REGIONAL DEVELOPMENT INSTITUTIONS: DO THEY NEED A HARD RESET?
A.V. Rajkhlina1, E.G. Patrusheva2, K.I. Podgornova3
1Financial University under the Government of the Russian Federation, Yaroslavl Branch, Yaroslavl, Russia
2Yaroslavl Demidov State University, Yaroslavl, Russia
3PJSC "The Yaroslavl Region Development Corporation", Yaroslavl, Russia
Keywords: region management, social and economic development, regional development institutions, development corporations, investment, shaping the region’s RDI system
Abstract
At the turn of2000-2010, all constituent entities of the Russian Federation established many regional development institutions (RDI). These are specialized organizations, aimed at increasing investment and creating a favorable regional business environment. However, the presence of a comprehensive support for their activities in terms of methodology, normative and legal regulation remains debatable. The issue, on the one hand, reduces the effectiveness of RDIs; on the other hand, this makes it difficult to develop a unified approach to assessing their contribution to the local economy. The analysis of the correlation between the investment dynamics for 2017-2020 in the Central Federal District with the number of development institutions created in Russian entities shows how multidirectional these characteristics are in the context of individual regions. Our research has been carried out based on practical data from Yaroslavl Oblast. The role and importance of RDIs for the social and economic development of territories are the reasons why we have chosen such institutions as its object. The subject of the study was the search for reserves to improve the effectiveness of RDIs in investment projects. Having analyzed the performance of development corporations, a type of institutions with the widest representation in the Russian constituent entities, and identified challenging conditions for RDIs ’ functioning, we are able to draw a conclusion about the need for significant modernization of regional institutions. Our suggestion is to conduct this toward reestablishing RDIs as a single infrastructure complex, coordinate the work of institutions, as well as to have a clearer distribution of functions performed by them. The results of the study contribute to improving the activities of RDIs and boosting their efficiency in task-solving.
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