2020 (17), №3

Spatial Imbalances in the Formation of Financial Potential of Regional Systems



For citation: 

Naumov, I. V. (2020). Spatial Imbalances in the Formation of Financial Potential of Regional Systems. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (3), 614-628.


The paper discusses the spatial imbalances in the allocation of financial resources across Russian regions by analyzing investment into enterprises of the real sector of the economy, foreign direct investment and bank loans to various institutional sectors, internal debt of Russian regions and their municipalities. The analysis reveals spatial clusters with the highest concentration of financial resources and struggling territories. Thus, the spatial concentration of financial resources is quite heterogeneous, which determines the significant variations in the economic development of regional systems. We create a spatial autoregressive model of the dependence of the gross regional product on the volume of investment in fixed assets attracted by the regions, direct foreign investment, investment in debt securities of Russian regions and their municipalities, bank loans to Russian regions, municipalities and households. This model shows the negative impact of spatial variation in the development of financial potential of regions on their economic development. The spatial autoregressive model can be used by policy-makers to predict GRP dynamics when developing spatial strategies for regional socio-economic development.

Ilya Viktorovich Naumov — PhD in Economics, Head of the Laboratory for Spatial Territorial Development Modelling, Institute of Economics of the Ural Branch Russian Academy of Sciences; Associate Professor, Ural State Mining University (Ekaterinburg, Russian Federation; e-mail: ilia_naumov@list.ru).