The Effectiveness of State Support Institutions for the Economy of Russia and Its Regions

The study is devoted to assessing the impact of state support institutions on the development of the economy of Russia and its regions. The forms, features and orientation of state support in the modern Russian economy, as well as macroeconomic and institutional factors affecting its effectiveness, are revealed. Analytical and graphical methods, the method of deflation of nominal variables, and econometric modeling were used in the research. Based on the materials of the Nizhny Novgorod region in 2010–2023, the structure and dynamics of state support for the region's economy from the regional budget were established, the characteristics of individual support measures and trends in recent years were revealed. Three econometric models have been constructed linking the real GRP of the Nizhny Novgorod region with the scale of support in the form of tax incentives, grants and subsidies, as well as subsidizing the interest rate on mortgage programs. A number of control variables are also introduced into the model. As a result, greater efficiency of tax incentives, lower efficiency of grants and subsidies and even lower efficiency of interest rate subsidies for mortgage programs have been established, which is explained by the influence of macroeconomic and institutional factors. In addition, according to the models obtained, internal expenditures on R&D and expenditures on the national economy in the consolidated budget of the region have a significant positive impact on regional economic growth, which also justifies the developing measures to stimulate these expenditures and increase their effectiveness. Finally, the key rate of the Bank of Russia has a significant negative impact on the real GRP of the Nizhny Novgorod region, which indirectly confirms the effectiveness of measures to subsidize the rate for certain sectors of the economy (in particular agriculture) from the federal budget. The study can be useful in managing the institutional environment of the Russian economy by adapting the fiscal and monetary policy of the state and developing effective measures to support it at the regional level.