Subject. This article focuses on the investment and financial mechanism of the Russian rural development from the standpoint of the institutional approach and the theory of transaction costs. Objectives. The study aims to investigate the institutional conditions for the implementation of the investment and financial development mechanism for the of rural areas in Russia. It also aims to develop a five-level model focused on the sustainable spatial development of the country. Methods. For the study, I used the methods of comparative institutional analysis, statistical data analysis, content analysis, and comparative analysis of international experience. Results. The article reveals that the underfunding of the integrated rural development program is due to institutional insufficiency. It also identifies significant regional differentiation, requiring a system of differentiated tools, and proposes a five-level model of the investment and financial mechanism for the development of the Russian rural areas. Conclusions. Overcoming the institutional insufficiency of rural development is a prerequisite for the implementation of strategic national priorities. The implementation of the package of measures will significantly increase the total amount of financing for rural development in Russia.
Keywords: rural areas, investment and financial mechanism, institutional environment, public-private partnership, digital management platform
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