EVALUATION OF FOREIGN INVESTMENTS IN THE RUSSIAN FEDERATION 

Yanova Polina Gennad'evna, Candidate of economic sciences, professor, sub-department of economics, history and politics, Penza State University (40 Krasnaya street, Penza, Russia), yanovap@mail.ru
Kapralova Ekaterina Viktorovna, Postgraduate student, Penza State University (40 Krasnaya street, Penza, Russia), kat-kapralova@mail.ru

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Background. Increasing globalization and international division of labor are the factors of growth of international relations and, particularly, of the export-import relations. In this regard, the foreign capital as a form of investment into the economy is seen as an integral part of financial relations of economic agents of the country. However, visual assessment of the dynamics and structure of such revenues is insufficient. It requires a detailed estimation of foreign investment efficiency. 
Materials and methods. The article analyzes the balance of payments of the Russian Federation from 2007 to 2012. The study paid special attention to the 'Neterrors and omissions", as the annual dynamics of the balancing article characterizes the changes in the unrecorded transactions with foreign capital. For more detailed description of foreign assets and liabilities in Russia the authors uses the methods of analyzing data of the International Investment Position of the Russian Federation since 2007 to 2012 year. In the framework of the direct methods of assessing the effectiveness of foreign investments the authors calculated the indicators of the investment multiplier and accelerator, used the instruments of regression statistics and variance analysis.
Results. The authors analyzed the data from the balance of payments, international investment positions, investigated the effect of changes in the flow of foreign investments into the country on the volume of Russia's GDP.
Conclusions. The effectiveness of foreign investments in the Russian Federation cannot be estimated by the universal methods, because the priority of foreign investors is obtaining passive income, rather than doing business in our country. Therefore, evaluation of foreign capital should be carried out in the context of each type of investment or in the context of a particular investment project.

foreign investment, balance of payments, international investment position, GDP, investment multiplier, regression analysis, analysis of variance

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