The influence of regional sectoral structure on the socio-economic development of the Republic of Khakassia

Regional and branch economy
Authors:
Sorokozherdyev Kirill G.
Abstract:

The development of Russian regions is in many respects decisive for the development of the entire Russian economy. The article is devoted to the socio-economic development of the Republic of Khakassia. We analyze dependencies of the main indicators of economic development: GRP, birth and death rates, regional average monthly wages. The analysis uses an ADL-model where the influencing factors represent the shares of the corresponding sector of the regional economy in GRP. The main goal of this research is to obtain a model of the dependence of the regional development indicators on the contribution of various sectors of the regional economy to GRP. The seven sectors under consideration are: agriculture, mining, manufacturing, construction, trade, the hotel and financial sectors. The Republic of Khakassia is the focus of the research due to the fact that the region is ranked as lower-middle in terms of regional development. Therefore, it can be assumed as a typical one that belongs neither to financial or industrial centers. Hence, the problem of setting the priorities in the regional socio-economic development is of extreme importance. In the calculations, we used the quarterly statistical data for 13 years, the period of 2004‒2016, and Gretl software . As a result, we obtained three equations reflecting the dependences of the selected endogenous variables of the considered industry segments in GRP. The analysis is of interest, since it allows to trace the significance and role of certain segments of the economy in the socio-economic development of the Republic of Khakassia. Thus, by stimulating the development of certain industries in the region, one can predict the impact of these incentive measures on the main indicators of socio-economic development. The presented analysis can be used as means of shaping the economic policy of the region, and predicting the prospects for the short- and medium-term development of the Republic of Khakassia.