Typology of Arctic Constituent Entities of the Russian Federation by Development Level of Regional Financial Systems

Abstract

The article is devoted to the study of development level of regional financial systems of the Arctic constituent entities of the Russian Federation. The study found that the regional financial system was the basis ensuring the implementation of financial relations in a certain territory and connecting all economic subjects into a single mechanism. Factors determining differences in the development of territorial financial systems were highlighted. The special features of financial support for the development of the regions of the Arctic Zone of the Russian Federation (hereinafter – the AZRF) were defined. It was found out that the regions of the AZPF significantly differed in the development of regional financial systems, existing financial infrastructure, budget support, investment activities, as well as the opportunities to form a sufficient financial basis for sustainable economic growth. The article presents a typology of the regions of the AZRF carried out on the basis of assessment of financial potential. On the basis of the assessment, relative indicators of such components of the total financial potential as a fiscal potential, a potential of households, a potential of commercial and non-commercial organizations, a potential of finance and credit system were calculated. Final ranging was carried out on the basis of application of point assessment of calculated values of financial indicators. In the process of the study, it was found that the Yamalo-Nenets Autonomous District and the Krasnoyarsk Territory had the highest level of the financial potential among the AZRF regions. At the same time, the lowest level of the financial potential is characteristic of the Republic of Karelia and the Arkhangelsk Region. In the work, promising directions of using the results of the typology of the regions are formulated on the basis of the calculation of financial potential, which are associated with the need to develop a differentiated financial policy for the territories characterized by specific features of the development of financial systems.