Impact of Asset Bubbles on Structural Changes in Russia’s Regional Economies

The aim of the study is to identify the mechanisms through which asset bubbles affect the structure of Russia’s regional economy and to develop methodological approaches to assessing the resilience of territories to such shocks. The article examines historical episodes of the formation and collapse of bubbles in the housing and stock market sectors, as well as their impact on sectoral structure, employment, investment flows, and the debt burden of regions. Particular attention is paid to the spatial heterogeneity of the consequences, institutional constraints, and the macroeconomic frameworks shaping regional response strategies. The analysis demonstrates that resilience to phase shocks is determined primarily by the presence of countercyclical fiscal policy and the development of non-resource sectors of the economy.