½ΡΠ΅Π½ΡΠΈΠ²Π½ΡΠΉ ΡΠΈΠΏ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ°. ΠΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΎ, ΠΊΠ°ΠΊ ΡΠ²ΡΠ·Π°Π½Ρ ΡΠΊΠΎΡΠΎΡΡΠΈ ΡΠΎΠ·Π΄Π°Π½ΠΈΡ Π½ΠΎΠ²ΠΎΠ³ΠΎ ΠΈ ΠΎΡΠ²Π»Π΅ΡΠ΅Π½ΠΈΡ ΠΈΠΌΠ΅ΡΡΠ΅Π³ΠΎΡΡ ΡΠ΅ΡΡΡΡΠ° Π΄Π»Ρ ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠ΅Π½ΠΈΡ ΡΠΎΡΡΠ°. Π§Π΅ΠΌ ΠΈΠ½ΡΠ΅Π½ΡΠΈΠ²Π½Π΅Π΅ ΠΈΠ΄Π΅Ρ ΠΎΡΠ²Π»Π΅ΡΠ΅Π½ΠΈΠ΅ ΡΠ΅ΡΡΡΡΠ° ΠΎΡ ΠΈΠΌΠ΅ΡΡΠΈΡ
ΡΡ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΠ΅ΠΉ Π»ΠΈΠ±ΠΎ Π·Π°ΠΈΠΌΡΡΠ²ΠΎΠ²Π°Π½ΠΈΠ΅, Π° ΡΠ°ΠΊΠΆΠ΅ ΡΠ΅ΠΌ Π²ΡΡΠ΅ ΠΏΡΠΎΡΠ΅Π½ΡΠ½Π°Ρ ΡΡΠ°Π²ΠΊΠ°, ΡΠ΅ΠΌ Π½ΠΈΠΆΠ΅ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΠΈ ΠΏΠΎ ΡΠΎΠ·Π΄Π°Π½ΠΈΡ Π½ΠΎΠ²ΠΎΠ³ΠΎ ΡΠ΅ΡΡΡΡΠ° ΠΈ ΡΠΊΡΠΎΠΌΠ½Ρ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΠΈ ΡΠΎΡΡΠ° Π·Π° ΡΡΠ΅Ρ ΠΎΡΠ²ΠΎΠ΅Π½ΠΈΡ Π½ΠΎΠ²ΠΎΠ³ΠΎ ΡΠ΅ΡΡΡΡΠ°. ΠΠΎΠΊΠ°Π·Π°Π½ΠΎ, ΡΡΠΎ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ ΡΠ΅Ρ
Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΡΠΎΠ²Π½Ρ Π΄Π»Ρ ΡΠΎΡΡΠ° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΠΈΡΡΠ΅ΠΌΡ ΡΡΠ΅Π±ΡΠ΅Ρ Π±ΠΎΠ»ΡΡΠ΅Π³ΠΎ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΠΏΠΎΡΡΠ΅Π±ΠΈΡΠ΅Π»ΡΡΠΊΠΈΡ
ΡΠ°ΡΡ
ΠΎΠ΄ΠΎΠ². ΠΡΠ½ΠΎΡΠΈΡΠ΅Π»ΡΠ½ΠΎ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΡΡΠΈΠΌΡΠ»ΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² Π ΠΎΡΡΠΈΠΈ ΠΏΠΎΠΊΠ°Π·Π°Π½ΠΎ, ΡΡΠΎ Π½Π° ΠΏΠ΅ΡΠ²ΠΎΠΉ ΡΠ°Π·Π΅ Π²ΡΡ
ΠΎΠ΄Π° ΠΈΠ· ΡΠ΅ΡΠ΅ΡΡΠΈΠΈ ΠΏΠΎΡΡΠ΅Π±ΡΠ΅ΡΡΡ Π½Π΅ ΡΡΠΎΠ»ΡΠΊΠΎ Π½Π°ΡΠ°ΡΠ΅Π½ΠΈΠ΅ Π²Π΅Π»ΠΈΡΠΈΠ½Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ, ΡΠΊΠΎΠ»ΡΠΊΠΎ ΡΡΠΈΠΌΡΠ»ΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ ΡΠΎΠ²ΠΎΠΊΡΠΏΠ½ΠΎΠ³ΠΎ ΠΏΠΎΡΡΠ΅Π±Π»Π΅Π½ΠΈΡ ΠΈ Π²ΠΎΡΡΡΠ°Π½ΠΎΠ²Π»Π΅Π½ΠΈΠ΅ ΡΡΠΎΠ²Π½Ρ Π΄ΠΎΡ
ΠΎΠ΄ΠΎΠ² Π³ΡΠ°ΠΆΠ΄Π°Π½. ΠΠΎΡΡΠΎΠΌΡ ΠΊΡΠΈΠ·ΠΈΡ ΠΏΠΎΡΡΠ΅Π±Π»Π΅Π½ΠΈΡ ΡΡΠ΅Π±ΡΠ΅Ρ ΡΠ»ΠΈΠΌΠΈΠ½Π°ΡΠΈΠΈ. Π Ρ ΡΡΠ΅ΡΠΎΠΌ ΡΠΎΠ³ΠΎ, ΡΡΠΎ ΠΊΠΎΠΌΠΏΠΎΠ½Π΅Π½ΡΠ° Π²Π°Π»ΠΎΠ²ΠΎΠ³ΠΎ ΠΏΠΎΡΡΠ΅Π±Π»Π΅Π½ΠΈΡ Π·Π°Π½ΠΈΠΌΠ°Π΅Ρ ΡΠ°ΠΌΡΡ Π±ΠΎΠ»ΡΡΡΡ Π΄ΠΎΠ»Ρ Π² ΡΡΡΡΠΊΡΡΡΠ΅ ΠΠΠ Π Π€, ΡΡΠΈΠΌΡΠ»ΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ ΠΏΠΎΡΡΠ΅Π±Π»Π΅Π½ΠΈΡ ΡΠ΅ΡΠ΅Π· ΡΠΌΡΠ³ΡΠ΅Π½ΠΈΠ΅ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎ-ΠΊΡΠ΅Π΄ΠΈΡΠ½ΠΎΠΉ ΠΈ Π±ΡΠ΄ΠΆΠ΅ΡΠ½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ Ρ ΠΌΠ΅ΡΠ°ΠΌΠΈ ΠΏΡΠΎΡΠΈΠ²ΠΎΠ΄Π΅ΠΉΡΡΠ²ΠΈΡ ΠΈΠ½ΡΠ»ΡΡΠΈΠΈ Π½Π° ΡΡΠΎΠ²Π½Π΅ ΡΠΎΡΡΠ° Π·Π°ΡΡΠ°Ρ ΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΡΡΡΠΊΡΡΡΡ (ΡΠ΅Π³ΡΠ»ΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ Π΅ΡΡΠ΅ΡΡΠ²Π΅Π½Π½ΡΡ
ΠΌΠΎΠ½ΠΎΠΏΠΎΠ»ΠΈΠΉ) ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΡ ΡΠ»ΠΎΠΆΠΈΡΡ ΠΏΠ΅ΡΠ²ΡΡ ΡΠ°Π·Ρ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° Π² Π ΠΎΡΡΠΈΠΈ. ΠΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΉ ΡΠΎΡΡ Π ΠΎΡΡΠΈΠΈ ΠΏΠ΅ΡΠ΅Π΄ ΠΊΡΠΈΠ·ΠΈΡΠΎΠΌ 2015 Π³. ΠΏΡΠΎΠΈΡΡ
ΠΎΠ΄ΠΈΠ» Π½Π΅ Π·Π° ΡΡΠ΅Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ, Π° Π·Π° ΡΡΠ΅Ρ ΠΏΠΎΡΡΠ΅Π±ΠΈΡΠ΅Π»ΡΡΠΊΠΈΡ
, ΠΏΡΠ°Π²ΠΈΡΠ΅Π»ΡΡΡΠ²Π΅Π½Π½ΡΡ
ΡΠ°ΡΡ
ΠΎΠ΄ΠΎΠ² ΠΈ ΡΠΈΡΡΠΎΠ³ΠΎ ΡΠΊΡΠΏΠΎΡΡΠ°. Π’Π΅ΠΏΠ΅ΡΡ Π½ΡΠΆΠ½ΠΎ ΠΈΡΠΊΠ°ΡΡ Π½ΠΎΠ²ΡΠ΅ ΡΠ°ΠΊΡΠΎΡΡ ΡΠΎΡΡΠ° Π·Π° ΡΡΠ΅Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ, ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Ρ ΠΈΡ
Π²Π»ΠΈΡΠ½ΠΈΠ΅ Π½Π° ΡΠ΅Ρ
Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΠΈΠ΅ ΠΏΠ°ΡΠ°ΠΌΠ΅ΡΡΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. ΠΡΠΎΠΌΠ΅ ΡΠΎΠ³ΠΎ, ΠΏΠΎΠ²ΡΡΠ΅Π½ΠΈΠ΅ Π½ΠΎΡΠΌΡ Π½Π°ΠΊΠΎΠΏΠ»Π΅Π½ΠΈΡ Π½Π΅ ΡΠ²Π»ΡΠ΅ΡΡΡ ΡΠ°ΠΌΠΎΡΠ΅Π»ΡΡ Π΄Π»Ρ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ°, ΡΠΊΠΎΡΠ΅Π΅ Π΄Π°Π½Π½ΡΠΉ ΠΏΠ°ΡΠ°ΠΌΠ΅ΡΡ Π²ΡΡΡΡΠΏΠ°Π΅Ρ ΡΠ΅Π·ΡΠ»ΡΡΠΈΡΡΡΡΠΈΠΌ ΠΈ ΡΠΎΠΎΡΠ²Π΅ΡΡΡΠ²Π΅Π½Π½ΠΎ Π΄ΠΎΠ»ΠΆΠ΅Π½ Π²ΠΎΡΠΏΡΠΈΠ½ΠΈΠΌΠ°ΡΡΡΡ ΠΏΡΠΈ ΠΏΡΠΈΠ½ΡΡΠΈΠΈ ΠΌΠ°ΠΊΡΠΎΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΡ
ΡΠ΅ΡΠ΅Π½ΠΈΠΉ
ΠΠΠΠΠ’ΠΠ ΠΠΠ― Π’ΠΠΠ ΠΠ― Π ΠΠΠΠ ΠΠΠΠΠΠΠΠΠΠ. ΠΠΠΠ―ΠΠΠ Π ΠΠ ΠΠΠΠ¦Π« ΠΠΠΠΠΠΠ-ΠΠ ΠΠΠΠ’ΠΠΠ ΠΠΠΠΠ’ΠΠΠ
The paper proposes a macro model of the economic system, which is composed of its real and financial sectors,affecting the dynamics of the gross domestic product. As a theoretical basis for the formation of the model taken loan funds theory, defining the notion of equality of capital in various forms - investment and savings. This theoryenables the expense of the basic equation of βloan fundsβ monetary aspects that determine the dynamics of the product. As a result, it becomes possible to obtain expressions for the different scenarios of the GDP percent change in real money, depending on the different institutional settings of monetary policy, and policies affecting the interest rate. It shows the use of two versions of the Fisher equation in relation to the assessment of monetary policy, as well as analytical for exactly two-sector model of the economy derived border changes in the money supply in order to ensure the growth of the economy at the same time a positive change in their structure (given the two sectors).Π ΡΡΠ°ΡΡΠ΅ ΠΏΡΠ΅Π΄Π»Π°Π³Π°Π΅ΡΡΡ ΠΌΠ°ΠΊΡΠΎΠΌΠΎΠ΄Π΅Π»Ρ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΠΈΡΡΠ΅ΠΌΡ, ΠΊΠΎΡΠΎΡΠ°Ρ ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»ΡΠ΅Ρ Π΅Π΅ ΡΠΎΡΡΠΎΡΡΠ΅ΠΉ ΠΈΠ· ΡΠ΅Π°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΈ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠ³ΠΎ ΡΠ΅ΠΊΡΠΎΡΠΎΠ², Π²Π»ΠΈΡΡΡΠΈΡ
Π½Π° Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΡ Π²Π°Π»ΠΎΠ²ΠΎΠ³ΠΎ ΠΏΡΠΎΠ΄ΡΠΊΡΠ°. Π ΠΊΠ°ΡΠ΅ΡΡΠ²Π΅ ΡΠ΅ΠΎΡΠ΅ΡΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ Π±Π°Π·ΠΈΡΠ° Π΄Π»Ρ ΡΠΎΡΠΌΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΌΠΎΠ΄Π΅Π»ΠΈ Π²Π·ΡΡΠ° ΡΠ΅ΠΎΡΠΈΡ ΡΡΡΠ΄Π½ΡΡ
ΡΠΎΠ½Π΄ΠΎΠ², Π·Π°Π΄Π°ΡΡΠ°Ρ ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»Π΅Π½ΠΈΠ΅ ΠΎ ΡΠ°Π²Π΅Π½ΡΡΠ²Π΅ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π°, Π½Π°Ρ
ΠΎΠ΄ΡΡΠ΅Π³ΠΎΡΡ Π² ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ
ΡΠΎΡΠΌΠ°Ρ
- ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΡ
ΠΈ ΡΠ±Π΅ΡΠ΅ΠΆΠ΅Π½ΠΈΡΡ
. ΠΡΠ° ΡΠ΅ΠΎΡΠΈΡ ΠΏΠΎΠ·Π²ΠΎΠ»ΡΠ΅Ρ Π²ΠΊΠ»ΡΡΠΈΡΡ Π·Π° ΡΡΠ΅Ρ Π±Π°Π·ΠΎΠ²ΠΎΠ³ΠΎ ΡΡΠ°Π²Π½Π΅Π½ΠΈΡ ΡΡΡΠ΄Π½ΡΡ
ΡΠΎΠ½Π΄ΠΎΠ² ΠΌΠΎΠ½Π΅ΡΠ°ΡΠ½ΡΠ΅ Π°ΡΠΏΠ΅ΠΊΡΡ, ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΡΡΠΈΠ΅ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΡ ΠΏΡΠΎΠ΄ΡΠΊΡΠ°. Π ΠΈΡΠΎΠ³Π΅ ΡΡΠ°Π½ΠΎΠ²ΠΈΡΡΡ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎ ΠΏΠΎΠ»ΡΡΠΈΡΡ Π²ΡΡΠ°ΠΆΠ΅Π½ΠΈΡ Π΄Π»Ρ ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ
ΡΡΠ΅Π½Π°ΡΠΈΠ΅Π² Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ ΠΠΠ, ΠΏΡΠΎΡΠ΅Π½ΡΠ° ΠΈ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΡΠ΅Π°Π»ΡΠ½ΡΡ
Π΄Π΅Π½Π΅Π³ Π² Π·Π°Π²ΠΈΡΠΈΠΌΠΎΡΡΠΈ ΠΎΡ ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ
ΠΈΠ½ΡΡΠΈΡΡΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΡ
ΠΏΠ°ΡΠ°ΠΌΠ΅ΡΡΠΎΠ² Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΠΈ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ, Π²Π»ΠΈΡΡΡΠ΅ΠΉ Π½Π° ΠΏΡΠΎΡΠ΅Π½ΡΠ½ΡΡ ΡΡΠ°Π²ΠΊΡ. ΠΠΎΠΊΠ°Π·Π°Π½ΠΎ ΠΏΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ Π΄Π²ΡΡ
Π²Π°ΡΠΈΠ°Π½ΡΠΎΠ² ΡΡΠ°Π²Π½Π΅Π½ΠΈΡ Π€ΠΈΡΠ΅ΡΠ° ΠΏΡΠΈΠΌΠ΅Π½ΠΈΡΠ΅Π»ΡΠ½ΠΎ ΠΊ ΠΎΡΠ΅Π½ΠΊΠ΅ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎ-ΠΊΡΠ΅Π΄ΠΈΡΠ½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ, Π° ΡΠ°ΠΊΠΆΠ΅ Π°Π½Π°Π»ΠΈΡΠΈΡΠ΅ΡΠΊΠΈ ΡΠΎΡΠ½ΠΎ Π΄Π»Ρ Π΄Π²ΡΡ
ΡΠ΅ΠΊΡΠΎΡΠ½ΠΎΠΉ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ ΠΏΠΎΠ»ΡΡΠ΅Π½Ρ Π³ΡΠ°Π½ΠΈΡΡ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠΉ ΠΌΠ°ΡΡΡ, ΡΡΠΎΠ±Ρ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠ° ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠΈΠ²Π°Π»Π° ΡΠΎΡΡ Ρ ΠΎΠ΄Π½ΠΎΠ²ΡΠ΅ΠΌΠ΅Π½Π½ΡΠΌ ΠΏΠΎΠ·ΠΈΡΠΈΠ²Π½ΡΠΌ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ΠΌ ΡΠ²ΠΎΠ΅ΠΉ ΡΡΡΡΠΊΡΡΡΡ (Π·Π°Π΄Π°Π½Π½ΠΎΠΉ Π΄Π²ΡΠΌΡ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌΠΈ)
Π‘ΡΡΡΠΊΡΡΡΠ½Π°Ρ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠ°: ΠΊ Π½ΠΎΠ²ΠΎΠΉ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ°
The article examines structural policy as a tool for developing a new economic growth model in Russia. The author considers the conditions of economic growth based on increased investment. The purpose of the article is to determine the current characteristics of the Russian economy structural dynamics by the components of GDP and basic sectors. The basic sectors of the current investment structure have been assessed β processing sector and transactional and raw materials sector β and the directions for further development have been specified. The research methodology consists of: structural analysis of GDP and sectoral dynamics; the received and applied βstructural formulaβ of assessing the contribution of the system elements to economic growth; formulated simple optimization models and a numerical optimization method (gradient projection method). The method of empirical and statistical estimates has also been used. Optimization models have made it possible to demonstrate the solution to the problem of distributing investments between the sectors with a target function for maximum profit and minimum risk. The analysis of growth and the conditions for economic growth obtained by the model-analytical method β in terms of the rate of change in oil prices and the exchange rate β allowed us to empirically show periods of growth and recession in the economy. They depend on the growth rate of oil prices and the devaluation of the rouble. This approach, with further use of econometric models linking macroparameters, will make it possible to evaluate the effect of changes in structural parameters on economic growth. The overall result of the study is as follows: the intensification of investments is insufficient to organize the investment model of economic growth in Russia. The stimulation of gross consumption and a change in the structure of investments are required. It is necessary to reduce the gap between the sectors by risk mitigation. External factors affecting the economic growth in Russia (oil prices, currency inflows) must be eliminated by changing the structure, including the sensitivity increase of its elements to macroeconomic policy instruments, and differentiating sectoral policy measures considering the positive impact on the contribution of GDP components and sectors of money growth and inflation.Π ΡΡΠ°ΡΡΠ΅ ΠΈΡΡΠ»Π΅Π΄ΡΠ΅ΡΡΡ Π²ΠΎΠΏΡΠΎΡ ΠΏΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΡ ΡΡΡΡΠΊΡΡΡΠ½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΠΊΠ°ΠΊ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΠ° ΡΠΎΡΠΌΠΈΡΠΎΠ²Π°Π½ΠΈΡ Π½ΠΎΠ²ΠΎΠΉ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΡΠΎΡΡΠ° ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. ΠΠ²ΡΠΎΡ ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Π΅Ρ ΡΡΠ»ΠΎΠ²ΠΈΡ ΡΠΎΡΡΠ° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ Π½Π° ΠΎΡΠ½ΠΎΠ²Π΅ ΡΠ²Π΅Π»ΠΈΡΠ΅Π½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. Π¦Π΅Π»Ρ ΡΡΠ°ΡΡΠΈ β ΠΎΠΏΡΠ΅Π΄Π΅Π»ΠΈΡΡ ΡΠ΅ΠΊΡΡΠΈΠ΅ Ρ
Π°ΡΠ°ΠΊΡΠ΅ΡΠΈΡΡΠΈΠΊΠΈ ΡΡΡΡΠΊΡΡΡΠ½ΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ ΠΏΠΎ ΠΊΠΎΠΌΠΏΠΎΠ½Π΅Π½ΡΠ°ΠΌ ΠΠΠ ΠΈ Π±Π°Π·ΠΎΠ²ΡΠΌ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌ. ΠΠ°Π½Π° ΠΎΡΠ΅Π½ΠΊΠ° ΡΠ»ΠΎΠΆΠΈΠ²ΡΠ΅ΠΉΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΡΡΡΡΠΊΡΡΡΡ ΠΏΠΎ Π±Π°Π·ΠΎΠ²ΡΠΌ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌ β ΠΎΠ±ΡΠ°Π±Π°ΡΡΠ²Π°ΡΡΠ΅ΠΌΡ ΠΈ ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΠΎ-ΡΡΡΡΠ΅Π²ΠΎΠΌΡ β Ρ ΡΡΠΎΡΠ½Π΅Π½ΠΈΠ΅ΠΌ Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½ΠΈΠΉ Π΄Π°Π»ΡΠ½Π΅ΠΉΡΠ΅Π³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ. ΠΠ΅ΡΠΎΠ΄ΠΎΠ»ΠΎΠ³ΠΈΡ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΡΠΎΡΡΠ°Π²Π»ΡΡΡ: ΡΡΡΡΠΊΡΡΡΠ½ΡΠΉ Π°Π½Π°Π»ΠΈΠ· ΠΠΠ ΠΈ ΡΠ΅ΠΊΡΠΎΡΠ°Π»ΡΠ½ΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ; ΠΏΠΎΠ»ΡΡΠ΅Π½Π½Π°Ρ ΠΈ ΠΏΡΠΈΠΌΠ΅Π½Π΅Π½Π½Π°Ρ Β«ΡΡΡΡΠΊΡΡΡΠ½Π°Ρ ΡΠΎΡΠΌΡΠ»Π°Β» ΠΎΡΠ΅Π½ΠΊΠΈ Π²ΠΊΠ»Π°Π΄Π° ΡΠ»Π΅ΠΌΠ΅Π½ΡΠΎΠ² ΡΠΈΡΡΠ΅ΠΌΡ Π² ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΉ ΡΠΎΡΡ; ΡΡΠΎΡΠΌΡΠ»ΠΈΡΠΎΠ²Π°Π½Π½ΡΠ΅ ΠΏΡΠΎΡΡΡΠ΅ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΠΎΠΏΡΠΈΠΌΠΈΠ·Π°ΡΠΈΠΈ ΠΈ ΡΠΈΡΠ»Π΅Π½Π½ΡΠΉ ΠΌΠ΅ΡΠΎΠ΄ ΠΎΠΏΡΠΈΠΌΠΈΠ·Π°ΡΠΈΠΈ (ΠΌΠ΅ΡΠΎΠ΄ ΠΏΡΠΎΠ΅ΠΊΡΠΈΠΉ Π³ΡΠ°Π΄ΠΈΠ΅Π½ΡΠ°). Π’Π°ΠΊΠΆΠ΅ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ ΠΌΠ΅ΡΠΎΠ΄ ΡΠΌΠΏΠΈΡΠΈΠΊΠΎ-ΡΡΠ°ΡΠΈΡΡΠΈΡΠ΅ΡΠΊΠΈΡ
ΠΎΡΠ΅Π½ΠΎΠΊ. ΠΠΎΠ΄Π΅Π»ΠΈ ΠΎΠΏΡΠΈΠΌΠΈΠ·Π°ΡΠΈΠΈ ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΠ»ΠΈ ΠΏΡΠΎΠ΄Π΅ΠΌΠΎΠ½ΡΡΡΠΈΡΠΎΠ²Π°ΡΡ ΡΠ΅ΡΠ΅Π½ΠΈΠ΅ Π·Π°Π΄Π°ΡΠΈ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΠΌΠ΅ΠΆΠ΄Ρ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌΠΈ Ρ ΡΠ΅Π»Π΅Π²ΠΎΠΉ ΡΡΠ½ΠΊΡΠΈΠ΅ΠΉ ΠΏΠΎ ΠΌΠ°ΠΊΡΠΈΠΌΠ°Π»ΡΠ½ΠΎΠΉ ΠΏΡΠΈΠ±ΡΠ»ΠΈ ΠΈ ΠΌΠΈΠ½ΠΈΠΌΠ°Π»ΡΠ½ΠΎΠΌΡ ΡΠΈΡΠΊΡ. ΠΠ½Π°Π»ΠΈΠ· ΡΠΎΡΡΠ° ΠΈ ΠΏΠΎΠ»ΡΡΠ΅Π½Π½ΡΠ΅ ΠΌΠΎΠ΄Π΅Π»ΡΠ½ΠΎ-Π°Π½Π°Π»ΠΈΡΠΈΡΠ΅ΡΠΊΠΈΠΌ ΡΠΏΠΎΡΠΎΠ±ΠΎΠΌ ΡΡΠ»ΠΎΠ²ΠΈΡ Π΄Π»Ρ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° β ΠΏΠΎ ΡΠ΅ΠΌΠΏΠ°ΠΌ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΡΠ΅Π½Ρ Π½Π° Π½Π΅ΡΡΡ ΠΈ Π²Π°Π»ΡΡΠ½ΠΎΠ³ΠΎ ΠΊΡΡΡΠ° β ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΠ»ΠΈ ΡΠΌΠΏΠΈΡΠΈΡΠ΅ΡΠΊΠΈ ΠΏΠΎΠΊΠ°Π·Π°ΡΡ ΠΏΠ΅ΡΠΈΠΎΠ΄Ρ ΡΠΎΡΡΠ° ΠΈ ΡΠΏΠ°Π΄Π° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. ΠΠ½ΠΈ Π·Π°Π²ΠΈΡΡΡ ΠΎΡ ΡΠ΅ΠΌΠΏΠ° ΡΠΎΡΡΠ° ΡΠ΅Π½Ρ Π½Π° Π½Π΅ΡΡΡ ΠΈ Π΄Π΅Π²Π°Π»ΡΠ²Π°ΡΠΈΠΈ ΡΡΠ±Π»Ρ. ΠΡΠΎΡ ΠΏΠΎΠ΄Ρ
ΠΎΠ΄ ΠΏΡΠΈ Π΄Π°Π»ΡΠ½Π΅ΠΉΡΠ΅ΠΌ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠ΅ΡΡΠΈΡΠ΅ΡΠΊΠΈΡ
ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ, ΡΠ²ΡΠ·ΡΠ²Π°ΡΡΠΈΡ
ΠΌΠ°ΠΊΡΠΎΠΏΠ°ΡΠ°ΠΌΠ΅ΡΡΡ, ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΡ ΠΎΡΠ΅Π½ΠΈΠ²Π°ΡΡ Π²Π»ΠΈΡΠ½ΠΈΠ΅ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΡΡΡΡΠΊΡΡΡΠ½ΡΡ
ΠΏΠ°ΡΠ°ΠΌΠ΅ΡΡΠΎΠ² Π½Π° ΡΠΎΡΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. Π‘ΡΠΌΠΌΠ°ΡΠ½ΡΠΉ ΡΠ΅Π·ΡΠ»ΡΡΠ°Ρ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΡΠ²ΠΎΠ΄ΠΈΡΡΡ ΠΊ ΡΠ»Π΅Π΄ΡΡΡΠ΅ΠΌΡ: Π΄Π»Ρ ΠΎΡΠ³Π°Π½ΠΈΠ·Π°ΡΠΈΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½ΠΎΠΉ ΠΌΠΎΠ΄Π΅Π»ΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° Π² Π ΠΎΡΡΠΈΠΈ Π½Π΅Π΄ΠΎΡΡΠ°ΡΠΎΡΠ½Π° ΠΈΠ½ΡΠ΅Π½ΡΠΈΡΠΈΠΊΠ°ΡΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ ΠΊΠ°ΠΊ ΡΠ°ΠΊΠΎΠ²ΡΡ
. Π’ΡΠ΅Π±ΡΠ΅ΡΡΡ ΡΡΠΈΠΌΡΠ»ΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ Π²Π°Π»ΠΎΠ²ΠΎΠ³ΠΎ ΠΏΠΎΡΡΠ΅Π±Π»Π΅Π½ΠΈΡ ΠΈ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ ΡΡΡΡΠΊΡΡΡΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. ΠΠ΅ΠΎΠ±Ρ
ΠΎΠ΄ΠΈΠΌΠΎ ΡΠ½ΠΈΠ·ΠΈΡΡ ΡΠ°Π·ΡΡΠ² ΠΌΠ΅ΠΆΠ΄Ρ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌΠΈ Π·Π° ΡΡΠ΅Ρ ΡΠΌΠ΅Π½ΡΡΠ΅Π½ΠΈΡ ΡΠΈΡΠΊΠΎΠ² Π² Π½ΠΈΡ
. ΠΠ½Π΅ΡΠ½ΠΈΠ΅ ΡΠ°ΠΊΡΠΎΡΡ, Π²Π»ΠΈΡΡΡΠΈΠ΅ Π½Π° ΡΠΎΡΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ Π ΠΎΡΡΠΈΠΈ (ΡΠ΅Π½Π° Π½Π° Π½Π΅ΡΡΡ, ΠΏΠΎΡΡΡΠΏΠ»Π΅Π½ΠΈΠ΅ Π²Π°Π»ΡΡΡ), Π½Π΅ΠΎΠ±Ρ
ΠΎΠ΄ΠΈΠΌΠΎ ΡΠ»ΠΈΠΌΠΈΠ½ΠΈΡΠΎΠ²Π°ΡΡ ΠΏΠΎΡΡΠ΅Π΄ΡΡΠ²ΠΎΠΌ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΡΡΡΡΠΊΡΡΡΡ, Π² ΡΠΎΠΌ ΡΠΈΡΠ»Π΅ Π·Π° ΡΡΠ΅Ρ ΠΏΠΎΠ²ΡΡΠ΅Π½ΠΈΡ ΡΡΠ²ΡΡΠ²ΠΈΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ Π΅Π΅ ΡΠ»Π΅ΠΌΠ΅Π½ΡΠΎΠ² ΠΊ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΠ°ΠΌ ΠΌΠ°ΠΊΡΠΎΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ, Π΄ΠΈΡΡΠ΅ΡΠ΅Π½ΡΠΈΠ°ΡΠΈΠΈ ΠΌΠ΅Ρ ΠΎΡΡΠ°ΡΠ»Π΅Π²ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ Ρ ΡΡΠ΅ΡΠΎΠΌ ΠΏΠΎΠ»ΠΎΠΆΠΈΡΠ΅Π»ΡΠ½ΠΎΠ³ΠΎ Π²Π»ΠΈΡΠ½ΠΈΡ Π½Π° Π²ΠΊΠ»Π°Π΄ ΠΊΠΎΠΌΠΏΠΎΠ½Π΅Π½Ρ ΠΠΠ ΠΈ ΡΠ΅ΠΊΡΠΎΡΠΎΠ², Π΄Π΅Π½Π΅ΠΆΠ½ΠΎΠΉ ΠΌΠ°ΡΡΡ ΠΈ ΠΈΠ½ΡΠ»ΡΡΠΈΠΈ
Π€ΠΠΠΠΠ‘ΠΠ ΠΠΠΠΠΠ Π ΠΠΠΠΠ’ΠΠ―: Π ΠΠ¨ΠΠΠΠ Π‘Π’Π Π£ΠΠ’Π£Π ΠΠ-Π ΠΠ‘ΠΠ ΠΠΠΠΠΠ’ΠΠΠ¬ΠΠΠ ΠΠΠΠΠ§Π
The article examines the process of allocation of financial resources in various areas of economic development. We analysed the impact of financing on the growth of existing activities and the emergence of new sectors of the economy that have been absent so far, for example, knowledge-intensive industries.Evaluation of the results of the distribution of financial resources between the existing economic activities, old and new combinations, and the impact of this distribution on the development of the economic system.As a basis of the study we applied Neo-Schumpeterian theory of economic development, which sees development as the emergence of new combinations. The principle of βcreative destructionβ describes the diversion of financial resources from old to new combinations. Most of the models used to describe economic development follow the logic of this principle. However, the emergence of a new resource (orΒ sector, kind of activity) and a combinatorial effect make a significant contribution to the distribution of finance by use. The structure of combinations affects the distribution of financial resources, but the distribution effect is also of independent importance, as it is formed by virtue of the governmentβs policy of financing priority areas of economic development. In the research we used the method of structural analysis and optimization problems solving.The article substantiates that there are two basic modes of development: when there is a βrational growthβ aimed at obtaining the greatest income, and when there is a βlimited rational growthβ associated with minimizing the risks of economic activity in obtaining an acceptable, but not the greatest income. These two modes strongly influence the allocation of resources within the βold-newβ combinations of structure. The study of these regimes using optimization models of imitational property reveals the peculiarities of the influence of the distribution of financial resources on the pattern of the development, which is considered as a change in the economic structure.When planning and elaborating an economic development strategy, it is necessary to take into account the problem of the distribution of financial resources between the directions, old and new combinations with the possible effect of their mutual influence. There are two principal conditions when diversification of activities does not reduce risk, but, on the contrary, can increase it due to the current structure of the sectors, and the new combination redistributes the resource so that it can either stimulate the development of old combinations, or causes collapse of these combinations. The introduction of a new combination and the institutions for financing its development will influence this or another option. The model and approach to solving the structural and distributionβs problem in the allocation of financial and other resources we proposed is a practical tool for managing the distribution of resources in the economic system, based on the state and dynamics of existing and changing markets.Β Π ΡΡΠ°ΡΡΠ΅ ΠΈΡΡΠ»Π΅Π΄ΡΠ΅ΡΡΡ ΠΏΡΠΎΡΠ΅ΡΡ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
ΡΠ΅ΡΡΡΡΠΎΠ² ΠΏΠΎ ΡΠ°Π·Π»ΠΈΡΠ½ΡΠΌ Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½ΠΈΡΠΌ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ. Π Π°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Π΅ΡΡΡ Π²Π»ΠΈΡΠ½ΠΈΠ΅ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ Π½Π° ΠΏΠ΅ΡΡΠΏΠ΅ΠΊΡΠΈΠ²Ρ Π½Π°ΡΠ°ΡΠΈΠ²Π°Π½ΠΈΡ Π²ΠΈΠ΄ΠΎΠ² Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΈΒ Π²ΠΎΠ·Π½ΠΈΠΊΠ½ΠΎΠ²Π΅Π½ΠΈΡ Π½ΠΎΠ²ΡΡ
ΡΠ΅ΠΊΡΠΎΡΠΎΠ² ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ, ΠΊΠΎΡΠΎΡΡΠ΅ ΠΎΡΡΡΡΡΡΠ²ΠΎΠ²Π°Π»ΠΈ Π΄ΠΎ ΡΠΈΡ
ΠΏΠΎΡ, Π½Π°ΠΏΡΠΈΠΌΠ΅Ρ Π½Π°ΡΠΊΠΎΠ΅ΠΌΠΊΠΈΡ
ΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ².Π¦Π΅Π»Ρ ΡΡΠ°ΡΡΠΈΒ β ΠΎΡΠ΅Π½ΠΊΠ° ΡΠ΅Π·ΡΠ»ΡΡΠ°ΡΠΎΠ² ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
ΡΠ΅ΡΡΡΡΠΎΠ² ΠΌΠ΅ΠΆΠ΄Ρ ΡΠ»ΠΎΠΆΠΈΠ²ΡΠΈΠΌΠΈΡΡ Π²Β ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠ΅ Π²ΠΈΠ΄Π°ΠΌΠΈ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ, ΡΡΠ°ΡΡΠΌΠΈ ΠΈΒ Π½ΠΎΠ²ΡΠΌΠΈ ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΡΠΌΠΈ, ΠΈΒ Π²Π»ΠΈΡΠ½ΠΈΠ΅ ΡΡΠΎΠ³ΠΎ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ Π½Π° ΡΠ°Π·Π²ΠΈΡΠΈΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΠΈΡΡΠ΅ΠΌΡ.Π ΠΎΡΠ½ΠΎΠ²Ρ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΠΏΠΎΠ»ΠΎΠΆΠ΅Π½Π° Π½Π΅ΠΎΡΡΠΌΠΏΠ΅Π΅ΡΠΈΠ°Π½ΡΠΊΠ°Ρ ΡΠ΅ΠΎΡΠΈΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ, ΠΊΠΎΡΠΎΡΠ°Ρ ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Π΅Ρ ΡΠ°Π·Π²ΠΈΡΠΈΠ΅ ΠΊΠ°ΠΊ ΠΏΠΎΡΠ²Π»Π΅Π½ΠΈΠ΅ Π½ΠΎΠ²ΡΡ
ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΉ. ΠΡΠΈΠ½ΡΠΈΠΏ Β«ΡΠΎΠ·ΠΈΠ΄Π°ΡΠ΅Π»ΡΠ½ΠΎΠ³ΠΎ ΡΠ°Π·ΡΡΡΠ΅Π½ΠΈΡΒ» ΠΎΠΏΠΈΡΡΠ²Π°Π΅Ρ ΠΎΡΠ²Π»Π΅ΡΠ΅Π½ΠΈΠ΅ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠ³ΠΎ ΡΠ΅ΡΡΡΡΠ° ΠΎΡ ΡΡΠ°ΡΡΡ
ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΉ ΠΊΒ Π½ΠΎΠ²ΡΠΌ. ΠΠΎΠ»ΡΡΠΈΠ½ΡΡΠ²ΠΎ ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ, ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΡΡΠΈΡ
ΡΡ Π΄Π»Ρ ΠΎΠΏΠΈΡΠ°Π½ΠΈΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ, ΠΏΠΎΠ΄ΡΠΈΠ½ΡΡΡΡΡ Π»ΠΎΠ³ΠΈΠΊΠ΅ ΡΡΠΎΠ³ΠΎ ΠΏΡΠΈΠ½ΡΠΈΠΏΠ°. ΠΠ΄Π½Π°ΠΊΠΎ ΠΏΠΎΡΠ²Π»Π΅Π½ΠΈΠ΅ Π½ΠΎΠ²ΠΎΠ³ΠΎ ΡΠ΅ΡΡΡΡΠ° (ΠΈΠ»ΠΈ ΡΠ΅ΠΊΡΠΎΡΠ°, Π²ΠΈΠ΄Π° Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ) ΠΈΒ ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΎΡΠ½ΡΠΉ ΡΡΡΠ΅ΠΊΡ Π²Π½ΠΎΡΡΡ ΡΡΡΠ΅ΡΡΠ²Π΅Π½Π½ΡΡ Π»Π΅ΠΏΡΡ Π²Β ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠ΅ ΡΠΈΠ½Π°Π½ΡΠΎΠ² ΠΏΠΎ Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½ΠΈΡΠΌ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΡ. Π‘ΡΡΡΠΊΡΡΡΠ° ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΉ Π²Π»ΠΈΡΠ΅Ρ Π½Π° ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠ΅ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠ³ΠΎ ΡΠ΅ΡΡΡΡΠ°, Π½ΠΎ ΠΈΒ ΡΡΡΠ΅ΠΊΡ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΠΈΠΌΠ΅Π΅Ρ ΡΠ°ΠΌΠΎΡΡΠΎΡΡΠ΅Π»ΡΠ½ΠΎΠ΅ Π·Π½Π°ΡΠ΅Π½ΠΈΠ΅, ΡΠ°ΠΊ ΠΊΠ°ΠΊ ΡΠΎΡΠΌΠΈΡΡΠ΅ΡΡΡ Π²Β ΡΠΈΠ»Ρ ΠΏΡΠΎΠ²ΠΎΠ΄ΠΈΠΌΠΎΠΉ ΠΏΡΠ°Π²ΠΈΡΠ΅Π»ΡΡΡΠ²Π΅Π½Π½ΠΎΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠΈ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΏΡΠΈΠΎΡΠΈΡΠ΅ΡΠ½ΡΡ
Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½ΠΈΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ. ΠΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΡΡΡ ΠΌΠ΅ΡΠΎΠ΄ ΡΡΡΡΠΊΡΡΡΠ½ΠΎΠ³ΠΎ Π°Π½Π°Π»ΠΈΠ·Π° ΠΈΒ ΡΠ΅ΡΠ΅Π½ΠΈΡ ΠΎΠΏΠΈΡΠΌΠΈΠ·Π°ΡΠΈΠΎΠ½Π½ΡΡ
Π·Π°Π΄Π°Ρ.Π ΡΡΠ°ΡΡΠ΅ ΠΎΠ±ΠΎΡΠ½ΠΎΠ²ΡΠ²Π°Π΅ΡΡΡ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΡ Π΄Π²ΡΡ
Π±Π°Π·ΠΈΡΠ½ΡΡ
ΡΠ΅ΠΆΠΈΠΌΠΎΠ² ΡΠ°Π·Π²ΠΈΡΠΈΡ: ΠΊΠΎΠ³Π΄Π° Π²ΠΎΠ·Π½ΠΈΠΊΠ°Π΅Ρ Β«ΡΠ°ΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΠΉ ΡΠΎΡΡΒ», Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½Π½ΡΠΉ Π½Π° ΠΏΠΎΠ»ΡΡΠ΅Π½ΠΈΠ΅ Π½Π°ΠΈΠ±ΠΎΠ»ΡΡΠ΅Π³ΠΎ Π΄ΠΎΡ
ΠΎΠ΄Π°, ΠΈΒ ΠΊΠΎΠ³Π΄Π° ΠΈΠΌΠ΅Π΅ΡΡΡ Β«ΠΎΠ³ΡΠ°Π½ΠΈΡΠ΅Π½Π½ΠΎ ΡΠ°ΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΠΉ ΡΠΎΡΡΒ», ΡΠ²ΡΠ·Π°Π½Π½ΡΠΉ ΡΒ ΠΌΠΈΠ½ΠΈΠΌΠΈΠ·Π°ΡΠΈΠ΅ΠΉ ΡΠΈΡΠΊΠΎΠ² Ρ
ΠΎΠ·ΡΠΉΡΡΠ²Π΅Π½Π½ΠΎΠΉ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ ΠΏΡΠΈ ΠΏΠΎΠ»ΡΡΠ΅Π½ΠΈΠΈ ΠΏΡΠΈΠ΅ΠΌΠ»Π΅ΠΌΠΎΠ³ΠΎ, Π°Β Π½Π΅ Π½Π°ΠΈΠ±ΠΎΠ»ΡΡΠ΅Π³ΠΎ Π΄ΠΎΡ
ΠΎΠ΄Π°. ΠΡΠΈ Π΄Π²Π° ΡΠ΅ΠΆΠΈΠΌΠ° ΡΠΈΠ»ΡΠ½ΠΎ Π²Π»ΠΈΡΡΡ Π½Π° ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΠ΅ ΡΠ΅ΡΡΡΡΠΎΠ² Π²Β ΡΠ°ΠΌΠΊΠ°Ρ
ΡΡΡΡΠΊΡΡΡΡ Β«ΡΡΠ°ΡΡΠ΅-Π½ΠΎΠ²ΡΠ΅Β» ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΈ. ΠΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΠ΅ ΡΡΠΈΡ
ΡΠ΅ΠΆΠΈΠΌΠΎΠ² ΡΒ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΠ΅ΠΌ ΠΎΠΏΡΠΈΠΌΠΈΠ·Π°ΡΠΈΠΎΠ½Π½ΡΡ
ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ ΠΈΠΌΠΈΡΠ°ΡΠΈΠΎΠ½Π½ΠΎΠ³ΠΎ ΡΠ²ΠΎΠΉΡΡΠ²Π° Π²ΡΡΠ²Π»ΡΠ΅Ρ ΠΎΡΠΎΠ±Π΅Π½Π½ΠΎΡΡΠΈ Π²Π»ΠΈΡΠ½ΠΈΡ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ² Π½Π° Ρ
Π°ΡΠ°ΠΊΡΠ΅Ρ ΡΠ°ΠΌΠΎΠ³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ, ΠΊΠΎΡΠΎΡΠΎΠ΅ ΡΠ°ΡΡΠΌΠ°ΡΡΠΈΠ²Π°Π΅ΡΡΡ ΠΊΠ°ΠΊ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΡΡΡΠΊΡΡΡΡ.ΠΡΠΈ ΠΏΠ»Π°Π½ΠΈΡΠΎΠ²Π°Π½ΠΈΠΈ ΠΈΒ ΡΠ°Π·ΡΠ°Π±ΠΎΡΠΊΠ΅ ΡΡΡΠ°ΡΠ΅Π³ΠΈΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠ°Π·Π²ΠΈΡΠΈΡ ΡΡΠ΅Π±ΡΠ΅ΡΡΡ ΡΡΠΈΡΡΠ²Π°ΡΡ Π·Π°Π΄Π°ΡΡ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ² ΠΌΠ΅ΠΆΠ΄Ρ Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½ΠΈΡΠΌΠΈ, ΡΡΠ°ΡΡΠΌΠΈ ΠΈΒ Π½ΠΎΠ²ΡΠΌΠΈ ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΡΠΌΠΈ ΡΒ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΡΠΌ ΡΡΡΠ΅ΠΊΡΠΎΠΌ ΠΈΡ
Π²Π·Π°ΠΈΠΌΠ½ΠΎΠ³ΠΎ Π²Π»ΠΈΡΠ½ΠΈΡ. ΠΠΎΠ»ΡΡΠ΅Π½Ρ Π΄Π²Π° ΠΏΡΠΈΠ½ΡΠΈΠΏΠΈΠ°Π»ΡΠ½ΡΡ
ΡΡΠ»ΠΎΠ²ΠΈΡ, ΠΊΠΎΠ³Π΄Π° Π΄ΠΈΠ²Π΅ΡΡΠΈΡΠΈΠΊΠ°ΡΠΈΡ Π²ΠΈΠ΄ΠΎΠ² Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ Π½Π΅ ΠΏΡΠΈΠ²ΠΎΠ΄ΠΈΡ ΠΊΒ ΡΠ½ΠΈΠΆΠ΅Π½ΠΈΡ ΡΠΈΡΠΊΠ°, Π°,Β Π½Π°ΠΎΠ±ΠΎΡΠΎΡ, ΠΌΠΎΠΆΠ΅Ρ ΡΠ²Π΅Π»ΠΈΡΠΈΡΡ Π΅Π³ΠΎ Π²Β ΡΠΈΠ»Ρ ΡΠ»ΠΎΠΆΠΈΠ²ΡΠ΅ΠΉΡΡ ΡΡΡΡΠΊΡΡΡΡ ΡΠ΅ΠΊΡΠΎΡΠΎΠ², Π°Β Π½ΠΎΠ²Π°Ρ ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΡ ΠΏΠ΅ΡΠ΅ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅Ρ ΡΠ΅ΡΡΡΡ ΡΠ°ΠΊ, ΡΡΠΎ ΡΠΏΠΎΡΠΎΠ±Π½Π° Π»ΠΈΠ±ΠΎ ΡΡΠΈΠΌΡΠ»ΠΈΡΠΎΠ²Π°ΡΡ ΡΠ°Π·Π²ΠΈΡΠΈΠ΅ ΡΡΠ°ΡΡΡ
ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΉ, Π»ΠΈΠ±ΠΎ ΡΠ²Π΅ΡΠ½ΡΡΡ ΡΡΠΈ ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΈ. ΠΠ²ΠΎΠ΄ Π½ΠΎΠ²ΠΎΠΉ ΠΊΠΎΠΌΠ±ΠΈΠ½Π°ΡΠΈΠΈ ΠΈΒ ΠΈΠ½ΡΡΠΈΡΡΡΡ ΡΠΈΠ½Π°Π½ΡΠΈΡΠΎΠ²Π°Π½ΠΈΡ Π΅Π΅ ΡΠ°Π·Π²ΠΈΡΠΈΡ Π±ΡΠ΄ΡΡ Π²Π»ΠΈΡΡΡ Π½Π° ΡΠΎΡ ΠΈΠ»ΠΈ ΠΈΠ½ΠΎΠΉ Π²Π°ΡΠΈΠ°Π½Ρ. ΠΡΠ΅Π΄Π»ΠΎΠΆΠ΅Π½Π½Π°Ρ ΠΌΠΎΠ΄Π΅Π»Ρ ΠΈΒ ΠΏΠΎΠ΄Ρ
ΠΎΠ΄ ΠΊΒ ΡΠ΅ΡΠ΅Π½ΠΈΡ ΡΡΡΡΠΊΡΡΡΠ½ΠΎ-ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»ΠΈΡΠ΅Π»ΡΠ½ΠΎΠΉ Π·Π°Π΄Π°ΡΠΈ Π²Β ΠΎΠ±Π»Π°ΡΡΠΈ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
ΠΈΒ ΠΈΠ½ΡΡ
ΡΠ΅ΡΡΡΡΠΎΠ² ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»ΡΡΡ ΡΠΎΠ±ΠΎΠΉ ΠΏΡΠ°ΠΊΡΠΈΡΠ΅ΡΠΊΠΈΠΉ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½Ρ ΡΠΏΡΠ°Π²Π»Π΅Π½ΠΈΡ ΠΏΠ΅ΡΠ΅Π»ΠΈΠ²ΠΎΠΌ ΡΠ΅ΡΡΡΡΠΎΠ² Π²Β ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΠΈΡΡΠ΅ΠΌΠ΅ ΠΈΡΡ
ΠΎΠ΄Ρ ΠΈΠ· ΡΠΎΡΡΠΎΡΠ½ΠΈΡ ΠΈΒ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ ΡΠ»ΠΎΠΆΠΈΠ²ΡΠΈΡ
ΡΡ ΠΈΒ ΠΈΠ·ΠΌΠ΅Π½ΡΡΡΠΈΡ
ΡΡ ΡΡΠ½ΠΊΠΎΠ².
ΠΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ Π² ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΡΠ΅ΠΊΡΠΎΡ ΠΈ Π² ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ: Π²Π»ΠΈΡΠ½ΠΈΠ΅ Π½Π° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΉ ΡΠΎΡΡ
Investments are distributed unevenly in the economy. This distribution between economic sectors and activities (financial and non-financial) determines not only the dynamics of sectors, but also their contribution to economic growth. The aim of the article is to assess the impact of investments in the transaction and non-transaction sectors and the sectors themselves based on their gross value added on economic growth, as well as the impact of investments in financial assets on gross domestic product. The financial sector is an integral part of the transaction sector. Therefore, it is important to consider the impact of investments on economic growth, especially to compare it within countries. TheΒ research methodology employed the method of structural analysis, econometric modeling, and comparative analysis. The study resulted in structural models built to assess the GDP growth rate from investments in the transaction and nontransaction sectors, as well as changes in GDP from investments in financial and non-financial assets. The econometric models helped establish that the transaction sector and the investments in it make the largest contribution to the growth rate in the Russian economy, while financial investments largely weaken the economic dynamics, since the gap between financial and non-financial investments is rapidly increasing. In the other countries, the imbalance between financial and non-financial investments is less pronounced, which reduces the inhibitory effect of financial investments. The analysis of the countries provides the characteristics of their economic dynamics regarding the impact of investments in the transaction sector and financial assets. The general conclusion is that the economic growth policy in the Russian economy should consider the impact of investments in financial assets and attempt to narrow the gap with investments in non-financial assets. This will not only increase the sustainability of economic dynamics, but also the contribution of investments to economic growth.ΠΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»ΡΡΡΡΡ Π² ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠ΅ Π½Π΅ΡΠ°Π²Π½ΠΎΠΌΠ΅ΡΠ½ΠΎ ΠΌΠ΅ΠΆΠ΄Ρ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΌΠΈ ΡΠ΅ΠΊΡΠΎΡΠ°ΠΌΠΈ ΠΈ Π²ΠΈΠ΄Π°ΠΌΠΈ Π΄Π΅ΡΡΠ΅Π»ΡΠ½ΠΎΡΡΠΈ (ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠΉ ΠΈ Π½Π΅ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠΉ), ΡΡΠΎ ΠΎΠΏΡΠ΅Π΄Π΅Π»ΡΠ΅Ρ Π½Π΅ ΡΠΎΠ»ΡΠΊΠΎ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΡ ΡΠ΅ΠΊΡΠΎΡΠΎΠ², Π½ΠΎ ΠΈ ΠΈΡ
Π²ΠΊΠ»Π°Π΄ Π² ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠ΅Π½ΠΈΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ°. Π¦Π΅Π»Ρ ΡΡΠ°ΡΡΠΈ β ΠΎΡΠ΅Π½ΠΊΠ° Π²Π»ΠΈΡΠ½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΠΈ Π½Π΅ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΡΠ΅ΠΊΡΠΎΡΡ ΠΈ ΡΠ°ΠΌΠΈΡ
ΡΠ΅ΠΊΡΠΎΡΠΎΠ² ΠΏΠΎ ΡΠΎΠ·Π΄Π°Π²Π°Π΅ΠΌΠΎΠΉ ΠΈΠΌΠΈ Π²Π°Π»ΠΎΠ²ΠΎΠΉ Π΄ΠΎΠ±Π°Π²Π»Π΅Π½Π½ΠΎΠΉ ΡΡΠΎΠΈΠΌΠΎΡΡΠΈ Π½Π° ΡΠ΅ΠΌΠΏ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ°, Π° ΡΠ°ΠΊΠΆΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ Π½Π° ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ Π²Π°Π»ΠΎΠ²ΠΎΠ³ΠΎ Π²Π½ΡΡΡΠ΅Π½Π½Π΅Π³ΠΎ ΠΏΡΠΎΠ΄ΡΠΊΡΠ°. Π€ΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΉ ΡΠ΅ΠΊΡΠΎΡ ΡΠ²Π»ΡΠ΅ΡΡΡ ΡΠΎΡΡΠ°Π²Π½ΠΎΠΉ ΡΠ°ΡΡΡΡ ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΠΎΠ³ΠΎ ΡΠ΅ΠΊΡΠΎΡΠ°. ΠΠΎΡΡΠΎΠΌΡ Π²Π°ΠΆΠ½ΠΎ ΡΡΠ΅ΡΡΡ Π²Π»ΠΈΡΠ½ΠΈΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π½Π° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΉ ΡΠΎΡΡ, ΠΏΡΠΈΡΠ΅ΠΌ Π² ΡΡΠ°Π²Π½ΠΈΡΠ΅Π»ΡΠ½ΠΎΠΌ Π°ΡΠΏΠ΅ΠΊΡΠ΅ ΠΌΠ΅ΠΆΠ΄Ρ ΡΡΡΠ°Π½Π°ΠΌΠΈ. ΠΠ΅ΡΠΎΠ΄ΠΎΠ»ΠΎΠ³ΠΈΡ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»Π΅Π½Π° ΠΌΠ΅ΡΠΎΠ΄ΠΎΠΌ ΡΡΡΡΠΊΡΡΡΠ½ΠΎΠ³ΠΎ Π°Π½Π°Π»ΠΈΠ·Π°, ΡΠΊΠΎΠ½ΠΎΠΌΠ΅ΡΡΠΈΡΠ΅ΡΠΊΠΈΠΌ ΠΌΠΎΠ΄Π΅Π»ΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅ΠΌ, ΠΏΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ΠΌ ΡΡΠ°Π²Π½ΠΈΡΠ΅Π»ΡΠ½ΠΎΠ³ΠΎ Π°Π½Π°Π»ΠΈΠ·Π°. Π Π΅Π·ΡΠ»ΡΡΠ°ΡΠΎΠΌ ΡΡΠ°Π»ΠΎ ΠΏΠΎΡΡΡΠΎΠ΅Π½ΠΈΠ΅ ΡΡΡΡΠΊΡΡΡΠ½ΡΡ
ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ ΠΎΡΠ΅Π½ΠΊΠΈ ΡΠ΅ΠΌΠΏΠ° ΡΠΎΡΡΠ° ΠΠΠ ΠΎΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΠΈ Π½Π΅ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΡΠ΅ΠΊΡΠΎΡ, Π° ΡΠ°ΠΊΠΆΠ΅ ΠΈΠ·ΠΌΠ΅Π½Π΅Π½ΠΈΡ ΠΠΠ ΠΎΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ ΠΈ Π½Π΅ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ. ΠΡΠΈΠΌΠ΅Π½Π΅Π½ΠΈΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠ΅ΡΡΠΈΡΠ΅ΡΠΊΠΈΡ
ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ ΠΏΠΎΠ·Π²ΠΎΠ»ΠΈΠ»ΠΎ ΡΡΡΠ°Π½ΠΎΠ²ΠΈΡΡ, ΡΡΠΎ Π² ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠ΅ Π½Π°ΠΈΠ±ΠΎΠ»ΡΡΠΈΠΉ Π²ΠΊΠ»Π°Π΄ Π² ΡΠ΅ΠΌΠΏ ΡΠΎΡΡΠ° Π΄Π°Π΅Ρ ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΡΠ΅ΠΊΡΠΎΡ ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ Π² Π½Π΅Π³ΠΎ, Π° ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΈ Π²ΠΎ ΠΌΠ½ΠΎΠ³ΠΎΠΌ ΠΎΡΠ»Π°Π±Π»ΡΡΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΡΡ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΡ, ΡΠ°ΠΊ ΠΊΠ°ΠΊ ΡΠ΅Π·ΠΊΠΎ ΡΠ°ΡΡΠ΅Ρ ΡΠ°Π·ΡΡΠ² ΠΌΠ΅ΠΆΠ΄Ρ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΌΠΈ ΠΈ Π½Π΅ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΌΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΠΌΠΈ. ΠΠ»Ρ Π΄ΡΡΠ³ΠΈΡ
ΡΠ°ΡΡΠΌΠΎΡΡΠ΅Π½Π½ΡΡ
ΡΡΡΠ°Π½ Π΄ΠΈΡΠ±Π°Π»Π°Π½Ρ ΠΌΠ΅ΠΆΠ΄Ρ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΌΠΈ ΠΈ Π½Π΅ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠΌΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΠΌΠΈ ΠΌΠ΅Π½Π΅Π΅ Π²ΡΡΠ°ΠΆΠ΅Π½, ΡΡΠΎ ΡΠ½ΠΈΠΆΠ°Π΅Ρ ΡΠΎΡΠΌΠΎΠ·ΡΡΠΈΠΉ ΡΡΡΠ΅ΠΊΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ
ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. ΠΡΠΎΠ²Π΅Π΄Π΅Π½Π½ΡΠΉ Π°Π½Π°Π»ΠΈΠ· ΠΏΠΎ ΡΠ°ΡΡΠΌΠΎΡΡΠ΅Π½Π½ΡΠΌ ΡΡΡΠ°Π½Π°ΠΌ ΠΏΠΎΠ·Π²ΠΎΠ»ΡΠ΅Ρ Π²ΡΡΠ²ΠΈΡΡ Ρ
Π°ΡΠ°ΠΊΡΠ΅ΡΠΈΡΡΠΈΠΊΠΈ ΠΈΡ
ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ Ρ ΡΠΎΡΠΊΠΈ Π·ΡΠ΅Π½ΠΈΡ Π²Π»ΠΈΡΠ½ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΡΠ°Π½ΡΠ°ΠΊΡΠΈΠΎΠ½Π½ΡΠΉ ΡΠ΅ΠΊΡΠΎΡ ΠΈ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ. ΠΠ±ΡΠΈΠΉ Π²ΡΠ²ΠΎΠ΄ ΡΠ²ΠΎΠ΄ΠΈΡΡΡ ΠΊ ΡΠΎΠΌΡ, ΡΡΠΎ Π² ΡΠΎΡΡΠΈΠΉΡΠΊΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠ΅ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠ° ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΠΎΡΡΠ° Π΄ΠΎΠ»ΠΆΠ½Π° ΡΡΠΈΡΡΠ²Π°ΡΡ Π²Π»ΠΈΡΠ½ΠΈΠ΅ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ ΠΈ Π΄Π΅ΠΉΡΡΠ²ΠΎΠ²Π°ΡΡ Π² Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½ΠΈΠΈ ΡΠΎΠΊΡΠ°ΡΠ΅Π½ΠΈΡ ΡΠ°Π·ΡΡΠ²Π° Ρ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΠΌΠΈ Π² Π½Π΅ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ. ΠΡΠΎ ΠΏΠΎΠ²ΡΡΠΈΡ Π½Π΅ ΡΠΎΠ»ΡΠΊΠΎ ΡΡΡΠΎΠΉΡΠΈΠ²ΠΎΡΡΡ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΠΈ, Π½ΠΎ ΠΈ ΠΎΠ±Π΅ΡΠΏΠ΅ΡΠΈΡ ΠΏΠΎΠ²ΡΡΠ΅Π½ΠΈΠ΅ Π²ΠΊΠ»Π°Π΄Π° ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΈΠΉ ΡΠΎΡΡ
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