Vol. 7 6, 2017 p 72-81


Article name, authors, abstract and keyword


Regarding investments in infrastructure sectors and acceleration of economic growth

Pavel Y. Serikov a

a Transneft, 57, Bolshaya Polyanka Str., Moscow, 119180, Russian Federation

DOI: 10.28999/2541-9595-2017-7-6-72-81

Abstract: This article analyzes the opinions of foreign and domestic scientists and specialists in the field of transport and economy on the relationship between investment in infrastructure sectors and economic growth. Despite the fact that it is confirmed by theoretical and model calculations as well as by practice, in todays economic situation, infrastructure financing is clearly insufficient, and it is not yet possible to activate it.
The author supports the transition to stimulating and increasing of investments, including investments in infrastructure sectors. At the same time, it is noted that development of the main oil pipeline system with appropriate adjustment of approaches to state tariff regulation will serve as a reliable source of long-term economic growth.

Keywords: investments in infrastructure sectors, economic growth, subjects of natural monopolies, multiplier effect, investment in fixed assets, state tariff regulation, main oil pipeline system.

Reference for citing:
Serikov P. Y. Regarding investments in infrastructure sectors and acceleration of economic growth. Naukatekhnol. truboprov.transp. neftiinefteprod. = Science & Technologies: Oil and Oil Products Pipeline Transportation. 2017;7(6):7281.

[1] Economic Encyclopedia. Abalkin L. I., editor. Moscow (M): The Economy; 1999. P. 692693. (In Russ.)
[2] Nistor F., Popa C. The Role of Transport in Economic Development//Mircea cel Batran Naval Academy Scientific Bulletin. 2014. Vol. XVII. Issue 2.
[3] Banister D., Berechman J. Transport Investment and Economic Development. UCL Press ; Taylor & Finance Group [accessed 2017 August 01] URL: https://www.taylorfrancis.com/books/9781135802714.
[4] Lakshmanan V., Andersen T. Transportation Infrastructure, Freight Services Sector and Economic Growth // Center for Transportation Studies. Boston University, 2002.
[5] Bougheas S., Demetriades P., Mamuneas T. Infrastructure, Specialization and Economic Growth // Canadian Journal of Economics. 2000. Vol. 33. 2. P. 506522.
[6] Transport. Economic Growth and Poverty Reduction. World Bank Seminar, 2004 February 26, [accessed 2017 August 01]. http://www.google.ru/url?sa=t&rct=j&q=&esrc=s&source=web&cd=11&ved=0ahUKEwiBzY2599PTAhUDEJoKHSarAK84ChAWCDgwAA&url=http%3A%2F%2Flnweb90.worldbank.org%2FECA%2FTransport.nsf%2FExtECADocByUnid%2F55C3976EA4A0E79785256E5900598618%2F%24file%2FTransport%2C%2520Economic%2520Growth%2520and%2520Poverty%2520Reduction.ppt&usg=AFQjCNHWC2oYOjxwpwqa3O-dXZV3EExllw&cad=rjt.
[7] The effect of infrastructure development on economic growth the infrastructure investment program in Ontario, Canada [accessed 2017 July 30]. http://www.ey.com/ru/en/issues/business-environment/ey-road-to-2030-infrastracture-development-in-russia-global-insights-1.
[8] Contribution of transport to economic development: International literature review with New Zealand perspectives. November 2014 [accessed 2017 August 03]: URL: http://www.transport.govt.nz/assets/Uploads/Our-Work/Documents/edt-contribution-of-transport-lit-review.pdf.
[9] Liu Z. Transport Investment, Economic Growth and Poverty Reduction [accessed 2017 July 31]: URL: http://www.waipa.org/wp-content/uploads/2016/07/Liu_Transport-GrowthPoverty.pdf.
[10] Rodrigue J.-P., Notteboom T. Transportation and Economic Development // Geography of Transport Systems [accessed 2017 August 01] URL: https://people.hofstra.edu/geotrans/eng/ch7en/conc7en/ch7c1en.html.
[11] Flyvbjerg B., Nils. Bruzelius N., Rothengatter W. Megaprojects and Risk. An Anatomy of Ambition. oscow (M) : Alpina Publisher; 2014. 288 p.
[12] Serikov P. Y. Regarding macroeconomic aspects of the implementation of main oil pipeline construction projects. Naukatekhnol. truboprov. transp. neftiinefteprod. = Science & Technologies: Oil and Oil Products Pipeline Transportation. 2012(4):2632. (In Russ.)
[13] Eganyan A. Investment in infrastructure: Money, projects and interests. PPP, concessions, project financing. oscow (M) : Alpina Publisher; 2015. 715 p. (In Russ.)
[14] Russian infrastructure. Industry report. Gazprombank. 2014 July 9 [accessed 2017 August 8]. http://www.gazprombank.ru/upload/iblock/209/gpb_infrastructure_09072014.pdf . (In Russ.)
[15] Serikov P. Y. Specifics of estimation of public efficiency of the fuel and energy complex infrastructural projects with due consideration of inter-sectoral interactions and multiplicative effects. Moscow (M): Antares; 2016. 306 p. (In Russ.)
[16] Margolin A. M. Infrastructure Development the Catalyst of Economic Development of Russia. Bulletin of Peoples Friendship University of Russia. Series Economics. 2011(5):158163. (In Russ.)
[17] Yakunin V. I., et al. State investment policy in transport and its economic consequences. Bulletin of the Russian Academy of Sciences. 2007;77(6): 483497. (In Russ.)
[18] Yakunin V. I. Development of railway infrastructure as the basis for development of the countrys economy. Presentation. 2014 October 23 [accessed 2017 August 03]. http://www.myshared.ru/slide/986175/. (In Russ.)
[19] Yakunin V. I. Investments in infrastructure is an instrument of economic development. Business guide New transport infrastructure of Eurasia: Thematic supplement to the newspaper Kommersant. No. 21, 18.06.2015. P. 45. [accessed 2017 August 01]. http://www.kommersant.ru/doc/2743484. (In Russ.)
[20] Dmitriev M. Infrastructure development as the core of a new model of economic growth [accessed 2017 August 10]. http://economytimes.ru/kurs-rulya/infrastruktura-rosta. (In Russ.)
[21] Shcherbanin Y. A. Transport and economic growth: interrelation and influence. Eurasian economic integration. 2011; (3):6578. (In Russ.)
[22] Kondratyev V. B. Infrastructure as a factor of economic growth. Russian Entrepreneurship. 2010;(1112):2936. (In Russ.)
[23] Isaev A. G. Transport infrastructure and economic growth: spatial effects. Spatial Economics. 2015;( 3):5773. (In Russ.)
[24] Serikov P. Y., Korneeva S. V., Petrova Y. A. Evaluation of investment projects from the point of view of public efficiency in reliance on multiplicative effects. Naukatekhnol. truboprov. transp. neftiinefteprod. = Science & Technologies: Oil and Oil Products Pipeline Transportation. 2014(3):108115. (In Russ.)
[25] Belyakov A., Turuev I. Locomotives of economic optimization [accessed 2017 July 27]. http://www.ng.ru/ideas/2016-05-13/5_optimisation.html. (In Russ.)
[26] Ivanova L. N., Terskaya G. A. Growth points and drivers of growth: regarding the question of the concept content . Journal of Institutional Studies. 2015;7(2):120133. (In Russ.)
[27] Shugaev G., Ivanyushin D. Ensuring the viability of Russia in terms of marketing. Part IV. [accessed 2017 August 03]. http://rusplt.ru/society/drayveryi-ekonomiki-lokomotivnyie- otrasli-28046.html. (In Russ.)
[28] Bad roads scared Maksim Oreshkin. Nezavisimaya Gazeta of July 11, 2017 141 (7048). (In Russ.)
[29] Belyakov A., Turuyev I. The vain efforts of the Central Bank // Nezavisimaya gazeta. No. 147 (7054), 18.07.2017. (In Russ.)
[30] Serikov P. Y. On the aspects of state regulation of natural monopolies related to inflation and economic growth // Naukatekhnol. truboprov. transp. neftiinefteprod. = Science & Technologies: Oil and Oil Products Pipeline Transportation. 2016(4);102111. (In Russ.)
[31] Report on the state of competition in the Russian Federation for 2016, submitted to the Government of the Russian Federation, Part 2. 2017. [accessed 2017 August 01]. http://fas.gov.ru/press-center/news/detail.html?id=50282. (In Russ.)
[32] Kudrin A., Goryunov Y., Trunin P. Encouraging Monetary Policy: myths and reality. Issues of economics. 2017. No. 5. P. 528. (In Russ.)
[33] Dolmatov I. A., Yarkin Y. V. The problems of state regulation of the activity of infrastructure sector enterprises. Economics. Taxes. Right. 2014;(1):1825. (In Russ.)
[34] Dmitriyeva O., Ushakov D. Inflation of demand and cost inflation: reasons for the formation and forms of distribution. Issues of economics. 2011(3):4052. (In Russ.)
[35] Avdasheva S. B., et al. Modernization of Russian enterprises in value chains (on the example of the pipe and furniture industry in Russia). Economic Journal of the Higher School of Economics. 2005(3): 361377. (In Russ.)
[36] Mau V. Anti-crisis measures or structural reforms: economic policy of Russia in 2015. Issues of economics. 2016;(2); 533. (In Russ.)
[37] Gurvich Y. Growth that we choose. Rossiyskaya Gazeta Federal issue. No. 7264 (98), 10.05.2017. (In Russ.)
[38] Aganbegyan A. G. How to overcome stagnation and restore economic development. Journal of ECO. 2016;(2):514. (In Russ.)
[39] Ivanter V. V. The strategy of transition to economic growth. Problems of forecasting. 2016;(1): 37. (In Russ.)
[40] Klepach A. The time factor. Rossiyskaya Gazeta Economics. No. 7285 (119), 02.06.2017.