Template-Type: ReDIF-Article 1.0
Author-Name: Vladimir V. Olkhovik
Author-Email: olhovik@nifi.ru
Author-Workplace-Name: Financial Research Institute, Moscow 127006, Russian Federation; HSE University, Moscow 101000, Russian Federation
Author-Name: Olga I. Lyutova
Author-Email: olyutova@hse.ru
Author-Workplace-Name: HSE University, Moscow 101000, Russian Federation
Author-Name: Edvardas Juchnevicius
Author-Email: edvardas.juchnevicius@prawo.ug.edu.pl
Author-Workplace-Name: Gdansk University, Gdansk 80–309, Poland
Title: Economic Growth Models and FDI in the CIS Countries During the Period of Digitalization
Abstract: This article explores the interrelation between economic growth and foreign direct investments (FDI) in the countries of the Commonwealth of Independent States (CIS) in 1993–2019. The research focuses on the impact of new FDI inflows per capita, as well as the influence of accumulated foreign capital (FDI stock per capita) on GDP growth per capita. This article has aimed to find the causal link between GDP growth and FDI inflows, as well as between GDP growth and FDI stock per capita in the CIS countries. The research methods include: empirical and statistical research, synthesis of practical and theoretical matters, methods of mathematical modelling. Discussion. FDI in the CIS countries are often determined by market size and market growth potential, which ensure a favourable business environment for foreign investors. Data obtained during the analysis suggest that the CIS countries mainly attract market-oriented FDI, which is consistent with the findings of the authors. Thus, the accumulated foreign capital stock has positive impact on economic growth in the CIS countries. Results. Foreign direct investments for economic growth act through such factors as gross domestic product, interest rate, average wages, exchange rate, consumer price index, political stability. The coronavirus pandemic factor is assessed by the authors as negatively affecting the investment attractiveness of countries; the use of digital technologies in handling FDI, according to the authors, is debatable issue. 
Classification-JEL: C23, E27, F43, F47
Keywords: economic growth models, foreign direct investments (FDI), Commonwealth of Independent States (CIS) countries, digitalization, trade integration, global integration, financial capital
Journal: Finansovyj žhurnal — Financial Journal
Pages: 73-90
Issue: 2
Year: 2022
Month: April
DOI: 10.31107/2075-1990-2022-2-73-90
File-URL: https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2022/2/statii/05_2_2022_v14.pdf
File-Format: Application/pdf 
Handle: RePEc:fru:finjrn:220205:p:73-90