THE MODELS OF ECONOMIC INTEGRATION OF THE REGIONS – FEDERAL SUBJECTS IN RUSSIA: ASSESSMENT OF THE EFFECTS, RISKS AND FINANCE-ECONOMIC SECURITY OF REGIONS

Abstract

Spatial development of Russia has large disproportions of financial and economic nature. This can be illustrated by the example – most of the regions have a regional budget deficit. At the same time, the debts of the regions to higher budgets and banks are steadily growing. All this reduces the potential for regional development and the opportunities to ensure the economic security of regions’ development, the financial and economic risks of bankruptcy of the territories are growing. The purpose of the presented study is to evaluate using mathematical models various options for enhancing interaction between regions, increasing the degree of integration and balance based on the intensification of interregional links and reducing interregional and intra-regional socio-economic and financial differentiation. One of the approaches to solving this problem is the creation of new mechanisms of territorial organization, involving the formation of large spatial structures – globally competitive macro-regions. The research methodology relating to the problems indicated in the article is based on panel-longitudinal statistical studies and econometric models. The article gives assessments of long-term effects, such as the growth of the quality of life, economic growth, incomes of regional budgets, as well as risks and the level of financial security, using different mechanisms of economic integration of the regions on the example of the subjects of Russia – the Krasnoyarsk Krai, the Republics of Khakassia and Tyva. The influence on the effects and risks of a number of factors related to the natural-geographical location, the prevailing level of concentration of economic activity in the regions, the resource type of economic development the disruption of established inter-regional ties within the country in the transition to market relations, the current norms of budgetary federalism, weak infrastructure facilities of the territories are estimated.