Features of the investment cycle in modern macroeconomic conditions

The finance, taxation, investments

The concept of the «investment cycle» is defined within the framework of the recurrent approach, which can be interpreted as a structural component of progressive macroeconomic development characterized by: recurrence in time (periodicity); sequential change of states; the presence of recurrent dependencies, whose sustaining nature determines the current basic trends. Based on our definitions of the neo-industrial economy, innovation economy, information economy, we have identified the relationships between the characteristics reflecting the essence of the current stage of development of the national economy. These relationships became the basis for revealing the general and particular features of the investment cycle in modern transitional conditions. The general features of the investment cycle in modern transitional conditions include: 1) increasing the market value of companies on the basis of increasing intangible assets; 2) capitalization of labor resources through investments in training, health, personal growth, development of creative abilities); 3) integration of capital, which implies an increase in the share of participation of foreign companies and banks; 4) formation of superprofits not in the production sphere, but in the management and intellectual activity of economic entities at all levels; 5) increasing venture capital investments; 6) attraction of capitals on the basis of intensified innovative activity, R&D; 7) strengthening the social importance of investment at all levels of the economic system; 8) changing the proportions in the sources of investment (strengthening the state presence by financing of R&D corporations, business by commercialization of innovations based on further development of venture business, households by capitalization of human potential); 9) the beginning of structural changes in the capital flows (outflow of capital from the traditional sectors of the industrial economy, into critical industries that form the basis for generating superprofits). The revealed peculiarities of investment for ensuring the transition from the industrial to the non-industrial, from the neo-industrial to the innovative, from the innovative to the information economy can become the basis for the development of long-term investment policies at different levels, taking into account the objectives (ensuring transitions from one form of development to another) of each participant, and also their priorities for developing specific directions and mechanisms.