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Financial Analytics: Science and Experience
 

Studying the effect of institutional conditions on innovative development of economic systems

Vol. 9, Iss. 44, NOVEMBER 2016

PDF  Article PDF Version

Received: 31 October 2016

Received in revised form: 12 November 2016

Accepted: 24 November 2016

Available online: 29 November 2016

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: O30

Pages: 2-13

Astaf'eva O.V. Financial University under Government of Russian Federation, Moscow, Russian Federation, Moscow, Russian Federation
astafeva86@mail.ru

Importance The research examines institutional conditions that ensure innovative development of the national economy.
Objectives I study how the institutional environment influences the innovative development of the national economy, and identify means to ignite innovative processes by addressing key aspects of the system through development institutions.
Methods The methodological framework includes principles for ensuring the sustainable development of economic systems and examining the effect of the institutions on economic development. The research involves methods of generalization, comparative analysis, theoretical modeling, induction, decomposition.
Results I propose the classification of development institutions and systematization of constraints and drivers of institutional changes in economy to ignite innovative processes.
Conclusions and Relevance When innovative development destabilizes the economic system, it leads to crucial changes in the institutional environment, thus influencing the entire system. Currently, institutional regulation tools represent factors accelerating the innovative development of economic systems. The proposals herein can be considered for purposes of economic systems to formulate the strategy for activating the innovative activity in economy.

Keywords: innovative development, institutional environment, development institutions, national economy, business environment

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