Multiplier and Accelerator Effects of Investments in the Russian Economy (Facts, Trends and Prospects)

Background/Objectives: The article describes the peculiarities of multiplier and accelerator effects in the Russian economy at different stages of its historical development. Methods/Statistical Analysis: The research of the specifics of multiplier and accelerator effects of investments in the Russian economy is based on the historical and genetic approach. The methodological base of the research consists mainly of dialectical principles. During studies, the authors used a regression analysis as a main tool for studying relations between economic variables and an indicative analysis enabling to estimate the potential danger, to make quantitative assessment of the crisis. Findings: The authors have built a regression model which reflects both: Changes occurred in the investment mechanism in the 1990s and their impact on the cumulative process in the post-Soviet economy. The causes and negative consequences of low investment activity in Russia have been identified. The well-founded conclusion has been made about the futility and harmfulness of raw materials export model for the further development of the country due to its inability to utilize the potential of the stimulating effect of the “cumulative demand” (consumer and investment one) factor. Application/Improvements: Proposals have been made regarding the intensification of the investment activity in the Russian economy, as well as the activation of hyper-cumulative process combining the accelerator and multiplier effects.