Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2020)

Conditions and Trends of the Social and Economic Development of Sevastopol

Authors
E I Piskun, V V Khokhlov
Corresponding Author
E I Piskun
Available Online 17 March 2020.
DOI
https://doi.org/10.2991/aebmr.k.200312.423How to use a DOI?
Abstract
Sevastopol is a region of the Russian Federation and at the same time a municipality with its own social and economic development trends. This is a city with rich military history and potential for tourism development, high level of education and culture, unique geographic location and climate. From the investment point of view, the region is attractive as it has a developed transport infrastructure, a warm-water seaport, developing wine production, ship building and maintenance, fisheries and fish processing, information technologies; green, history and wine tourism. At the same time, experts believe that Sevastopol has an insignificant investment potential and moderate investment risks. The article proposes a hypothesis on the interconnection of such performance indicators of the social and economic development as gross regional product, investment into the capital stock and annual average wages. It does not seem possible to analyse more indicators due to the statistic timeline limitations associated with the development of a model (objective data on Sevastopol is available only for 4 years). The interconnection of the variables has the multicollinearity effect that can produce false results. In order to make objective evaluations, the article presents the methodology for developing vector auto-regression equations and assess its parameters, a system of structural and reduced simultaneous autoregressive equations was presented, the unknown parameters were assessed. The simulation allowed to prove that the wages is not influenced by investments, or GRP, or vice versa. GRP grew due to investments that had been increased thanks to state support. The developed models and accumulated data can be useful for the authorities in terms of pro-active management. Further research will be aimed at assessing the feasibility of the performance indicators under the Strategy for the social and economic development of Sevastopol until 2030 taking into the account the results published in this paper.
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Proceedings
International Scientific Conference "Far East Con" (ISCFEC 2020)
Part of series
Advances in Economics, Business and Management Research
Publication Date
17 March 2020
ISBN
978-94-6252-929-8
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.200312.423How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - E I Piskun
AU  - V V Khokhlov
PY  - 2020
DA  - 2020/03/17
TI  - Conditions and Trends of the Social and Economic Development of Sevastopol
BT  - International Scientific Conference "Far East Con" (ISCFEC 2020)
PB  - Atlantis Press
SP  - 2965
EP  - 2976
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200312.423
DO  - https://doi.org/10.2991/aebmr.k.200312.423
ID  - Piskun2020
ER  -