Sources of Stimulation of Investment Activity in Russia for the Transition to a New Stage of Technology

DOI

10.2991/aebmr.k.200730.086How to use a DOI?

Keywords

innovation, new technology, money emission, investment, capital outflow

Abstract

Innovation is a major factor in market competition, which allows companies to earn extra profits through intellectual rent generated by the exclusive use of more efficient technologies. The purpose of the research is to study the resource support for investments in technology modernization of the Russian economy and to identify key areas of government influence on the effective production modernization. The research works show that the production capacities of the Russian economy are currently loaded at 60 %, labor force – at 80 %, raw materials – at 25 %, only 10 % of the existing scientific and technical potential is used. It is necessary to move to a system policy for the Russian economic development, which should be formed as a mixed strategy of advanced development of a new stage of technology and dynamic technological catch-up. This requires the adoption of a set of measures to concentrate resources and efforts on key areas of a new technology, enhance existing scientific and technical potential, import advanced technologies and attract foreign direct investment to bridge the technological gap. First of all, the monetary policy of the Central Bank should be reviewed. Within the conditions of structural transformation of the world economy caused by the changes of technology and world economic structure, the monetary policy of Russia has a restraining effect on economic growth. While other countries are increasing currency issue monetary emission to credit the growth of a new technology sector at nominal interest, reducing risks for innovators and supporting investors, in the Russian economy the money supply is artificially reduced. In order to overcome scientific, technical and technological stagnation, owned R&D expenditures should be doubled, first of all, through the growth of government resources and stimulation of innovative activity of the private sector providing tax incentives, infrastructure development and credit expansion.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - I.V. Minakova
AU  - O.I. Solodukhina
AU  - T.N. Bukreeva
AU  - A.A. Golovin
AU  - A.A. Baroyan
PY  - 2020
DA  - 2020/08/01
TI  - Sources of Stimulation of Investment Activity in Russia for the Transition to a New Stage of Technology
BT  - Proceedings of the Russian Conference on Digital Economy and Knowledge Management (RuDEcK 2020)
PB  - Atlantis Press
SP  - 473
EP  - 477
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200730.086
DO  - 10.2991/aebmr.k.200730.086
ID  - Minakova2020
ER  -