Dissertation of obtaining a scientific degree of candidate of economic science, 08.00.02 – world economy and international economic relations. – Kyiv National University of Trade and Economics, Kyiv. – 2019.
The dissertation is devoted to the disclosure of theoretical principles of attraction of foreign direct investment (FDI) in the conditions of financial imbalances (FI); the justification of the impact of FI on the volumes of FDI, as well as determining ways to improve the institutional and economic mechanism of FDI attraction of Ukraine and other countries in order to counteract and mitigate the impact of FI on the host economy.
In dissertation work the essence of FI as an objective characteristic of the global economy is revealed and there are identified the determinants of their deepening. The essence and macroeconomic effects of FDI attraction are investigated, the key elements of the institutional and economic mechanism of FDI attraction are determined. The nature and impact of the impact of financial imbalances on the process of attracting FDI has been analyzed.
Geospatial and sectoral disproportions of FDI attraction are revealed and analyzed and it was found that the main impact on asymmetric FDI volumes is connected with the MNC’s. The comparison of national and regional features of FDI models in the FD conditions based on the following criteria: depth of government regulation, existence of FDI attraction agency and special law, regime for foreign investor, etc. The role of the investment component in the Ukrainian economy development is generalized and substantiated.
The institutional and economic mechanism of FDI attraction at the national and regional level is updated with key elements and principals, stages of introduction which are important in terms of financial imbalances. A geostrategic matrix of reorientation of foreign direct investment has been constructed in order to equalize financial imbalances in the world economy. The scenarios of investment-oriented economic development of Ukraine developed by author represent forecast of financial imbalances development and volumes of FDI attraction depending thereon.
The main scientific achievement of the author is the theoretical substantiation of the ambivalence of the relationship between financial imbalances and flows of foreign direct investment with the propose to ensure a comprehensive assessment of the level of imbalance in the financial system of the national economy by defining an integrated index of financial imbalances, which includes indicators characterizing the status of currency, stock, monetary and credit market, public and external debt, household finances. This approach makes possible permanent monitoring of the dynamics of indicators and a systematic study of potentially hazardous determinants of financial imbalances, provides a possibility of comparative analysis of the parameters of financial imbalances in the dynamics and on inter-country scale, enabling quantitative forecasting of the potential consequences of the emergence and deepening of financial imbalances in order to develop measures aimed at mitigating their negative effects and support sustainable development of the national economy.
The practical significance of the results obtained assumes that the theoretical and methodological approaches formulated in the dissertation, the developed recommendations can be implemented both in the process of formation of the investment policy of the state or integration associations in relation to attracting FDI and developing measures to overcome financial imbalances, as well as on the corporate levels in the planning of investment activities of business entities.
Key words: foreign direct investments, financial imbalance, TNCs, institutional and economic mechanism of attracting FDI, matrix of FDI reorientation, investment-oriented development.
