Open AccessTHE MODERN PARADIGM OF PUBLIC INVESTMENT AS AN INSTRUMENT OF STATE REGULATION OF SUSTAINABLE ECONOMIC DEVELOPMENT
Author(s) -
Oksana Gryshkevych,
Galуna Rуzhakova
Publication year - 2020
Publication title -
upravlìnnâ rozvitkom skladnih sistem
Language(s) - English
Resource type - Journals
eISSN - 2412-9933
pISSN - 2219-5300
DOI - 10.32347/2412-9933.2020.44.136-142
Subject(s) - economic system , context (archaeology) , economic security , investment (military) , transformational leadership , economics , public sector , business , public economics , economic growth , political science , politics , economy , paleontology , management , law , biology
The conceptual paradigm of the work is that the modernization of the regulatory policy of the state strengthens the relationship and interdependence between the structure of the economy and the institutional basis, the quality of institutions. In these conditions, public investment management becomes a necessary condition and general goal of socio-economic development. That is, structural changes supported by public investment management institutions ensure economic growth, and their implementation is regulated by the criteria for ensuring the economic security of the state. It is proved that the management of public investments is a multifaceted category that reflects socio-economic phenomena and is considered as the motive and goal of the macrosystem functioning; the level of autonomy (independence) of the state of the economy, at which the achievement of the aggregate vector of interests of the structural elements of the macrosystem is ensured; a qualitative characteristic of the economic system, which makes it possible to assess its viability in the face of transformational changes. The study of the structure of the economy, the direction of its progressive changes are still based on sectoral technological and economic aspects without taking into account the strategic prospects and security of the development of the socio-economic macrosystem of the state. The imperfection of the institutional support of structural adjustment makes it impossible to strategically program structural changes as an integral component of structural policy. In general, in the context of radical structural and institutional transformations, the role of the public investment management system is significantly increasing. The applied set of threshold values of public investment management indicators as imperatives for the functioning of the economy at the meso level of the hierarchy should be complemented by a methodology for their determination and substantiation of effective measures and methods for their provision. The study of the problems of public investment management is associated with the development of theoretical foundations and the definition of economic and institutional aspects of public investment management in the context of updating the levers of state regulatory policy, in particular, in the context of participation in the processes of global economic integration.