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Macrostructural factors of the investment crises in Ukrainian economy during 1991-2015

I. Kryuchkova

Economy and Forecasting, 2016, issue 1, 23-40

Abstract: The article discusses how in Ukraine, during 1991-2015, due to violations of the macro-proportions in the sectoral structure of gross disposable income, as well as errors made in fiscal, social, and monetary policies, preconditions for investment crises were created. The author reveals the causes of falling in gross savings in the non-financial corporations sector and the economy as a whole, which became an important factor of chronic underfunding of the modernization of production. As a result, the degree of wear of the fixed assets grew swiftly soared, and the competitiveness of domestic producers manufacturers fell leading to a constant decrease in their share on both foreign and domestic markets, which created a threat of this country's economic decline even in case of GDP growth in the partner countries for Ukraine's export. At the same time the article reveals the reasons of a significant reduction of gross national income in the sector of general government with a corresponding impact on the growth of sectoral deficit. The author displays the changes in the sectoral structure of the gross disposable income (GDI) that occurred in 2014-2015, which were a result of the unpopular government's measures with shifting the problems of the government deficit and the unprofitableness loss-making operation of public non-financial corporations to the households. There are conclusions about the guidelines and prospects of the restoration of national investment sources.

Date: 2016
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