Investment policy of Russian regions: three approaches and one criterion

The article compares institutional, rating-based, and structural approaches to regional investment policy in Russian studies published in 2024–2026. It identifies the limitations of assessments based on the volume of investment attracted. Russian state statistics data for five regions of the Central Federal District in 2010 and 2023 reveal a divergence between investment growth at current prices and changes in the investment-to-GRP ratio. The findings support considering investment volume and composition, the relative scale of investment within the regional economy, and enterprises’ financing conditions together.