PUBLIC INVESTMENT POLICY OF THE STATE: INSTITUTIONAL MODELS AND COMPARATIVE ASPECTS OF DEVELOPMENT
DOI:
https://doi.org/10.34132/mspc2025.02.13.45Keywords:
investment institutions, state investment policy, development bank, public-private partnership, investment attractiveness, international experience, institutional reform, sustainable development, financial instruments, National Investment Agency.Abstract
The theses consider the institutional mechanisms of the activities of state investment institutions of Ukraine, Poland, Germany and Spain, as well as their impact on the formation of an effective investment policy of the state. It is shown that in the conditions of the post-war transformation of Ukraine, the issue of coherence and effectiveness of investment institutions is of strategic importance. A comparative analysis of the KfW, BGK, PAIH and ICO models revealed the advantages of centralized management, financial autonomy and transparent coordination between the state and business. A conclusion is made on the feasibility of creating a National Investment Agency (NIA) or a state development bank in Ukraine with mechanisms of guarantees, co-financing and the issuance of «green» bonds. The implementation of the proposed approaches will contribute to the integration of Ukraine into the European financial space and increase its investment attractiveness.
References
Misiurov, D. (2025). Determinanty investytsiinoi pryvablyvosti Ukrainy v konteksti hlobalnoi ekonomichnoi turbulentnosti [Determinants of investment attractiveness of Ukraine in the context of global economic turbulence]. Publichne upravlinnia ta rehionalnyi rozvytok – Public Administration and Regional Development, 27, (pp. 180-210). Retrieved from: https://doi.org/10.34132/pard2025.27.08 [in Ukrainian].
Karintseva, O.I. (2022). Investytsiina polityka derzhavy: teoretychni zasady ta mekhanizmy realizatsii [State investment policy: theoretical principles and mechanisms of implementation]. Ekonomika i derzhava – Economics and State, 4, (pp. 12-17) [in Ukrainian].
Antonenko, V.H. (2023). Instytutsiine zabezpechennia investytsiinoi diialnosti v Ukraini [Institute of investment activity security in Ukraine]. Derzhavne upravlinnia ta mistseve samovriaduvannia – State administration and local self-government, 2, (pp. 45-53) [in Ukrainian].
Hryhorenko, A.V. (2024). Publichne upravlinnia investytsiiamy u pisliavoiennii ekonomitsi Ukrainy [Public investment management in the post-war economy of Ukraine]. Efektyvna ekonomika – Effective economics, 6 [in Ukrainian].
Stiglitz, J.E. (2019). The Role of the State in Promoting Development. Oxford University Press [in English].
Hausmann, R., & Rodrik, D. (2003). Economic Development as Self-Discovery. Journal of Development Economics, (Vol. 72(2)), (pp. 603-633) [in English].
Annual Report 2023. Frankfurt am Main: KfW Bankengruppe. (n.d.). (2024). www.kfw.de. Retrieved from: https://www.kfw.de/About-KfW/Reporting-Portal/Reporting-2023/ [in English].
Doing business in Poland. Warsaw. (n.d.). (2024). www.paih.gov.pl. Retrieved from: https://surl.lt/iaaesv [in English].
Annual Report 2024. (n.d.). (2024). www.cnmv.es. Retrieved from: https://surl.li/adwtog [in English].
OECD Science, Technology and Innovation Policy Database. (n.d.). (2023). stip.oecd.org. Retrieved from: https://stip.oecd.org [in English].
