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Regional Economics: Theory and Practice
 

The conceptual approach to the management of structural change in the economy of the region through the identification of key points of investment growth

Vol. 13, Iss. 14, APRIL 2015

PDF  Article PDF Version

Available online: 6 April 2015

Subject Heading: SPATIAL ECONOMICS

JEL Classification: 

Pages: 40-52

Myakshin V.N. Northern (Arctic) Federal University named after M.V. Lomonosov, Arkhangelsk, Arkhangelsk Region, Russian Federation
mcshin@yandex.ru

Importance The article considers a new conceptual approach to the management of economic systems in the regions of the Russian Federation, reviews economic relations arising in the process of investment, and selects the priority economic activities over the medium term.
     Objectives I aim to develop methodologies for determining the priority directions of investments to optimize industrial structures based on identification of key points of investment growth, which will increase the investment attractiveness of related industries and balance in the economic development of the region.
     Methods I used a system analysis and economic-mathematical methods of research: synthesis, comparison, systematization, and the input-output balance method.
     Results I am offering a conceptual approach to the management of structural change in the economy of the region through the provision of priority economic activities over the medium term. In addition, I have developed a methodology of determining the priorities for investment in order to optimize the industry structure. I give certain recommendations on strategic priorities for the regional investment policy. The analysis of the distribution of investments by type of economic activity in the Arkhangelsk region made me conclude on the imbalance in investment flows and deformation of the sectoral structure of the economy. Modernization of the economy of the Arkhangelsk region based on the optimization of branch structures is possible through the implementation of large-scale investments in fixed assets as a basis for the resource support for structural reforms.
     Conclusions and Relevance The developed methodology is quite a versatile tool for public administration of structural change in the economy of Russian regions through the identification of key points of investment growth. The conclusion is that the restructuring of the region's economy with limited investment resources needs essential priorities, the development of which could set in motion a mechanism of investment induction and thus contribute to increasing the investment activity in related industries.

Keywords: key points, investment, growth, mechanism, self-induction, coefficient, input-output balance

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