INSTITUTIONAL TRANSFORMATIONS ON THE REGIONAL LEVEL IN THE CONTEXT OF ECONOMIC DEVELOPMENT IN RUSSIA

Economic growth and development’s questions remain one of the crucial problems in modern economy and economics. Russia needs to implement new ideas of economic growth in order to lower effects of outside shocks. Investments can be regarded as one of the central elements of economic growth. It was founded that Russia has a great amount of savings, but does not generate a comparable amount of investments. The article is devoted to an analysis of this situation in terms of regional investment processes. The authors propose to introduce yardstick competition principle in order to initialize institutional transformations on the regional level.

economic growth, investment process, inefficiency, institutional transformations, regional developments, investment attractiveness