RuEn

Journal section "Regional economics"

The Impact of Institutional Factors on Economic Dynamics in the Regions

Blokhin A.A., Likhachev A.A.

Volume 15, Issue 4, 2022

Blokhin A.A., Likhachev A.A. (2022). The impact of institutional factors on economic dynamics in the regions. Economic and Social Changes: Facts, Trends, Forecast, 15(4), 60–73. DOI: 10.15838/esc.2022.4.82.4

DOI: 10.15838/esc.2022.4.82.4

Abstract   |   Authors   |   References
The article is devoted to the problem of combining institutional and economic features in regional research and forecasting. We substantiate that the importance of institutional factors, including those in the regional context, manifests itself under significant differences in the institutional conditions for business that make it possible to receive stable institutional rent; this leads to the stratification of business by levels of alpha, beta and gamma business. The object of the study is top large business in the region. The distribution of major global and federal companies in the context of regions, as well as the presence of an established group of leaders in the regional economy, requires their separate monitoring and forecasting. We propose our own approach to determining the features of consolidation of large business. We show that the range of dispersion of their levels among regions and over time is significant and can be tens of percent and/or percentage points, which urges researchers to focus on these indicators. By comparing the features of consolidation of large business in the regions and using the constructed quantitative estimates, we substantiate the typology of methods (models) of economic growth in regions, depending on the presence or absence of major global, federal, and regional companies in them and their role in regional economy. Theoretical significance of this approach consists in combining the institutional analysis of the architecture of regional markets with the cost and physical aspects of the analysis; this will help improve the quality of diagnostics of regional and interregional problems and the validity of forecasts. Practical significance is determined by the possibilities of taking into account the architecture of regional markets in regional economic policy

Keywords

institutions, institutional conditions, institutional rent, alpha business, consolidation of large business, economic growth of regions, institutional geography

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