Development of Alternative Investment Instruments with the Aim of Achieving of Economic Growth. Summary of the Thesis for the Degree of Doctor of Economics.

Abstract

CONCEPTUAL GUIDELINES FOR THE RESEARCH. The relevance of the research topic. The 2008 global financial crisis significantly impacted the world economy, triggering a banking and credit system crisis. This led to increased capital adequacy requirements, higher interest rates on loans, and a shortage of accessible bank financing, particularly affecting technological startups and small and medium-sized innovative technology companies. The development of advanced information technologies and the flow of capital and demand into unregulated sectors of the economy have resulted in the formation of a new alternative investment instruments market. The year 2020 was unlike any other: the global economies were tested by the onset of the COVID-19 pandemic, which led to a series of unprecedented restrictive measures, causing a sharp decline in sales levels and lack of liquidity, forcing many small and medium-sized enterprises to cease operations. Additionally, geopolitical tensions and the military conflict in Ukraine in 2022 contributed to a more cautious investment climate, affecting trade relations, and leading to volatility in financial markets. To combat rising inflation, central banks in many countries began implementing stricter monetary policies by raising interest rates and reducing monetary stimuli. In this context, the use of online peer-to-peer lending platforms has become relevant, enabling remote attraction of financial resources without the need for various procedures inherent in the traditional banking sector, such as thorough risk assessments, collateral requirements, and mandatory bank visits. Despite the significant annual growth of the alternative investment instruments sector worldwide and the development of new investment tools, the crowdfunding market in the Republic of Moldova is currently in its nascent stage. The "Law on Collective Finance Services" has been adopted and has just come into force. Therefore, the study of issues and opportunities for the application of alternative investment instruments becomes an important subject of scientific analysis, especially in the context of the need for investments for the long-term development and sustainable economic growth of the Republic of Moldova, highlighting the relevance of the research problem.