Abstract
The article substantiates the impact of the institutional factor on the development of regional international economic relations. The scope of the study is regional international economic activity (IEA), the subject-matter is the role of the institutional factor in its development. The study purpose is to develop a scientific approach for the assessment of the institutional factor impact on the development of region’s international economic relations. The hypothesis is that the targeted efforts of all participants of IEA of the region (business, authorities, local community) to strengthen of theese components of the institutional factor, which have a strong influence on the regional socio-economic development. A methodological approach for the assessment of this influenceis developed. It includes determining three elements of IEA institutionalization— agreements, organizations, events. A three-dimensional model is proposed for the coordination of these elements with 3 groups of countries — developed, developing and CIS, including the Eurasian Economic Union, and also with basic indexes characterizing the qualitative and quantitative contribution of region’s IEA into its socio-economic development. This model is tested on the example of the Sverdlovsk region of Russia for 2003–2015. That has allowed to define various kinds of the effects from strenthening the IEA institutional component, which are expressed in the increase of the export of the region, improvement of its investment attractiveness, the diversification of regional economy as well as the the generation of additional jobs and tax flows increase.
Highlights
For the purposes of discussion, the international economic activity (IEA) of a country and a region can be divided into a process component, i.e., the processes of international movement of goods and production factors, and an institutional component, i.e., institutions supporting these processes
A country’s region will have its own specifics of IEA institutional component that will be expressed by making the international cooperation agreements with the regions of foreign countries
It is possible to draw a conclusion about the confirmation of the thesis pushed by the authors that the institutional factor of IEA is provided at the regional level by three manifestations: agreements of region about economic cooperation in various spheres with regional authorities of foreign countries; manifestation of institutionalization of countries’ economic partnership at the level of region; organizing and carrying out in the region the international events related to international cooperation in various economy branches with the involvement of new network technologies of interaction
Summary
For the purposes of discussion, the international economic activity (IEA) of a country and a region can be divided into a process component, i.e., the processes of international movement of goods and production factors, and an institutional component, i.e., institutions supporting these processes. A country’s region will have its own specifics of IEA institutional component (all institutional standards are set by the federal center) that will be expressed by making the international cooperation agreements with the regions of foreign countries. Both native [10, 20, 21] and foreign [22, 23] researchers underline a high role of international economic agreements. The research of institutional factor influence on the development of regional economy according to the offered methodology allows to propose subsequently a complex of recommendations for the optimization of region’s IEA. — in the sphere of the movement of technologies (in particular, assistance in the organizing the joint high technology productions); Table 1 Intensity of international contacts as comparison to the dynamics of volumes of international economic activity of Sverdlovsk region, 2003–2015
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