Ensuring financial stability of the real sector as a determinant of regional investment policy in the context of the transition to a new technological order

The relevance of this study is determined by the fact that monetary policy aimed at inflation targeting conflicts with the need for technological modernization in the real sector, creating a critical debt burden on industry. Under these conditions, regional investment policy requires revision to ensure a balance between maintaining the financial stability of enterprises and stimulating long-term capital investment in a new technological paradigm. The purpose of this study is to substantiate the directions for transforming regional investment policy aimed at reducing the debt vulnerability of the real sector and ensuring its financial stability during the transition to a new technological paradigm. The objectives of the study are to assess the dynamics of the debt burden of enterprises in the real sector and identify areas for restoring investment activity. Methodology . The research methodology is based on a combination of general scientific and specialized research methods, including systems, structural-functional, and comparative analysis, as well as statistical processing and data visualization methods. The results of the study confirm that the current conditions for attracting borrowed capital are associated with prohibitively high debt servicing costs, making large-scale capital asset renewal and modernization of production capacity impossible. It was found that a review of manageable internal factors, primarily monetary and fiscal policy parameters, and the implementation of targeted measures to stimulate consumer demand are key to increasing the financial stability of the real sector. Conclusions . The findings of the study indicate that maintaining a strict focus on inflation targeting without taking into account sectoral and regional specifics leads to the accumulation of debt vulnerabilities in the real economy and a reduction in investment incentives.