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Investīcijas kā Latvijas ekonomikas izaugsmes faktors
[Investments as a Growth Factor of the Latvian Economy]

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  • Titarenko, Deniss

Abstract

The aim of the promotion paper is to study the impact of investments on the economic growth of Latvia, the main factors impacting the investment processes, and, subsequently, to elaborate proposals for improving the investment structural policy in Latvia. The first chapter of the promotion paper deals with the theoretical basis of corporate investment behaviour and the basic tenets of various growth theory schools on the role of investments in the process of economic growth. The second chapter deals with the advantages and drawbacks of approaches to empirical research of modern economic growth factors. The suitability of various indicators of investment activity for empirical research of investment processes is assessed. The third chapter deals with an in-depth dynamic-structural analysis of investment processes in the course of the growth of the Latvian economy, thus allowing to assess the regional, sectoral, and technological peculiarities of the investment structure and to draw conclusions on its compliance with the conditions for sustainable economic development. The fourth chapter of the promotion paper provides evidence that in the current situation, investments are the most significant economic growth factor of the Latvia. The econometric analysis of models elaborated in the chapter allows to evaluate the interrelation between the dynamics of investments and such macroeconomic indicators as the real GDP, productivity, and output of Latvian economy. The fifth chapter deals with crucial circumstances affecting the investment climate and possibilities to improve investment climate in Latvia. The chapter contains critical assessment of the basic tenets of the structural policy of the Latvian economy in order to characterise the efficiency of the national investment policy. Within the scope of theoretical and methodological analysis, the promotion paper provides a critical review of the findings of various economic growth theories regarding corporate investment behaviour and effect of investment on the process of economic growth. The promotion paper also provides assessment of different indicators of investment activity and suitability of methods of research of economic growth for empiric research of investment processes in Latvia. Within the scope of empiric analysis performed in the promotion paper, the assessment of the level of heterogeneity of investment activity is provided, both regionally and by industries. The promotion paper also evaluates the effect of structural specifics of investments on the dynamics of labour productivity. On the basis of the results of econometrical analysis, the significance of investments as a substantial economic growth factor in Latvia is justified; the contribution of basic growth factors (capital, labour, and total factor productivity) to the GDP growth is assessed. The author determines the sectors of Latvian economy that have the 51 highest and the lowest investment acceleration effect, elements of technological structure of investments having the strongest impact on productivity in Latvian economic conditions, as well as the key factors that determine the quality of investment climate. The promotion paper underpins the necessity to improve the national investment structural policy. The main factors restricting the investment activity of Latvian enterprises are revealed, proposals are provided regarding the measures of improvement of investment climate in Latvia within the scope of improving the national investment structural policy. The total size of the paper, annexes exclusive, is 208 pages. The paper contains 20 tables, 41 figures, 11 annexes.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16775.

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Date of creation: 30 Sep 2008
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Handle: RePEc:pra:mprapa:16775

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Related research

Keywords: economic growth; growth accounting; investments; investment theory; macroeconomic structural policy; Latvian economy;

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References

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  1. Xavier Sala-i-Martin, 1997. "I just ran four million regressions," Economics Working Papers 201, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, December.
  3. Konstantins Benkovskis & Dainis Stikuts, 2006. "Latvia's Macroeconomic Model," Working Papers 2006/02, Latvijas Banka.
  4. Vetlov, Igor, 2004. "The Lithuanian block of the ESCB multi-country model," BOFIT Discussion Papers 13/2004, Bank of Finland, Institute for Economies in Transition.
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Cited by:
  1. Krasnopjorovs, Olegs, 2013. "Latvijas ekonomikas izaugsmi noteicošie faktori
    [Factors of Economic Growth in Latvia]
    ," MPRA Paper 47550, University Library of Munich, Germany.
  2. Titarenko, Deniss, 2007. "Investīciju struktūra un ekonomikas izaugsme Latvijā
    [Investment Structure and Economic Growth in Latvia]
    ," MPRA Paper 19341, University Library of Munich, Germany.

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