Regional Investments as an Economic Mechanism for the Development of Macroregions

Ekaterina A. Zakharchuk (), Yulia G. Lavrikova () and Arina V. Suvorova ()
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Ekaterina A. Zakharchuk: Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Yulia G. Lavrikova: Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Arina V. Suvorova: Financial University under the Government of the Russian Federation, Moscow, Russian Federation

Finansovyj žhurnal — Financial Journal, 2026, issue 1, 45-62

Abstract: The relationship between budget investments and the economic development of territories has been extensively studied by Russian and international scholars; however, there is no unified system for assessing this influence in the literature. Therefore, the objective of this study is to identify relationships between regional infrastructure investments and spatial economic development, the results of which can be used to formulate vectors of socio-economic development in Russian regions. The hypothesis is to confirm a direct relationship between the growth/decline of added value and the level of infrastructure investments from the regional budget. The object of the study was the federal districts and regions of the Russian Federation, the information base was Rosstat data on gross regional product at basic prices, data on regional budget expenditures, and capital investment expenditures according to the iMonitoring portal. The article examines the influence of the share of funds allocated to infrastructure from the regional budget on the GRP dynamics of all regions of Russia. A matrix of interdependence between the relative dynamics of GRP and the deviation in the share of capital investments in regional budgets was formed. A correlation model between the studied indicators was built. It was found that the strongest correlation between the indicators is observed when both indicators exceed the Russian average. Based on the obtained results, conclusions are drawn and the main outlines of a financial and economic mechanism for accelerated development of Russia’s macroregions are proposed based on the efficient use of regional capital investments.

Keywords: financial and economic mechanism; macroregion; federal district; interregional interaction; budget investments; capital investments; gross regional product (search for similar items in EconPapers)
JEL-codes: G28 H54 P25 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:260103:p:45-62

DOI: 10.31107/2075-1990-2026-1-45-62

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