Systems of Regional Development Financing: From Classic Mechanisms to Modern Resource Mobilization Channels

Marin OPRIȚESCU and Alia Gabriela DUȚĂ
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Marin OPRIÈšESCU: University of Craiova
Alia Gabriela DUȚĂ: University of Craiova

Finante - provocarile viitorului (Finance - Challenges of the Future), 2022, vol. 1, issue 24, 33-39

Abstract: The first buds regarding the nature and architecture of regional development blossomed with the genesis of the classical, neoclassical and Keynesian schools of economic thought. We believe that the natural recognition of research in the field took place when the creators of the various schools of thought mentioned, as well as the subsequent ones, decided that a region designates a space, a territory that has a major impact on economic, cultural and social activities carried out within it. Among the widely circulated conceptions with major significance in the coagulation of regional development, we recall: the classical and neoclassical conceptions; the concept of focus on exports; the concept of circular and cumulative causality; the conception of concentration poles or development poles; centre-periphery concept; Marxist conception; the concept of endogenous development; the concept of development in stages; institutional conceptions. Worthy of mention is the fact that all of them have the final goal of ensuring the economic and social well-being of the inhabitants of the respective region by: consolidating and diversifying economic activities, stimulating the growth of demand, stimulating and promoting investments made by the private sector and in the general infrastructure, creating new places of work and the development of human capital, the reduction of unemployment, the promotion of social inclusion, the development of institutional capacity, the superior valorisation of resources, the promotion of decentralization. We believe that, in the coming decades, as community institutions are strengthened, the conceptions aimed at the progress of regional development will "coagulate" giving birth to a more complex theory capable of responding to the requirements regarding the process of simplification and monitoring of the legislation that governs regionalization mechanisms. The multitude and, above all, the complexity of the objectives aimed at ensuring the achievement of the final goal generate difficulties in the process of choosing regional development financing systems, systems whose evolution and decoding we dedicate our effort to. More significant, on which we will focus our attention, we believe to be: budget financing; bank lending; the structural and cohesion funds offered by the European Union

Keywords: regional development; budget financing; bank lending; structural funds and cohesion funds (search for similar items in EconPapers)
JEL-codes: F15 F36 G10 G21 H00 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aio:fpvfcf:v:1:y:2022:i:24:p:33-39

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