Institutional environment of financial regulation of social innovations

Abstract

The increasing attention to social innovations in recent years has been caused by the search for alternative ways to solve the problems of the public sector, transformational processes in socio-economic systems taking place under the influence of accelerating technological progress, as well as increased interest and participation of economic agents in solving these problems, including through financial regulation. The purpose of the article is to develop theoretical ideas about the institutional environment of financial regulation of social innovations as a key tool for solving socio-economic problems caused by the increase in external and internal challenges and threats due to the increasing complexity of international relations, the risks of imbalance of the country's financial system, the growth of poverty and social inequality. As a result of the research, the following factors have been identified: factors affecting the stability of the institutional environment of financial regulation of social innovations; specific functions characterizing the institutional environment of financial regulation of social innovations; the main directions of influence of the state as the main subject of the institutional environment of financial regulation of social innovations; the subject-institutional composition of participants in the social innovation process. The effectiveness of social innovations is directly dependent on the development of the relevant institutional environment and the well-functioning mechanism of interaction of the subjects of the socio-innovation process. In this regard, further development and transformation of the institutional environment of financial regulation of social innovations should be aimed at creating conditions for stable functioning and regulation of social innovation activities, involving the widest possible range of stakeholders in it, expanding access to the necessary sources of financial resources.