UNEVEN DEVELOPMENT OF THE RUSSIAN REGIONS IN CONTEXT OF INFRASTRUCTURE FINANCIALIZATION
D.K. Vasiliev1, L.E. Limonov1,2
1Higher School of Economics, St. Petersburg, Russia
2Non-Commercial Organization International Centre For Social and Economic Research В«Leontief Centre», St. Petersburg, Russia
Keywords: infrastructure financialization, regional development, Russia
Abstract
This article addresses the insufficient scientific attention given to the impact of public and private infrastructure investments on reducing regional inequalities, especially within the BRICS countries, and particularly Russia. Despite the importance of this issue, it has been under-researched there, unlike in other countries such as China. To bridge this gap, the article evaluates how infrastructural financialization influences uneven regional development in Russia. Using a Tobit regression model and panel data from 2005 to 2019, the study analyzes regional development disparities, with infrastructural finanicate that advanced infrastructural financialization contributes to reducing regional inequality in Russia. Although Russia’s economy focuses on public administration, the article emphasizes the need for increased regionally proportional private investment in infrastructure to achieve regional convergence. Notably, the study’s conclusions differ from those of studies using similar methodology abroad, highlighting the controversial nature of the topic.
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