Phenomenon of Megaprojects in Multi-Contour Economy Model

The article considers the phenomenon of megaprojects as a type of regional development institutions. It shows that megaprojects complement existing regional development corporations and regional investment forums in Russia and other countries. It is demonstrated that megaprojects are a highly controversial phenomenon, characterised not only by huge amounts of investment but also by severe violations of the planned values of time, financial costs, technical and economic results after the commissioning of the facility. In addition, the current environmental damage from megaprojects is both positive and negative, which makes it impossible to account for its impact in the overall scheme of analysis. The article concludes that megaprojects are informationally closed; therefore, it is almost impossible to collect comprehensive information on them. According to the authors, this is due to the desire of megaproject investors to become "invisible" to statistical and supervisory authorities. Otherwise, many projects may become less attractive with the ensuing risks of conservation of regions in a state of low economic activity. Approaches to assess the target efficiency of megaprojects, as well as their indirect economic efficiency, which is based on the use of the investment multiplier methodology, are proposed. Promising directions for further research on megaprojects are outlined.

دور الإنفاق الأستثماري العام في تعزيز التحول الهيكلي للاقتصاد العراقي بعد عام 2003

This research aims to diagnose the reality of the contribution of public investment spending to the structural transformation in the Iraqi economy by using the descriptive analytical method. The weak relationship between public investment spending and structural transformation has been found as a result of weak investment allocations directed to the productive sectors that can contribute to correcting the imbalance in the production structure. On the basis of this, the research stressed the need to increase public investment spending in order to stimulate the work of the investment multiplier and accelerator, which would contribute to correcting the production structure and achieving structural transformation in the Iraqi economy

Economic growth or development: the validity of the theories of celso furtado and eclac on the Brazilian reality

Discussion between economic growth and development has permeated economic-sociological studies for a long time. It has been used successively to explain the observed phenomena imposed, such as inequality and income concentration, dependence, and even the power of the investment multiplier effect when driven by the State. From socio-economic activity and social inequalities, this paper aims to discuss the connections between Celso Furtado and ECLAC theories, upon the thoughts of Raul Prebisch and Raul Pinto, and the existing reality in Ribeirão Branco, one of the poorest cities in Sao Paulo State in Brazil. Data collection was done through documental research and the application of targeted interviews. The results explain how essential state investments promote social welfare and how periphery-center relations heavily affect municipalities of minor economic relevance.

Investment multiplier as a risk generator for economic security of the Russian Federation

The subject of this research is the risks generated by multiplicative processes that accompany private and public investment projects in the sphere of ensuring economic security of the country. The author examines the inflationary component of multiplicative processes, which can cause rise in the cost of the investment projects implemented in the sphere of economic security, up to their cancellation. Particular attention is given to multiplicative transfer of income gains from purposefully developed industries to adjacent or loosely related industries. Such a transfer boost the competition for resources between the industries and complicates the implementation of projects in the sphere of ensuring economic security. The following conclusions were made:   - The structure of the process of interaction between the investment multiplier and investment accelerator is self-similar, which simplifies its modeling;   - Multiplicative processes may generate risks in sphere of ensuring economic security of the country;   - In order to substantiate the need for implementing large investment projects, the consideration of generated multiplicative processes is required;   - Modeling and taking into account the multiplicative processes allows transforming them from a risk generator into an instrument that amplifies the steps of the government and private investors on ensuring economic security of the country.   The novelty of this research consists in the approach towards analyzing multiplicative process as a risk generator, which complicates the implementation of investment projects by shifting the impact upon the trajectory of their development.      

Investment multiplier as a risk generator for economic security of the Russian Federation

The subject of this research is the risks generated by multiplicative processes that accompany private and public investment projects in the sphere of ensuring economic security of the country. The author examines the inflationary component of multiplicative processes, which can cause rise in the cost of the investment projects implemented in the sphere of economic security, up to their cancellation. Particular attention is given to multiplicative transfer of income gains from purposefully developed industries to adjacent or loosely related industries. Such a transfer boost the competition for resources between the industries and complicates the implementation of projects in the sphere of ensuring economic security. The following conclusions were made:   - The structure of the process of interaction between the investment multiplier and investment accelerator is self-similar, which simplifies its modeling;   - Multiplicative processes may generate risks in sphere of ensuring economic security of the country;   - In order to substantiate the need for implementing large investment projects, the consideration of generated multiplicative processes is required;   - Modeling and taking into account the multiplicative processes allows transforming them from a risk generator into an instrument that amplifies the steps of the government and private investors on ensuring economic security of the country.   The novelty of this research consists in the approach towards analyzing multiplicative process as a risk generator, which complicates the implementation of investment projects by shifting the impact upon the trajectory of their development.      

Scenario assessment of fiscal pro-investment expansion in Ukraine

The article identifies the role and place of public investment as one of the significant factors of growth. As a high value of fiscal multiplier, public investment is an effective countercyclical measure to restore economic growth. The goal of the study was to estimate the aftereffect of fiscal pro-investment expansion in Ukraine without increasing the debt burden. The monetary sector should support the increased public investment financed through the domestic government borrowing by expanding the money supply at a rate exceeding the debt growth to minimize the crowding-out effect and support the real sector’s demand for credits. According to the scenario results, the limit of increased public investment in Ukraine compared to the reported data without increased debt burden during the relatively stable 2016?2019 could be 11-19%. The short-term effect of implementing such fiscal pro-investment expansion provided an additional increase in GDP by 1.3-1.8%. Every UAH borrowed by the state and directed to capital investment could add more than 4 UAH of product annually in 2017?2019, which corresponded with the public investment multiplier equal to 1.1. These growth targets may be more significant during COVID-19 crisis, as the fiscal multiplier is usually higher in recessions. Since the indicated growth rates depend on the selected strategic priorities for capital investment in facilities with the highest return, the obtained results assume the development of additional volumes of public investment in the most efficient way providing the expanding of aggregate supply in the longer term.