FINANCIAL AND INSURANCE ACTIVITIES AS A PROSPECTIVE ECONOMIC SPECIALIZATION FOR A CONSTITUENT ENTITY OF THE RUSSIAN FEDERATION
A.V. Novikov
Novosibirsk State University of Economics and Management "NINE", Novosibirsk, Russia
Keywords: financial and insurance activities, prospective economic specialization for a constituent entity of the Russian Federation, Atlas of Economic Specialization of Regions, regional financial center, institutional and instrumental approaches to establishing a financial center, participants and instruments of the financial market
Abstract
The Spatial Development Strategy of the Russian Federation until 2025 provides Russian regions with the choice of prospective economic specializations, which are often summarized in the concept of “smart specialization." One of such prospective specializations is financial and insurance activities. An analysis of existing approaches to defining regional specialization has revealed the possibility of including financial and insurance activities as specializations of Russia’s individual constituent entities. Detailed statistical material on prospective economic specializations, including financial services and insurance, is defined in the Atlas of Economic Specialization of Regions. The object of observation is the Siberian Federal District and its five constituent entities (Altai Republic, Altai Krai, Krasnoyarsk Krai, Kemerovo Oblast, Novosibirsk Oblast), which have chosen financial services and/or insurance as their branches of specialization. We propose a methodology for ranking the capabilities of financial market participants in these constituent entities of the Rassian Federation. Based on the developed methodology, the city of Novosibirsk has been considered a potential capital of the regional financial market of Siberia. Using the main elements characterizing institutional and instrumental approaches to the formation of the financial market, we suggest the ways of creating a regional financial center in Novosibirsk.
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