Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region
This study aims to identify the main factors that can influence the growth of the regional economy in order to assess the effectiveness of the government support measures for regions, designed to stimulate the regional domestic product growth. The subject of the study is the relationship of socio-ec...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2022-07-01
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| Series: | Финансы: теория и практика |
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| Online Access: | https://financetp.fa.ru/jour/article/view/1670 |
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| author | I. V. Tregub M. Iaco |
| author_facet | I. V. Tregub M. Iaco |
| author_sort | I. V. Tregub |
| collection | DOAJ |
| description | This study aims to identify the main factors that can influence the growth of the regional economy in order to assess the effectiveness of the government support measures for regions, designed to stimulate the regional domestic product growth. The subject of the study is the relationship of socio-economic indicators in the Northwestern Federal District of Russia. The authors apply the method of correlation-regression analysis. The scientific novelty lies in the development of an econometric model based on statistical data of the constituent entities of the Northwestern Federal District to forecast the levels of regional domestic product and consumer spending per capita. The main socio-economic indicators of the development of the Northwestern Federal District have been identified, which make it possible to quantitatively assess the measures taken by the government to financially support the population and the economy of the region. The Menges model was chosen as the basis for the study, which allows analyzing the relationship between such significant financial and economic indicators of an economic entity as gross regional product, investments, profit of organizations and consumption. The article developed an econometric model in the form of a system of interconnected econometric equations, the coefficients of which were estimated in the Gretl package of applied econometric programs. Based on the analysis and modification of the classical Menges model, the authors were able to determine the key indicators that have a significant impact on the dynamics of the economy of the Northwestern Federal District. These include the following factors: investments; consumer spending per capita; taxes; social payments; household deposits; personal loans; industrial production; income from business activities; profit of organizations. The authors conclude that financial support for entrepreneurs and businesses does not have a significant impact on the economic growth of the region, and measures aimed at increasing the wages of employees of organizations for the economy of the Northwestern Federal District are more effective than measures associated with an increase in social benefits. The research results will be useful to those who make regional management decisions to stabilize the post-pandemic economic situation in the Northwestern Federal District. |
| format | Article |
| id | doaj-art-e884d89fa3924d818fd2d140deba8cec |
| institution | DOAJ |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| publishDate | 2022-07-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj-art-e884d89fa3924d818fd2d140deba8cec2025-08-20T03:21:23ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892022-07-0126312914510.26794/2587-5671-2022-26-3-129-145937Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the RegionI. V. Tregub0M. Iaco1Financial UniversityUniversity of Studies TurinThis study aims to identify the main factors that can influence the growth of the regional economy in order to assess the effectiveness of the government support measures for regions, designed to stimulate the regional domestic product growth. The subject of the study is the relationship of socio-economic indicators in the Northwestern Federal District of Russia. The authors apply the method of correlation-regression analysis. The scientific novelty lies in the development of an econometric model based on statistical data of the constituent entities of the Northwestern Federal District to forecast the levels of regional domestic product and consumer spending per capita. The main socio-economic indicators of the development of the Northwestern Federal District have been identified, which make it possible to quantitatively assess the measures taken by the government to financially support the population and the economy of the region. The Menges model was chosen as the basis for the study, which allows analyzing the relationship between such significant financial and economic indicators of an economic entity as gross regional product, investments, profit of organizations and consumption. The article developed an econometric model in the form of a system of interconnected econometric equations, the coefficients of which were estimated in the Gretl package of applied econometric programs. Based on the analysis and modification of the classical Menges model, the authors were able to determine the key indicators that have a significant impact on the dynamics of the economy of the Northwestern Federal District. These include the following factors: investments; consumer spending per capita; taxes; social payments; household deposits; personal loans; industrial production; income from business activities; profit of organizations. The authors conclude that financial support for entrepreneurs and businesses does not have a significant impact on the economic growth of the region, and measures aimed at increasing the wages of employees of organizations for the economy of the Northwestern Federal District are more effective than measures associated with an increase in social benefits. The research results will be useful to those who make regional management decisions to stabilize the post-pandemic economic situation in the Northwestern Federal District.https://financetp.fa.ru/jour/article/view/1670financial and economic indicatorsnorthwestern federal districtmenges modeleconometric analysisforecastingthe effectiveness of government support measuresinvestmentsprofit of organizationsconsumptionentrepreneurial activity |
| spellingShingle | I. V. Tregub M. Iaco Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region Финансы: теория и практика financial and economic indicators northwestern federal district menges model econometric analysis forecasting the effectiveness of government support measures investments profit of organizations consumption entrepreneurial activity |
| title | Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region |
| title_full | Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region |
| title_fullStr | Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region |
| title_full_unstemmed | Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region |
| title_short | Econometric Analysis of the Effectiveness of Government Incentive Measures for the Development of the Region |
| title_sort | econometric analysis of the effectiveness of government incentive measures for the development of the region |
| topic | financial and economic indicators northwestern federal district menges model econometric analysis forecasting the effectiveness of government support measures investments profit of organizations consumption entrepreneurial activity |
| url | https://financetp.fa.ru/jour/article/view/1670 |
| work_keys_str_mv | AT ivtregub econometricanalysisoftheeffectivenessofgovernmentincentivemeasuresforthedevelopmentoftheregion AT miaco econometricanalysisoftheeffectivenessofgovernmentincentivemeasuresforthedevelopmentoftheregion |