The relevance of the study is due to the development of digitalization processes of economy, including its financial sector. The introduction of modern technologies contributes to the creation of new financial products, the emergence of fundamentally new mechanisms and ways implementing the investment process. In this regard, the article is aimed at studying the investment behavior of macroeconomic entities in the context of establishing a new economic model that creates conditions for the formation and operation of new tools and investment methods. The article is aimed at identifying and describing the features of the investment behavior of economic entities, the appearance of which is due to the transformation of motivational incentives to implement investment activities. The leading approach used in the research is systemicdialectical, which involves a comprehensive consideration of the investment process as a systemic phenomenon. The article identifies the prerequisites for changing the investment behavior of macroeconomic agents, due to the emergence of new investment tools, such as crowd-funding, crowd-investing and crowd-lending. It is proved that the introduction of digital technologies expands the investment opportunities of the subjects, which contributes to more effective implementation of their economic and institutional interests. It is shown that the ongoing evolution of the social-and-economic system, caused by digitalization, changes the traditional understanding the types of economic activity of economic agents. The article materials are of practical value for assessing the level of investment potential of macroeconomic entities; for analyzing the process of introduction and development of new technological platforms.

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The article reviews the issues of the economic security of the country from the standpoint of identification of financial crises. The essence and content of a financial crisis are given, characteristic traits of a stock market bubble as an integral part of a stock market crisis are singled out. Special emphasis is laid on the study of the existing methods of identification and measurement of bubbles. The authors analyze the modern stock market crises, describe the Russian stock market vulnerability factors. The article evaluates the possibility for the origination of a stock market crisis in Russia on the modern stage resulting in the creation of a multi-factor stock market bubble identification model. The authors justify proposals and recommendations for the elimination of the existing Russian stock market problems aimed at removal of the economic security threats of the country.

This article aims to explore the relationship of the shadow economy with the institutional environment and develop practical recommendations for government policies around the world, and particularly in Russia. The urgency of the issue under research is caused by the existing need to study the shadow economy in order to find ways to reduce its scale and level out its negative externalities. Despite the fact that most of the papers focus on tax burden as a fundamental determinant of the shadow economy, the authors of this article believe that institutional tools can expand the boundaries of research on the content of the shadow economy as an economic category. Statistical analysis of 105 countries with different development levels revealed a stronger correlation between the quality of institutions and the size of the shadow economy than the one between total tax burden and the size of the shadow economy. The findings of this article can be useful in developing state strategies for combating the shadow economy and carrying out economic policies of the state as a whole.

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