Subject. The institutional mechanism of quasi?public mezzanine funds and the regional smoothing fund. Objectives. To develop the institutional architecture of quasi?public mezzanine funds and a fund for smoothing regional cash flow gaps as a comprehensive tool for the structural modernization of the Russian economy. Methods. A five?channel macroeconomic model and scenario analysis were used. Results. An institutional architecture for three quasi?public funds is proposed, designed to reallocate domestic savings to the non?resource corporate sector and strengthen financial stability. The model includes two mezzanine funds aimed at financing enterprise modernization, as well as a fund for smoothing regional cash flow gaps – a tool to strengthen fiscal federalism. This model takes into account the investment effect, cross?sectoral multipliers, labor productivity growth, and financial market development. Scenario analysis was carried out for the 2026–2030 horizon. Conclusions. The proposed mechanism may contribute to additional economic growth, expansion of the financial market’s investment base, and the formation of a new class of long?term financial instruments.
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