• Marina Yurievna Makhotaeva Pskov State University
  • Mikhail Alekseevich Nikolayev Pskov State University
Keywords: gross accumulation, investments, investment risks, sources of financing, foreign investments, real assets, region


The present stage of the Russian Federation development which is characterized by low growth rates of GDP and unsatisfactory dynamics of investments updates the need to analyze the reasons of the economy slipping into stagnation condition. Recent years, the economy of the Russian Federation is gradually losing positions in the world economy, and, without taking adequate measures, it can get stuck in the trap of the stagnating economy and declining living standard for a long time.

The paper covers the points of view systematization presented in the scientific literature, complex analysis of processes in the investment sphere and identification of negative dynamics factors in investments. The comparative analysis of investment processes for the periods of 2000–2008, 2009–2013 and 2014–2018 allowed revealing two bearish waves of investment activity. The period of 2000–2008 is notable for its significant growth rates of economy and investments exceeding the average worldwide level. The second period (2009–2013) is characterized by the first bearish wave in the Russian economy. As a result, the growth rates fell below the average worldwide indicators. The second bearish wave (2014–2018) led to the stagnation of the Russian economy. As a major problem that caused the first wave appearance, it is necessary to identify structural problems, the depletion of export raw model. The second wave is caused both by old problems suspense and by the introduction of new ones, among which it is particularly necessary to distinguish the growth of geopolitical, economic and financial risks.

During the period of 2014–2016 companies’ financial resources which can be used to intensify investment activities increased significantly. At the same time, due to high risks, companies prefer to invest in financial assets against real assets. The decrease in risks level may enable companies to invest in fixed capital.

Author Biographies

Marina Yurievna Makhotaeva, Pskov State University

Doctor of Sciences (Economics), Professor, Acting Rector

Mikhail Alekseevich Nikolayev, Pskov State University

Doctor of Sciences (Economics), Professor, Head of Finance and Economic Faculty


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Economical Sciences