The purpose of the study is to determine the degree of influence of investments in financial and non-financial assets on the rate of economic growth in a comparative aspect for the US, German and Russian economies. It is determined by the level of development of the financial sector, which can either support growth or slow it down. The methodology of the study is a structural analysis and an econometric approach which allows to build econometric models when the dynamics of GDP and types of investments, to the structural formula as a model to evaluate the contribution of each type of investment in economic growth. A regression analysis was used to show the relationship between financial and non—financial investments, the growth rate of the economy and the financial market bias parameter proposed in the framework of the analysis, an increase in which indicates an expansion of the financial market's influence, a decrease—a reduction in such influence. The built econometric models made it possible to give a forecast estimate of GDP dynamics in the unfolding recession of 2020–2021, when reducing financial and non-financial investments, identifying together with the application of the structural formula and the possible change in the contribution of investments to the rate of economic growth, when their own rate changes. The study also revealed a sharp increase in the financial market bias in the Russian economy compared to the United States and Germany, which significantly affects the rate of economic growth, depending on changes in financial investment. This unbalanced influence requires macroeconomic policy measures to correct the structural imbalance between financial and non-financial investments.

中文翻译：

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金融和非金融投资：对经济动力影响的比较计量经济学分析

该研究的目的是确定美国，德国和俄罗斯经济体在比较方面对金融和非金融资产投资对经济增长率的影响程度。它取决于金融部门的发展水平，既可以支持增长又可以放缓增长。该研究的方法论是一种结构分析和计量经济学方法，允许在GDP和投资类型的动态变化时建立计量模型，以结构公式作为模型来评估每种类型的投资对经济增长的贡献。回归分析显示了金融和非金融投资，经济增长率和分析框架中提出的金融市场偏差参数之间的关系，增加表示金融市场的影响力在扩大，而减少则表示这种影响力的减小。内置的计量经济学模型可以在减少金融和非金融投资时，对2020-2021年持续衰退中的GDP动态做出预测估计，并确定结构式的应用以及货币对经济贡献的可能变化。当自身增长率发生变化时，投资以经济增长率为准。该研究还显示，与美国和德国相比，俄罗斯经济中金融市场的偏向急剧上升，这严重影响了经济增长率，具体取决于金融投资的变化。