Identification of Regional Sectoral Priorities Based on Key Investment Growth Points
DOI:
https://doi.org/10.17059/ekon.reg.2024-3-17Keywords:
regional economy, sectoral investment priorities, key investment growth points, regional sectoral structure, Arkhangelsk oblast, types of economic activity, intersectoral investment relationships, investment demandAbstract
The relationship and mutual influence of intersectoral investment flows should be considered to improve the effectiveness of regional investment policy under financial restrictions. An analysis of studies in the field of sectoral investment priorities revealed numerous methodological problems, meaning that it is necessary to develop a new methodological approach to the establishment of investment priorities based on identifying key investment growth points. To examine and assess intersectoral investment interactions, the paper presented the concepts of mutual investment induction, mutually induced investments, key investment growth points, and developed a system of original indicators. An industry’s ability to induce investment in interrelated industries helps justify the sectoral concentration of investment resources. Based on its assessment, three classification groups of types of economic activity were distinguished: key, potential and possible in the future investment growth points. To test the proposed methodology, indicators of intersectoral investment interactions in the sectoral structure of Arkhangelsk oblast were calculated, a classification of types of economic activity was presented. Key investment growth points include five types of economic activity: “Construction”; “Wholesale and retail trade; repair of motor vehicles and motorcycles”; “Accommodation and food service activities”; “Professional, scientific and technical activities”; “Provision of other types of services”. Potential points include four types of economic activity: “Agriculture, forestry, hunting, fishing and fish farming”; “Manufacturing industries”; “Water supply; drainage, organisation of waste collection and disposal, pollution elimination activities”; “Health and social work activities”. The remaining eight types of economic activity constitute a group of growth points possible in the future. Based on the identified key and potential investment growth points, the paper distinguished priority investment areas and proposed an algorithm for regulating intersectoral investment flows.
References
Anenberg, E., & Ringo, D. (2022). The propagation of demand shocks through housing markets. American Economic Journal: Macroeconomics,14 (3), 481-507. https://doi.org/10.1257/mac.20200037
Becard, Y., & Gauthier, D. (2022). Collateral Shocks. American Economic Journal: Macroeconomics, 14 (1), 83-103. https://doi.org/10.1257/mac.20190223
Bilbiie, F. O. (2022). Neo-Fisherian Policies and Liquidity Traps. American Economic Journal: Macroeconomics, 14 (4), 378-403. https://doi.org/10.1257/mac.20200119
Bouakez, H., Rachedi, O., & Santoro, E. (2023). The Government Spending Multiplier in a Multisector Economy. American Economic Journal: Macroeconomics, 15 (1), 209-239. https://doi.org/10.1257/mac.20200213
Brancaccio, E., & De Cristofaro, F. (2020). Inside the IMF “mea culpa”: A panel analysis on growth forecast errors and Keynesian multipliers in Europe. PSL Quarterly Review, 73 (294), 225-239. https://doi.org/10.13133/2037–3643_73.294_2
Canova, F., & Ferroni, F. (2022). Mind the Gap! Stylized Dynamic Facts and Structural Models. American Economic Journal: Macroeconomics, 14 (4), 104-135. https://doi.org/10.1257/mac.20200054
Cerniglia, F., Saraceno, F., & Watt, A. (Eds.). (2021). The Great Reset: 2021 European Public Investment Outlook. Open Book Publishers. https://doi.org/10.11647/OBP.0280
Charles, S., Dallery, T., & Marie, J. (2018). Why Are Keynesian Multipliers Larger in Hard Times? A Palley-Aftalion-Pasinetti Explanation. Review of Radical Political Economics, 50 (4), 736-756. https://doi.org/10.1177/0486613417722527
Chichkanov, V. P., & Belyaevskaya-Plotnik, L. A. (2022). Estimating the multiplier effect of investment projects of the Far Eastern Federal District on regional socio-economic development. Ekonomika regiona [Economy of regions], 18 (2), 369-382. https://doi.org/10.17059/ekon.reg.2022-2-5 (In Russ.)
Fadinger, H., Ghiglino, C., & Teteryatnikova, M. (2022). Income Differences, Productivity, and Input-Output Networks. American Economic Journal: Macroeconomics, 14 (2), 367-415. https://doi.org/10.1257/mac.20180342
Fleming, M. (1955). External Economies and the Doctrine of Balanced Growth. The Economic Journal, 65 (258), 241-256. https://doi.org/10.2307/2227895
Friedmann, J. (1966). Regional Development Policy: A Case Study of Venezuela. M.I.T. Press.
Giersch, H., Friedman, M., Fellner, W., Bernstein, E. M., & Kafka, A. (1974). Essays on Inflation and Indexation. Washington, DC: American Enterprise Institute for Public Policy Research.
Goridko, N. P., & Nizhegorodtsev, R. M. (2018). The growth points of regional economy and regression estimation for branch investment multipliers. Ekonomika regiona [Economy of Region], 14 (1), 29-42. https://doi.org/10.17059/2018-1-3 (In Russ.)
Hagerstrand, T. (1967). Innovation Diffusion as a Spatial Process. Chicago: University of Chicago Press.
Harrod, R. F., & Domar, E. (1957). Essays on the Theory of Economic Growth. New York: Oxford University Press.
Hirschman, A. O. (1958). The Strategy of Economics Development. Vol. 10. Yale University Press, New Haven.
Ivanter, V. V. (2018). Prospects of economic development in Russia. Problemy prognozirovaniya [Studies on Russian Economic Development], (3(168)), 3-6. https://doi.org/10.1134/S1075700718030061 (In Russ.)
Jungherr, J., & Schott, I. (2022). Slow Debt, Deep Recessions. American Economic Journal: Macroeconomics, 14 (1), 224-259. https://doi.org/10.1257/mac.20190306
Kalecki, M. (1976). Essays on Developing Economies. Hassocks, Eng.: Harvester Press; Atlantic Highlands, NJ: Humanities Press, 208.
Keynes, J. M. (2018). The General Theory of Employment, Interest, and Money. Springer.
Krishna, K., & Perez, C. A. (2005). Unbalanced Growth. Canadian Journal of Economics, 38 (3), 832-851.
Lasuen, J. R. (1969). On Growth Poles. Urban Studies, 6 (2), 137-152. https://doi.org/10.1080/00420986920080231
Leontief, W. (1986). Input-output economics. Oxford University Press.
Myakshin, V., Petrov, V., & Pes’jakova, T. (2020). Investment Management Based On Key Investment Growth Spurts. IOP Conference Series: Earth and Environmental Science, 574 (1), 012056. http://dx.doi.org/10.1088/1755–1315/574/1/012056
Pavitt, K. (1984). Sectoral Patterns of Technical Change: Towards a Taxonomy and a Theory. Research Policy, 13 (6), 343-373. https://doi.org/10.1016/0048–7333(84)90018-0
Perroux, F. L. (1983). A New Concept of Development: Basic Tenets. London: Canberra, 212.
Yakimova, V. A., & Khmura, S. V. (2022). Determinants of investment attraction to economic growth points of the Russian Far East. Ekonomika regiona [Economy of regions], 18 (3), 943-959. https://doi.org/10.17059/ekon.reg.2022-3-22 (In Russ.)
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Мякшин Владимир Николаевич , Петров Владимир Николаевич , Песьякова Татьяна Николаевна
This work is licensed under a Creative Commons Attribution 4.0 International License.
