КОНЦЕПТУАЛЬНАЯ РАМКА ФИНАНСИРОВАНИЯ ИНВЕСТИЦИЙ, НЕОБХОДИМЫХ ДЛЯ ПОВЫШЕНИЯ УРОВНЯ ЭКОНОМИЧЕСКОЙ СЛОЖНОСТИ, ПРИ ПОМОЩИ ВНУТРЕННИХ СБЕРЕЖЕНИЙ

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JEL: E21, E22

DOI: 10.52174/1829-0280_2022.1-9

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1 « Mwnw^wpnLpjwh 2021-2026 p^wlwhhbph ôpmqhp, t2 29:

2 Sb'u Smith A., An Inquiry into the Nature and Causes of the Wealth of Nations, London, 1776, t2 9, https://books.google.am/books?id=C5dNAAAAcAAJ&pg=PP7&redir_esc=y#v=onepage&q&f=false

3 ^mp^mbjmb 9-., 9-hmbLhgwhbhg mhmbunLpjnLh. hhwpw^npnLpjnLhhbp U Jwpmwhpw^bphbp, bp., «9-himnLpjnLh», 2008, t2 46:

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5 Hausmann R., Hidalgo C., Bustos S., Coscia M., Simoes A., Yildirim M., The Atlas of Economic Complxity. Massachusetts Institute of Technology and Center for International Development, Harvard University, 2013, p. 18.

6 Harper D., Endres A., Innovation, Recombinant Capital and Public Policy. University of Chicago. Supreme Court Economic Review, Vol. 23, 2015, t2 217:

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7 Sb'u Commission on Growth and Development. The Growth Report : Strategies for Sustained Growth and Inclusive Development. Washington, DC : World Bank, 2008, t2 42:

8 Sb'u Howitt P., Mayer-Foulkes D., R&D, Implementation, and Stagnation: A Schumpeterian Theory of Convergence Clubs// ournal of Money, Credit and Banking, Vol. 37, No. 1, Feb., 2005, t2147-177:

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9 Sb'u Aghion Ph., Comin D. and Howitt P., When does domestic saving matter for economic growth? Working paper, Department of Economics, Harvard University, 2006, 44 tg (+8), http://nrs.harvard.edU/urn-3:HUL.InstRepos:27759050

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10 Sb'u Mealy P., Farmer D., Teytelboym A., Interpreting economic complexity//Science Advances, Vol. 5, Issue 1, eaau1705, 4 Jan 2019, t2 1-8:

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5 Singapore 2.00 39 Saudi Arabia 0.62 73 Argentina -0.24 107 Zimbabwe -0.91

6 Czechia 1.80 40 Turkey 0.61 74 Jamaica -0.24 108 Ethiopia -0.92

7 Austria 1.77 41 Norway 0.56 75 Sri Lanka -0.25 109 Burkina Faso -0.93

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16 China 1.35 50 Greece 0.13 84 Oman -0.44 118 Cote d'Ivoire -1.11

17 Ireland 1.33 51 Trindad & Tobago 0.13 85 Paraguay -0.45 119 Yemen -1.13

18 1Q Mexico 1.31 52 CO Russia Pi-mii 0.12 n in 86 A7 Australia -0.45 n /Iß 120 Azerbaijan -1.11 1 O/l

19 20 France Israel 1.31 1.26 53 54 Brazil El Salvador 0.1 0 0.09 87 88 Uzbekistan Cambodia -0.48 -0.50 ■ ¿I LlUyd 122 Mozambique -1.24 -1.25

21 Belgium 1.21 55 Colombia 0.09 89 Morocco -0.52 123 DR of the Congo -1.34

22 Romania 1.20 56 Vietnman 0.05 90 Honduras -0.57 124 Mauritania -1.37

23 Thailand 1.15 57 Lebanon 0.04 91 Mali -0.60 125 Republic of the Congo -1.38

24 Malaysia 1.12 58 North Macedonia 0.04 92 Laos -0.65 126 Gabon -1.44

25 Netherlands 1.11 59 Bahrain 0.04 93 Pakistan -0.66 127 Angola -1.49

26 Denmark 1.10 60 South Africa 0.03 94 Cuba -0.69 128 Venezuela -1.49

27 Poland 1.08 61 Indonesia 0.02 95 Turkmenistan -0.70 129 Cameroon -1.53

28 Philippines 0.95 H QO 62 CO Uruguay 0.01 n 96 Q7 Zambia -0.72 O 7/1 130 1 Papua New Guinea -1.57 1 7H

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31 32 33 Spain Lithuania 0.83 0.81 0.79 65 66 67 Jordan Kyrgyzstan Egypy -0.04 -0.04 -0.15 99 100 101 Peru Senegal -0.7 9 -0.80 -0.80 133 Nigeria -I.ZZ

34 Serbia 0.75 68 Moldova -0.16 102 Bolivia -0.83 Uqpjnip* https://atlas. cid. harvard. edu/rankings

11 UipjnL|V https://www.worldstopexports.com/armenias-top-10-exports/

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12 Sb'u Country & Product Complexity Rankings. https://atlas.cid.harvard.edu/rankings

13 9Um^n^nLpjnLhhbpp L|mrnmpb[ bh hb|hhml|hbpp: U|pjnLp' https://atlas.cid.harvard.edu/rankings

14 UipjnLp' https://oec.world/en/rankings/eci/hs6/hs96

15 « Mmnm^mpnLpjmh 2021-2026 pp. Spmqhp, t2 29-30:

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16 Sb'u Standard International Trade Classification, Revision 4. United Nations, 2006, t2 113, 139:

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18 <wJwi^wmwu^wbmJ t SITC 2006-|i hbmbjw[ ^Jpbp|ib. Division 71-Power-generating machinery and equipment; Division 77 - Electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non-electrical counterparts, n.e.s., of electrical householdtype equipment.

19 Sb'u Hidalgo C., Hausmann R., The building blocks of economic complexity//PNAS , June 30, 2009, vol. 106, no. 26, https://www.pnas.org/content/pnas/106/26/10570.full.pdf

20 U^pjmp' - 1995, 1996, t2 183, - 2005, t2 484-485, - 2021, t2 527-528:

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21 Sb'u « Mwnw^wpnLpjwh 2021-2026 pp. ôpmqhpp, t2 29:

22 Sb'u These are the most complex economies around the globe, https://www.weforum.org/agenda^019/12/countries-ranked-by-their-economic-complexity/

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24 Commission on Growth and Development. The Growth Report: Strategies for Sustained Growth and Inclusive Development. Washington, DC : World Bank, 2008, pp. 34, 54.

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25 Howitt P., Mayer-Foulkes D., R&D, Implementation, and Stagnation: A Schumpeterian Theory of Convergence Clubs// Journal of Money, Credit and Banking, Vol. 37, No. 1, Feb., 2005, pp. 147-177.

26 <w2[wpl|hbpp L|wimwpb[ U qSwi^wiml|bpp L|wqJb[ bh hbqjihwlihbpp: UipjnLp' <4S, 20002021: <wJw2^wphwjfih pwhl|| im[jw[hbpfi pwqw:

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27 UipjnLp' World Development Indicators// https://data.worldbank.org/indicator

28 UipjnLp' <wJw2^wphwj|ih pwhl|h rn[jw[hbph pwqw: World Development Indicators// https://data.worldbank.org/indicator

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29 « Mwnw^wrinLpjwb 2021-2026 ôpwq^p, t2 29:

30 Sb'u Commission on Growth and Development. The Growth Report : Strategies for Sustained Growth and Inclusive Development. Washington, DC : World Bank, 2008, t"2 21:

31 Sb'u Ekholm K., Forslid R., Markusen J., Export-platform foreign direct investment. NBER Working Paper, No. 9517, February 2003, 35 tg:

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34 Распоряжение Евразийского межправительственного совета от 7 марта 2017 г., N 2, О сферах экономики, обладающих интеграционным потенциалом в Евразийском экономическом союзе, и мерах, направленных на его использование.

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Ldwhwm^ hwp^wj^h ^pwhhbpp hwdw^wp^w^ hbp^wjwg^wö bh wnUmp^ U qwpqwgdwh hwdwdn^n^h Tax Incentives and Foreign Direct Investment ^wumwp^pmd36 U d^ 2wpg wpdbpw^np d2w^mdhbpmd37. Un^npwpwp, hdwhwm^ wpmwhwhdwh hwppw^hbpp qnpörnd bh wqwm wnUmp^ qnm^hbpmd (Free-trade zone-FTZ): Lnp umb^ö^nT. fibnhwp^nLpjmh-hbpmd hbp^.pmdhbpp (Greenfield Investment) dbö hbmwppppnLpjnLh bh hbp^wjwghmd hwm^w^bu qwpqwgnq. bp^phbp^ hwdwp, pwh^ np h^wu-mmd bh mhmbumpjwh wpwq ph^.|wjhdwhp, pwpöp ^wpÖwrnp^nT. U pwpöp

35 Sb'u Commission on Growth and Development. The Growth Report : Strategies for Sustained Growth and Inclusive Development. Washington, DC : World Bank, 2008, t2 34:

36 Sb'u Tax Incentives and Foreign Direct Investment. A Global Survey. New York and Geneva, UN, 2000, t2 13:

37 Devereux M., Griffith R., 2003; Egger P., Loretz S., 2008; Muthitacharoen A., 2020:

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npm^m^npnLJ ^mhmlgn^ m2^mmmmbrçbph umbrçôJmlp U mb^ln[nqhm^ml mnmgplpmghl:

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Slmbumqbmlbph 2p2mlnLJ Lmjlnpbl pl^nLl^mö t, np pmqJmqq pl^b-pnLpjnLllbph mpmm^pmpjml U lbp^pmJmjhl npn2nLJlbph hmJmp ^np^n-pmmh4 hmp^Jml rçbph 4bpmpbpjmL ^npömnm^ml m2^mmmlfp ^bmf t hhJl^h hmp^mjhl m^bLh pl^qp^nLl pm^m^ph^lbph, mjL n^ Jhmjl opblu-rçpmpjmJp umhJml^mö ^np^npmmh4 hmp^h ^pnLjfm^m^bph 4pm:

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38 Devereux M.P., Griffith R., Klemm A., Economic Policy, Volume 17, Issue 35, 1 October 2002, p. 452.

39 Sb'u Egger P., Loretz S., Bilateral Effective Tax Rates and Foreign Direct Investment // International Tax and Public Finance, 16(6), 2008, t2 1-24:

pmp' ömqJmh m4jm[ bp^pmJ U ph^.mhn^ bp^pmJ, 4) Jhmjh Jhm^n^Jmhh mp^jnLhm4bm hmp^mjhh ^.pnLjfm^m^bph oqmmqnpömJp ^mpn^ t hmhqbg-hb[ bp^n^Jmhh ORhL-h 4pm hmp^mjhh qnpöhfhbph (ophhm^ bp^n^Jmhh hmp^mjhh hmJmÖmjhmqpbph Jhgngn4) ^n^n^mpjmh mq^bgmpjmh Jmuhh n^ mpdmhmhm4mm bqpmhmhqnLJhbph: Ophhm^' hhmpm4np t, np ph^mhn^ bp^pmJ Jhm^n^Jmhh hmp^mjhh ^.pnLjfm^m^bph pmpÖpmgmJp, nph mq^.mJ t mqqmjhh ph^bpnLpjrnhhbph 4pm, u^m|JmJp ^m^4h mj^ bp^pmJ ORhL-h h4mqJmh hbm:

4bpn^2jmLP hhJf t' bqpm^mghb|nL, np umhJmhmjhh mb^hn|nqhmhbph hbp^.pJmh L^mmm^n4 « ORh-L-h hbpqpm4Jmh hmp^mjhh ^pmhhbpp ^bmf t hh Jh4mö [hhbh bp^n^Jmhh mp^jnLhm4bm hmp^mjhh ^pnLjf m^m^b-ph 4pm, npn2 62qpmnLJn4' ^m^4mö <<-h' ön4mjhh b|f ^rnhbgn^ bp^ph ^mp-qm4h^m^h hbm: <mJmÖmjh ^UM-h qhmhmmmJhbph' ön4mjhh b|f ^rnhbgn^ bp^phbph mpmmhmhmJhg Jhh^U 15%-n4 ^m^mu b^mJmm bh ummhmJ, fmh mhbgnqhbpp: UNCTAD-h ^npömqbmhbpp ^mpömJ bh, np «mmpmöm2p2m-hmjhh mnUmpmmhmbum^mh hhmbqpmJp, hh^bu hmU n|npmhbph qmpqmg-Jmh h^mmm^n4 mmpmömpjmh h^mmJmJp n^ qqmjrnh, ORhL-h hbpqpm4-Jmh gmhfbpp ^mpn^ bh oqhbf ^n^hmmnLgbm mj^ bp^phbph' m2^mp-hmqpm^mh mnmJn4 pnLjL ^n^Jp»40: « mj^ pnLj[ ^n^Jp Jb^Jbm JnmbgnLJ ^mpn^ t T-hm4b[ «wp^jnLhw4bm hmp^mjhh ^.pnLjfm^m^bph» ^hu^nhmm4n-pnLJp' mpmmhmhJmh U hbpJnLöJmh hm4bijm[ öm^ubph qnpöm^gn4: L^mmh rnhbhm|n4 ön4mjhh b|f ^nLhbhmm qnpönhp U hhJf ph^.nLhb|n4 ^mjf[ H-Ub-pnjh nL JjnLuhbph Jbpn^mpmhnLpjnLhp'41 mpmmhmhJmh hmppm^h ORh-L-h hmJmp «wp^jnLhw4bm hmp^mjhh ^.pnLjfm^m^bph» hm24mp^p ^mpn^ t ^m-mmp4b[ hbmUjm[ pmhmÖUbpn4.

1. LupiynLhw^bs uuihduihuijfih huipliuijfih

DEMTR = EMTR * (XCt + Mj),

2. LupijnLhw^bs dfahh huipiiuijfiti rpnLjfw^w^.

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40 Development and Globalization: Facts and Figures. UNCTAD. New York and Geneva, 2004, p. 4.

41 Sb'u Devereux M.P., Griffith R., Klemm A., h24. W2^., t2 452:

42 Sb'u Country & Product Complexity Rankings, https://atlas.cid.harvard.edu/rankings/product

w^b|h dbS Sw^ubp: ^Sw^wrnlbp 6-nLJ, ophhwl, hbplwjwg^wS t hbpdrnS-dwh Sw^wLh hlwmdwdp (%) w^whn^wqpwlwh U pbnhw^n^w^.pmdhbph Sw^ubph (Costs of insurance and freight services) dwlwp^.wlh 2wpdphpwgp 1980-2002 pp.43, bpp, mb^blwrn^wlwh mb^hn|nqhwlwh hb^w^n^mpjwh wq^bgmpjwdp, hhmbhuh^wgwh n^ dhwjh mhmbuwlwh q|npw|wgdwh, wj|U wprnw^pwhfh pwp^mpjwh wurnh^whh pwpSpwgdwh qnpSphpwghbpp:

Suipquigwd hptypbhp

Ltbbyipnbuityuib b Upbhywb bijpniyuijp hptypbhp

&n^wjpb hf ¿mbhgnq hptypbhp Suipquignq hptypbhp U.2^uiph

■ 2002 ■1980

3.8

4.8

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6. Uiqiuhntfiuqpiutylub b pbnbiuilinfaiuqpmdbbpfr dwfaubpp44

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DEATR = 12.75%:

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43 <bmwqw swphhbph qblnLjghbpnLd ¿bh hwhi^h^nLd hdwh rn^jw[hbp: 2hwjwS i^pwh, wji^ rn^jw[hbpp Iwpni^ bh lnqdhnpn2h lhhb[ wjumbi^ hbplwjwg^wS dnsbgdwh hwdwp:

44 Sb'u Development and Globalization: Facts and Figures. UNCTAD. New York and Geneva, 2004, t2 5:

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45 Sb'u Muthitacharoen A., Tax Incentives and Foreign Direct Investment in Developing Countries, Austaxpolicy: Tax and Transfer Policy Blog, 9 March 2020:

46 Sb'u Loretz S., Determinants of Bilateral Effective Tax Rates: Empirical Evidence from OECD Countries. Fiscal Studies, Vol. 28, No. 2, 2007, t2 227-229:

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Oqmшqnpö^шö qpш^шbnLpJnLb

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ДАВИД ВАРДАНЯН

Аспирант кафедры финансов АГЭУ

МГЕР ВАРДАНЯН

Магистр компьютерных и информационных наук АУА

Концептуальная рамка финансирования инвестиций, необходимых для повышения уровня экономической сложности, при помощи внутренних сбережений.- В

статье рассматриваются вопросы, связанные с внешними и внутренними источниками финансирования инвестиций для внедрения передовых технологий, с учетом ориентиров по повышениию экономической сложности Республики Армения, установленных в программе Правительства Республики Армения на 2021-2026 гг. Степень экономической сложности зависит от ее удаленности от мирового технологического рубежа. Одним из каналов передачи производительных знаний, необходимых для внедрения передовых технологий, являются ПИИ, уровень притока которых недостаточен, а под влиянием COVID-19 и тенденций последнего десятилетия увеличилась неопределенность внешних источников финансирования инвестиций. Основываясь на результатах анализа, авторы пришли к выводу, что стабильный, высокий уровень инвестиций, необходимый для устойчивого экономического роста на основе технологического прогресса, должен обеспечиваться за счет внутренних сбережений. Предложена концептуальная рамка экспортной платформы ПИИ и внутренних инвестиций, нацеленной на повышение уровня экономической сложности страны.

Ключевые слова: валовые сбережения, валовые внутренние сбережения, накопление основного капитала, экономическая сложность, передовые технологии, внутренние инвестиции экспортной платформы, ПИИ. JEL: E21, E22

DOI: 10.52174/1829-0280_2022.1 -9

DAVIT VARDANYAN

PhD Student of the Chair of Finance of ASUE

MHER VARDANYAN

Master of Science in Computer & Information Science AUA

A Conceptual Framework for Domestic Saving Financing the Investment Required to Increase the Complexity of the

Economy.-The paper reviews the issues related to external and internal sources of investment financing for the introduction of frontier technologies, considering the guidelines for increasing the economic complexity of the Republic of Armenia, established

in the program of the Government of the Republic of Armenia for 2021-2026. The degree of economic complexity depends on its distance from the world technological frontier. One of the channels for the transfer of productive knowledge needed for the adoption of frontier technologies is FDI, which suffers insufficient levels of inflows. In addition, the uncertainty of external sources of financing has increased under the trends of the last decade and recent influence of COVID-19. Based on the results of the analysis, the authors concluded that the stable, high level of investment required for sustainable economic growth based on technological progress must be provided through domestic savings. A conceptual framework for an export platform for FDI and domestic investment is proposed, aimed at increasing the level of economic complexity of the country.

Keywords: gross saving, gross domestic saving, fixed capital formation, resource gap, economic growth, economic complexity, frontier technology, export platform FDI and domestic investment JEL: E21, E22

DOI: 10.52174/1829-0280_2022.1-9

Аннотация научной статьи по экономике и бизнесу, автор научной работы — Варданян Давид, Варданян Мгер

Похожие темы научных работ по экономике и бизнесу , автор научной работы — Варданян Давид, Варданян Мгер

A CONCEPTUAL FRAMEWORK FOR DOMESTIC SAVING FINANCING THE INVESTMENT REQUIRED TO INCREASE THE COMPLEXITY OF THE ECONOMY