ESSENCE AND CONTENT FEATURES OF THE «INVESTMENT POLICY» DEFINITION

Abstract

The article investigates the nature of the "investment policy" definition and the stages of its transformation. The author notes that there is no clear unity in the definition of the concept of "investment policy" in the research direction. The article suggests that the reasons for the lack of unity may be the heterogeneity of approaches to determining the economic essence of investment policy, and the influence of external factors.

The author identifies four stages of transformation of the nature of investment policy in Ukraine. The first phase is characterized by the transformation of the whole institutional environment of the economy and the incipience of its own institutional providing of investment activity regulation with a predominance of administrative methods. At this point, parlament initiated the basic law "On investment activity". In the second step the nature of the investment policy is focused on building the institutional environment for attracting external funding investment. There were adopted the law "On Foreign Investment", signed multilateral international treaties, conventions which are aimed as to protect foreign investment as to resolve other issues.

In the third stage, it was the shift to attract domestic sources of financing investment through improved market and institutional environment, building trusting relationships between business and the authorities. The main problem was seen in the formation of personal savings and through its capitalization on the financial market to transformation one’s in investment. In the fourth phase nature of investment policy was focused on the elimination of contradictions and mix balance between measures to attract foreign investment and measures to ensure national security.

The author offers definition of the concept of investment policy which takes into account modern trends and challenges.