The article investigates the role of state in providing innovative development of major developed and developing economies, associated with the direct participation of their governments in financing science and facilitating private capital inflows to this sector due to various fiscal and financial instruments. Special focus is made on public-private partnerships which promote concentration of resources and streamline the process in the most innovative and cutting-edge areas of development.
The economic and innovative rise of the developing states stimulated a deep restructuring of the existing system of international relations in science and technology sphere. As the article points, one of the main manifestations of this trend can be seen in the transformation of global innovation strategies of transnational corporations. The world's largest TNCs, mostly based in the industrial nations, have begun to transfer growing segments and parts of their R&D programs to the developing countries in order to take advantage of their increased research capacity. As a result, the nature of the projects being implemented there by the TNCs is changing. Historically, the TNCs' local R&D activities were of adaptive nature. Namely, the stress was made on modification of the products and services offered by the TNCS globally to the specifics of local markets. Currently, a growing number of transnational corporations are implementing the large-scale programs in the developing countries aimed at designing new types of products, including those targeted at the low-income groups of consumers that make up the bulk of the population in developing countries.
In today's world innovation plays a key role in securing a country's economic and technological leadership. It encourages governments to increase investment in innovative areas and look for ways to improve the efficiency of science and innovation funding in order to increase the economic benefits of R&D budget allocation. Despite vast differences of measures used by countries to promote innovative activity, it is possible to identify some common approaches to restructuring the budget support mechanisms for science and business innovation, which have been applied in recent years by a growing number of states. One of the most important trends, which has achieved global scale, is to expand the practice of project finance for fundamental and applied research while reducing the share of the traditional budgeted funding of research institutions and universities. In many countries, the transition to the project-oriented support of R&D stimulated institutional restructuring of the public science funding system, with a marked increase of the importance of authorized government agencies (foundations, research councils, etc.) involved in the assessment, selection and allocation of grants for scientific projects and programs. In a number of states, increased role of tax incentive tools for corporate R&D, larger financing of small and medium-sized high-tech enterprises and broader public procurement of domestic innovative products are among the main reform areas of state support to corporate innovation. According to the authors, despite the growing popularity of these approaches on a global scale, it would be wrong to speak of them as cure-all solutions suitable for all countries to enhance efficiency of state innovation. First of all, the experience accumulated by countries implement appropriate varies seriously and is not positive everywhere. Besides, the ongoing profound differences in the organization of innovative systems in certain countries make it difficult to use even those foreign developments in management science that have proven their productivity, requiring serious adaptation and adjustment to the specifics of national economies, and scientific and technological environment.
This article focuses on the main characteristics of the sovereign wealth funds referring to the economic security of a state. The authors also perform the analysis of the legislation of the sovereign wealth funds in Russia. The article includes the analysis of the statistical data, describing the volumes of investments, number and geographical distribution of the sovereign wealth funds in the world. The results of the analysis show that despite some changes in the last years, the Reserve Fund and the Fund of national welfare of Russia still need significant improvements in their economic and legislative aspects. It is necessary to create a mechanism of such regulation of their activities, which would implement the governmental and public control over their operation and efficient use of financial resources.
The article analyzes the problems and prospects of modern liberal model of Russia's participation in international capital movement, based on the free convertibility of ruble for capital transactions. Realization of this model folded in the middle of 2000th had a significant, but ambiguous impact on the national economy. On the one hand, it added to the country's investment appeal and stimulated capital inflows. On the other hand, with no barriers on its way amid not favorable enough investment climate, export of investment from Russia surged up and exceeded import in terms of volumes, resulting in a weakened resource base for the domestic economic growth. Deficiencies of the liberal model showed up most clearly in the year of 2014, which witnessed a new record in capital outflow driven by increasing economic turbulence in the country and foreign policy tensions. Resulting pressure on the economy raised an issue of restricting foreign exchange to stop the running away capital.The authors believe that in spite of the deficiencies inherent to the free capital movement principle, to reject it would be a step back in the economic policy of the country. To enhance the efficiency of Russia's integration to the global financial system, it would be more appropriate for the government to start regulating the capital inflows and outflows using market instruments rather than to put up barriers. In this context, the article analyses a number of top-priority measures, which could currently help stabilize the import of investment into Russia. ; В статье анализируются проблемы и перспективы современной либеральной модели участия России в международном движении капитала, основанной на свободной конвертируемости рубля по капитальным трансакциям. Реализация этой модели, сложившейся в середине 2000-х гг., оказала глубокое, неоднозначное влияние на национальную экономику. С одной стороны, она способствовала повышению инвестиционной привлекательности страны и расширению ввоза в нее капитала. С другой стороны, отсутствие заградительных барьеров в условиях недостаточно благоприятного инвестиционного климата стимулировало экспорт инвестиций из России, устойчиво превышавший по объему его импорт. Это ослабляло ресурсную базу роста отечественной экономики. Недостатки либеральной модели отчетливо проявились в 2014 г., когда в результате усиления экономической нестабильности и внешнеполитической напряженности был зафиксирован рекордный отток капитала из страны. Вызванные этим тяжелые последствия для экономики сделали актуальным вопрос о введении валютных ограничений, которые сократили бы вывоз финансовых ресурсов.По мнению авторов, несмотря на свойственные принципу свободного движения капитала недостатки, отказ от него стал бы шагом назад в экономической политике страны. Более перспективным, чем возведение защитных барьеров, направлением повышения эффективности интеграции России в мировые финансы выступает переход государства к активному регулированию ввоза и вывоза капитала с помощью рыночных инструментов. В данном контексте в статье рассмотрен ряд приоритетных мер, которые в текущих условиях способствовали бы стабилизации поступления инвестиций в Россию.
