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This paper will identify and analyze the basic institutional characteristics of the region of South East Europe (SEE6), because the building of institutions is one of the main conditions for sustainable development. Basic theoretical and practical barriers, that crucially influenced the current unfavorable transitional institutional characteristics in SEE6, will be researched in a selective way. The aim of this paper is to demonstrate the essential institutional differences of this region in comparison with developed countries, particularly in terms of real institutional change, the application of institutional pluralism and the main institutional barriers. The paper starts from the hypothesis that ignoring the institutional pluralism and domination of alternative institutions in SEE6 led to dysfunctionality of institutional change, which had a negative impact on all indicators of economic development in the surveyed countries. The emphasis is on the factors of monistic anti-institutional action, from which the alternative institutions stand out for their destructive significance. It points to devastating and anti-developmental consequences of their actions, and their theoretical support of neoliberal type, which is in practice vulgarized and converted into a quasi-neoliberalism. It identifies the real and concrete causes of reproduced institutional vacuum. The findings from the study suggest that countries of the SEE6 region should apply civilization-proven development models of institutional pluralism type. This indicates the importance of taking real institutional changes and urgent overcoming the quasi-institutional forms in order to successfully valorize the economic resources in the countries of SEE6. © Draskovic M., Grgurevic N., Delibasic M. Text. 2015.

In this paper we first review the (potential and actual) role of the Universities for the local economies in which they operate, especially considering the implications deriving from the degree of skill mismatch (over-education) in a local labour market. Then, in the second part of the paper, we realise an empirical investigation based on administrative information of an Italian University matched with the data of the job centres of the local (provincial) labour market in order to reconstruct the characteristics of the university-to-work transitions of graduates. Our results have important policy implications, since for local development it is crucial, among other things, to make the best use of all human resources and especially those with the highest educational level.

Consumer behavior is perceived as an investment which does not yield results in the short run. The traditional economic theory of customer preferences is based on four main elements: customer income, the market price of goods, customer preferences, and behavioral assumption about the maximum of achievable benefits. Even though it sometimes might seem that equalizing energy consumption with behavior is not possible, it can often be described as consequences of behavior, such as turning off the lights or thermostat level reduction for saving power. Our paper demonstrates how the psychological concept of consumer behavior effects energy consumption. It provides recommendations about the incorporation of the idea of uncomplicated information availability for consumers taking into consideration their long-term habits. The novelty of this study is that psychological concept of consumer behavior effects energy consumption in each of the region, therefore, it is recommended to incorporate the idea of uncomplicated information availability for consumers taking into consideration long-term habits. The problem analyzed in the article is how consumer behavior influences energy consumption. The aim of the article is to analyze the consumer behavior in energy consumption. The objectives of the study are two-fold: i) to analyze the element of consumer behavior from the theoretical point of view, and ii) to investigate the patterns of energy consumption. The methods of the study are a logical and comparative analysis of literature, graphics, synthesis, and deduction. Our results and findings can be used by the stakeholders and policy-makers in preparing regional development economic policies and in designing the energy consumption strategies in the framework of the regional development. © Varanavicius V., Navikaite A., Bilan Yu., Strielkowski W. Text. 2017.

1 In the last decades the growth of the tourism industry in Russia has slowed down, and its lack of competitiveness has been the topic of various publications. Similarly, the touristic potential of the Republic of Bashkortostan is not exhausted with tourism still making an unsatisfactory contribution to the GRP of the region. Bashkortostan and Saxony are of the same size - in terms of population. Population density, however, is much higher in Saxony. In addition, differing historic roots affect any efforts to develop the touristic potential of Bashkortostan. It is then the goal of this paper to provide recommendations for sustainable tourism with a long-Term perspective by analyzing consequences of these facts on the touristic infrastructure, on competitive forces, on the tasks of a tourism-marketing bureau, among others -Always in comparison to the situation in Saxony (the case study method). Thus, this comparative analysis helps to restructure tourism in Bashkortostan in a situation with insufficient reliable touristic data. In the conditions of deceleration of global economic growth, depletion of natural resources, it is highly important to secure proper functioning of economic systems by means of using the available potential possibilities and searching for new reserves of economic growth. Tourism has a huge potential of development and can be an additional source of economic growth in Bashkortostan. Russell Sage Foundation, RSF: 15-18-20029 Deutscher Akademischer Austauschdienst, DAAD: A1400432 This research has been supported by Grant RSF No 15-18-20029 Projection of optimal socio-economic systems in the turbulence of external and internal environment" and by Grant of DAAD (Project No A1400432).

After enlargement of the European Union and subsequently joining of a new member states to the euro area, the question of economic convergence attracted considerable research interest. This paper adopts three alternative concepts to examine the level and trend of convergence in the Visegrad countries (Czech Republic, Hungary, Poland, Slovakia). We concurrently estimate the I²-convergence, Iƒ-convergence and business cycle synchronization to find out whether all countries are on the way towards higher convergence with the euro area. The results suggest that convergence of all countries has been increasing. However, the recent acceleration of the convergence process is caused mainly by external shocks in the form of the financial crisis and following economic slowdowns. Hence, the current level of convergence in the Visegrad countries cannot be considered as fully adequate.

Publicly funded competence centres have gained high recognition for improving science-industry collaboration. With the requirement for long-term and geographically concentrated R&D, competence centres provide an environment for joint learning and transfer of “sticky” knowledge. The objective of this paper is to investigate how a competence centres programme affects knowledge production in the regional innovation system. In order to address this issue, we draw on a simulation approach and develop an agent-based model of the Vienna Life Sciences innovation system. Companies, research organisations and universities are heterogeneous agents that create scientific publications, patents, as well as high-tech jobs. Simulation runs refer to long-term scenarios regarding the level and duration of public funding. By addressing the complexities of knowledge interaction in the context of the “local buzz” versus “global pipelines” discussion, the results show the potential of empirically calibrated simulation models for ex-ante impact assessment in R&D policy.

The purpose of this article is to discuss conceptual approaches to the development of stabilization policy in federal countries. In this article, the authors have justified the need for a regional component in the mechanism of the domestic price level stabilization policy and systemized relevant factors that have a significant impact on the spatial outcome of stabilization policy. The article proposes a method of determining the spatial zones of high, medium and low “susceptibility” to measures of stabilization policy center, and includes the following: 1) analysis of regional price manageability background; 2) sensitivity study of the regional banking system to a change in central bank policy; 3) elasticity analysis of the reaction of the popula tion and business in the region to change the activity of the regional banking system. The authors have formulated the principles of coordination of actions between the federal center and the regions in the implementation of stabilization policies that allow to take into account differences between the regions in response to the changes made in federal policy. The paper has substantiated the system of performance indicators that measures anti-inflationary policy and also takes into account the heterogeneity of economic space of the Russian Federation in the context of the “direct” and “conjugate” effects on the central regions. Theoretical position application and output indicators, which are outlined in this article allow building a system of coordination and interaction between the federal center and the regions and thus ensuring the effectiveness of stabilization policies and non-inflationary development of Russia.

In this paper, we develop an economic growth model taking into account two factors of production: fixed capital and labor force, to study the dynamics of GDP growth. The dependence of the output of these factors is described by a production function of the exponential type. Within the framework of the optimal control theory, the optimization problem for investment levels is being solved to maximize the integral index of consumption. We study the qualitative properties of optimal trajectories as solutions of the Hamiltonian systems arising in Pontryagin's maximum principle. The sensitivity analysis of the equilibrium solutions of the economic system is implemented with respect to the elasticity coefficients of the production function, the depreciation rate of the capital, and the discount factor, and growth trends are indicated. The econometric analysis of the model parameters is provided basing on real data for the Russian economy. In accordance with the results of the regression analysis, the projection of economic development is constructed in conditions of the applicability of the economic growth model. © Tarasyev A. M., Usova A. A., Shmotina Yu. V. Text. 2014.

The Brazilian government has recently confirmed the discovery of a huge oil and natural gas field in the pre-salt layer of the country’s southeastern coast. It has been said that the oil fields can boost Brazil’s oil production and turn the country into one of the largest oil producers in the world. The fields are spatially concentrated in the coastal areas of a few Brazilian states that may directly benefit from oil production. This paper uses an interregional computable general equilibrium model to assess the impacts of pre-salt on the economy of the State of Espirito Santo, a region already characterized by an economic base that is heavily reliant on natural resources. We focus our analysis on the structural economic impacts on the local economy.

Innovative development becomes the main tendency of the modern world economy. The paper presents a comparative analysis of the development of Russian and Czech clusters engaged in innovation activities. Innovative cluster is one of the most effective forms for reaching a high level of competitiveness. Development of the cluster as a new form of managing, economic interaction and connections allows to reach social and economic effect. The whole point of the innovative cluster is that the enterprises and the organizations merge with each other and create a new product or service and put means in development. Cooperation between companies allows to reduce costs for its development and researches with the commercialization of the new good or service in the future. The activity of the cluster has a constructive nature, which consists in the majority of participants of innovative cluster do not compete among themselves; they work for the common objective. Innovative clusters exist not only in the developed countries, but also in the developing states. Innovative activity in the developed countries arose earlier and began to form rapider. The innovative clusters have promoted the development of the European countries. Domination of the clusters in the economy is significant both for national, and for a regional economy, where high geographical concentration of the interconnected industries is observed. The cluster approach gives the effective tool for the achievement of main goals: increase of the level of profitableness of the region and employment of the population, promotes strengthening of the competitive advantages of separate companies and all economy as a whole.

The article investigates the characteristics of development and the territorial distribution of regional development institutions. The methodical approach to assessing the level of development of regional institutions taking into account the systemic nature and activity of territories in the creation and development of regional institutions is introduced. The results of evaluation of the development level of regional institutions have allowed to identify the regions using various institutions and instruments of development most actively in their territories (22 Federal subjects of Russia) and the regions where are no institutes for development (45 Federal subjects of Russia). Following parameters of performance evaluation of regional development institutions are offered: the indicators of intensity of innovation in production, performance intensity of innovation in society and the resulting performance of the dynamics of economic development. The results of evaluating the effectiveness of regional development institutions in the subjects of the Russian Federation are presented in the paper. The main problem of the formation of institutions and institutional environment in the regions of the Russian Federation due to the lack of unified science-based theoretical and methodological framework and the lack of integration links between science, business, education and government are defined.

The purpose of this study is theoretical justification of socio-economic foundations of sustainable livelihoods in rural areas and development of practical recommendations for evaluating and improving quality of life in rural areas. The subject of this study is a system of socio-economic relations that defines processes and patterns of sustainable livelihoods in rural areas. Methodological basis is a systematic approach and method of dialectical cognition, which examine processes of development of rural territories in relationship and complementarity. The results described in this paper are: the degree of differentiation of rural population under qualitative levels of well-being was studied; the authors’ system of indicators of regional socio-economic development on a basis of detailed hierarchical structure was presented; priority areas for improving standards and quality of life of the rural population were identified. A scope of results was developed and science-based recommendations and suggestions for sustainable development of rural territories based on authors’ methodology for evaluating quality life in rural areas may be subject to legislative and executive authorities in development socio-economic projects and programmes aimed at enhancing rural employment and income were made. The conclusions are: sustainable development of rural territories involves not only increase of efficiency of rural economy, but, above all, increasing and improving the quality of life of the rural population; on a system of complementarities, the evaluation of sustainability of livelihood strategies should take into account the economic, environmental, social and institutional factors.

Main principals of the socio-economic approach to the study of foreign economic relations in the region are formulated in this paper. This approach theoretically raises the level and quality of life dependent on the functioning of the economy of the region, an important place in which takes the international communication. Performance of foreign trade of Sverdlovsk region, structure and dynamics of exports and imports in the region, volume of foreign investment, migration rates of the population are analyzed, countries and regions, which act as strategic partners, are identified. Particular attention is paid to foreign economic relations between Sverdlovsk region and China, which are based on strategic priorities in the development of international relations in this direction. Also, objectives and directions of regional foreign trade policies that increase competitiveness of the region, harmonious integration into the world economy and creation of conditions favorable for its socio-economic development, are formulated.

The contention of this paper is that, at the moment, the concept of CSR lacks a theory to give it clarity and direction in the corporate context, this makes it difficult for managers to know what to do, how far to go, and how to evaluate and account for the results they are achieving in their endeavours to implement CSR policies. To come to grips with the CSR movement we need briefly to consider why the demand for CSR has arisen, how it manifests itself in business practice, and whether it can be understood in theoretical terms so that it could become institutionalised in an accountable way. A candidate theory of CSR is offered: the communitarian theory of corporate purpose is to, within and upholding the rules of ethical business, produce the maximum sustainable value for stakeholders. The measure of this is profits for shareholders and deposits of social and natural capital for other stakeholders.

This paper describes the features, priorities and directions of state policy in nanotechnological development in the Russian Federation. The basic concepts of nanoeconomics in the modern economic theory were defined, these are: utilitarian, evolutionary, institutional and behaviorist ones. The content of the strategic multi-level process as a component of nanoindustrialization within the VI technological mode based on a structural model of the global economic system and metaindustrial function was disclosed. The most important area of nanoindustrialization (as identified by the author) is the development of economic genetics and analysis of human activity on the nanoscale level (operations, activities, methods and movements). A powerful technological breakthrough and modernization of the Russian economy in the conditions of formation and growth of the VI technological mode are possible in form of organization of large-scale studies on the evolution, strategy and technology of social relations development that are adequate to the specifics of the new socio-economic structure.

This paper discusses the problem of identifying the institutions that influence the development of regions. A systematization of regional development institutions is implemented. Institutions of macro-, meso-, micro- and nano-levels of the economy affecting regional development are highlighted; at each level of the economy the institutions functioning properly and development institutions are also highlighted. The institutions are also systematically divided by type of adjustable rules. The role of institutions in the concept of regional competitiveness is examined. The indexes of regional competitiveness indicators, excluding the institutional environment of regions, are criticized. It is noted that the concept of regional competitiveness considers the region as an economic entity, which can and must prove its right to income with its economic performance, rather than capital status or informal practices of receiving transfers. Formation of the region and the competitiveness of a business entity depends on the maturity of the regional elites and their consolidation, as well as the institutional environment that encourages regional development and prevents monopoly of certain regions. The results of the quantitative analysis of the impact of institutions on the performance of regional development are presented. In particular, the influence of institutions such as corruption, small business and institutional trust is reviewed. The level of corruption is measured by the CPI index, its impact on economic growth in the sample of 12 countries that are close to Russia in terms of development, as well as at the level of Russian regions is considered. According to 2009-2010, the impact on regional development of the newly created development institutions such as foundations to promote small and medium enterprises, regional mortgage funds, special economic zones and regional venture capital funds is analyzed.

The paper deals with the issues concerned with market appraisal of mineral resource potential of the Russian Federation. Strategy regarding reproduction and innovation use of the mineral resource potential on an expanded scale has been substantiated. Mineral resource potential of the Russian Federation is considered by the author as a major factor of budgeting and national well-being. The structure of national wealth (in terms of minerals) has been analyzed. New Centers for economic development have been justified; they are an essential supplemental base to the existing large oil-and-gas and mining regions with considerably depleted potential. Th e statement related to the fact that Centers for economic development are to be planned with regard to innovation development of the mineral resource base, has been substantiated.

The paper deals with the analysis of the shadow economy dynamics in the Sverdlovsk region. The analysis covers the period since 2001 to 2009, and it also concerns medium and long term since 2011 to 2020. In the course of the analysis economic and mathematical models of shadow economy in the context of changing socio-economic environment have been applied. For the medium- and long-term analysis the record of economic, social and technological factors’ influence on the shadow sector of economy of the Sverdlovsk region was used. For the long-term analysis of shadow economic dynamics key scenarios of economic development with generation of base cases of further transformation of the shadow sector of economy have been considered. Inertial, innovation and optimistic development alternatives have been considered as basic scenarios of economic development in posse. A complex of steps aimed at reduction of the shadow sector segment in the medium- and long-term outlook has been suggested.