Север и рынок: формирование экономического порядка (Sep 2022)
FINANCIAL AND INVESTMENT POTENTIAL OF THE POPULATION OF THE NORTHERN AND ARCTIC REGIONS OF THE RUSSIAN FEDERATION: ASSESSMENT, IMPLEMENTATION AND CAPACITY TOOLS
Abstract
The development of the regional economy depends on availability and possibility of realizing its financial and investment potential. The potential for the regional economy is first of all formed by business entities and households, which then acts as a resource for the fiscal, financial and credit system. The purpose of the study is to assess the financial and investment potential of households, identifying the level of its implementation in the Arctic and northern regions, determining capacity-building mechanisms, including taking into account regional specifics, and developing recommendations to enhance the role of households in shaping the investment potential of the region. In the course of the study, the following results were obtained, which determine its scientific novelty. An analysis of the structure of the use of population incomes showed a boom in consumer spending in the northern and Arctic regions — an increasing trend in recent years to shift the preferences of the population to spend income, satisfying growing needs, rather than saving. It has been proved that the population of the regions is characterized by a conservative type of savings behavior, focused mainly on unorganized forms of savings, which limits the formation of financial and investment potential. Indicators that assess the investment activity of the population and the level of potential realization were calculated and analyzed. It has been determined that the formation of the financial and investment potential of households can be influenced through seven capacity-building mechanisms, each of which provides its own tools for its implementation. The choice of these instruments should meet the interests of the population and promote the development of savings and investment processes. Within the framework of the indicated capacity-building mechanisms, specific tools are proposed to increase the financial and investment potential of households living in special natural and climatic conditions of the Arctic and the North and having special motives and goals for generating savings, taking into account the grouping of regions. The results of the work contribute to the formation of ideas about the financial and investment potential of households, capacity-building mechanisms and can be used to develop a science-based policy of regional authorities to attract household funds to the investment system of the region.
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