Voronin I. State regulation of investmens in the transitional economies.

Dissertstion deals with important issues which need to be improved on theory and practice of state regulation of investmen activity in the transitinal economic systems. On difining the methodological bases, we have shown the development process of the theoretical ideas about the role and significance of the state in the investmen establishment from the point of view of the economic system equilibrium. Concepts evolution is regulstion is studied by means of increasing influense of new and present factors on the invectors, which were left aside by the previous researchers. The analysis of the state investmen regulation issues is made in two aspects: at the macroeconomic relation level, the study of the last one results the macroeconomic practice. The projekt consistenly demonstrates the effectivensse of state regulation on the stage of capital accumulatoin and investmens realizatoin in the transition period. Characteristics of each structural element of savings (domectics saving of economic subjects, borrowed funds of the stock marcet and barcing system, state funds) is given in the close connection to efectiveness of state impact in the condition pf disequilibrium economic situation. The dissertation contains wde investmen structure analysis together with investmen kinds studies and peculiarities of investmen portfolio formation in the transitional conditions. It is demonstrated that real and financial investment in the transitional economies differs qualitatively from the same processes in the developed economic systems. Systems approach to the phenomena under research makes it possible to reveal main contradictions in the investmen activity and investors’regulation. Existense of these contradictions is conditioned by the fair principles in market sector functioning as well as by specific terms and conditions of transition stage from the command-administration to the market economy. The dissertations contains the idea that the state has such economic levels at its disposal as ficsal and monetary policie s for solving macroeconomic problems. The difficulty of investmen processes regulation lies in the fact that investmen activity is the activity oriented to the future, and that’s why the dissertation brings to the forefrot the issue of determinig the future trend and sizes of economic establishment and development of the proper investment politics. This points of view makes us study consistenly short-term and long-term aspects for indicert methds of regulation and to conclude about the obligatory elaboration of tactocal tasks or ficsal and momentary regulation in strict accordance with long-term strategy of economic development. By virtue of the present disequilibrium in the commodity and financial markets and impossibility to determine long-term parameters for economic development in transitional economies, the task of more effective impeach to the investmen process can be solved by means of determinig future economic outlines which are presented as expectations of economic subjects. Just having based on th e forming expectations it is possible to influence consiberably onto the future investment activity and to smooth out the discrete character of running ficsal and monetary policy. Orientation towards the determinig role of the motives in investors’ behavior lies in the base of mechanisms and tools of state regulation at the microeconomic level. The research had been made abjusted to problems handled in modern economic theory: the issue of determinig the goals of the company, non-determination of the interest rates, data asymmetry. Taking into account theory and practice of investment activity regulation in the developed countries and the existing economic situation in the transitional economies the conclusion can be made about lack not only system economic reformation but aiso about the need of building qualitative new anfrastructure and system of interrelation in the investment field. The research project puts forward such a structure for this system, the main elements of which are investment concept, policy , program and the proect. This system would primarily include real investment. Financial investment regulation would take place at first two stages - establishment of investment concept and policy, and at the third when to deal with formation and development of the capital market, and stock market on its basament. The main results of the project where applied in the traching process and used in practice.