REGIONAL REGULATION OF INVESTMENT ACTIVITY IN DEVELOPING COUNTRIES: EXAMPLE OF UKRAINE
The paper considers of regional the ways of solving systemic problems of investment activity that are relevant for developing countries, including for the Ukraine. It is specified that in the conditions of globalization of the world economy and the intensification of the use of information and communication technologies, conditions are created for the transformation of savings of households in developing countries into investment in stock markets in developed countries mainly the United States. This calls into question the feasibility of purely market conditions for the financial market of Ukraine and other developing countries. A list of effective administrative methods of state regulation of investment activity that may be used by state and regional authorities to convert household savings into investments in the domestic financial market is proposed. The attention is drawn to the necessity of applying these methods, especially at the initial stages of the intensification of state regulation of investment activity in the country, in order to create a sufficient demand for domestic stock assets. Such of the sufficient demand will allow to launch the mechanism of automatic inflow of investments both domestic and foreign, and in the future gradually switch to predominantly market-based methods of state regulation. The criterion of the level of sufficiency of demand for stock assets of the country is a positive long-term trend of stock indexes taking into account inflation, it is desirable that their growth rate exceeds the growth rate of GDP of the country.