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Finance and Credit
 

Finance of innovation: National projects and demand for new tools

Vol. 25, Iss. 5, MAY 2019

Received: 28 March 2019

Received in revised form: 11 April 2019

Accepted: 25 April 2019

Available online: 30 May 2019

Subject Heading: THEORY OF FINANCE

JEL Classification: G00, G23, G29

Pages: 1043–1060

https://doi.org/10.24891/fc.25.5.1043

Bozieva I.A. North Caucasus Institute, Branch of Russian Presidential Academy of National Economy and Public Administration (RANEPA), Pyatigorsk, Stavropol Krai, Russian Federation
tatuev08@mail.ru

ORCID id: not available

Subject The article focuses on contemporary weaknesses of the Russian innovation finance and the need to ensure not only the overcoming of the cumulative lag of innovative activities, but also the priority innovative development of national reproduction.
Objectives The research provides the rationale for devising additional innovation finance tools of national projects and set up respective principles.
Methods The research is based on a systems approach, general methods, analysis of the Russian and foreign practices, statistical and comparative analysis, methods of logic and structural-functional analysis.
Results As analytical and theoretical findings shows, the innovative gaps between real capabilities and practical finance of innovation became a common tendency of the Russian economy, on the one hand, and reproductive demand for innovation, on the other hand. The innovative gap appears to be the single negative factor of the national reproduction development, which will persevere notwithstanding changes in finance. This especially reveals itself in the way national projects are financed.
Conclusions and Relevance The scale of national projects, significance of mid-term S&T and socio-economic development of the Russian Federation, respective financial resources allocated require additional mechanisms for innovation finance. Whereas profiles of national projects fail to stipulate explicit intention to spur innovative activities, it is reasonable to develop and implement the federal digital platform for innovation finance, which is integrated with emerging ecosystems of banking and financial sectors. The findings can be used to generate new digital mechanisms for effective financing of innovation.

Keywords: innovation, finance, innovative activity, financial instruments, national project, budgetary financing

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