The Role of State Programs in the Innovative Development of Russia

DOI

10.2991/aebmr.k.210710.005How to use a DOI?

Keywords

innovative development, government support, financing, government programs

Abstract

This research paper analyzes the main issues of the efficiency of Russia Federation financing of innovative development of the country’s economy. Country’s involvement and co-financing in various aspects of economic development is typical for Russian practice, including in the field of innovative development. There are advantages and disadvantages in public and private financing of innovation and innovation development. On the one hand, with private financing, the effectiveness is usually higher because the investor controls and monitors his investments and is not interested in ineffective project financing. On the other hand, the private sector carefully selects the direction of its investments, so consequently projects with low growth potential and with high risks may not be interesting. In addition, private investors do not undertake large projects without the participation of the state. As for the regional level, the system of inter-budgetary relations in Russia is created in such a way that only a few regions have sufficient financial resources of their own. In most cases, regions are subsidized with insufficient funds even for current expenses, especially for capital. Therefore, social, economic, as well as innovative progress of the country is not possible without government funding. This research paperwork analyzes the system of state programs in the main areas, paying special attention to the field of Innovative Development and Modernization of the Economy. The performed correlation-regression analysis showed, on the one hand, a positive relationship between the amount of budget funds spent and GDP, on the other hand, when analyzing the impact of individual programs on indicators, the relationship and dependence became much weaker. Despite the ambiguity of the results gained, we believe that the state should unquestionably contribute in the innovative development of the country. The state should not only finance expenses, but also stimulate development from the private sector and should also ensure high efficiency of public funds.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Victoria Kookueva
PY  - 2021
DA  - 2021/07/14
TI  - The Role of State Programs in the Innovative Development of Russia
BT  - Proceedings of the 3rd International Conference Spatial Development of Territories (SDT 2020)
PB  - Atlantis Press
SP  - 26
EP  - 32
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210710.005
DO  - 10.2991/aebmr.k.210710.005
ID  - Kookueva2021
ER  -