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Financial Analytics: Science and Experience
 

A method for calculus of integral index of the region's innovative development

Vol. 10, Iss. 4, APRIL 2017

PDF  Article PDF Version

Received: 12 May 2016

Received in revised form: 26 August 2016

Accepted: 22 February 2017

Available online: 16 April 2017

Subject Heading: RISK, ANALYSIS AND EVALUATION

JEL Classification: О31, О32, R11

Pages: 360-374

https://doi.org/10.24891/fa.10.4.360

Yashin S.N. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
jashinsn@yandex.ru

Korobova Yu.S. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
julia2511@bk.ru

Importance Considering stringent sanctions of the Western countries, escalating international tension and evident need to innovate the economy, Russia should evaluate the innovative level of its constituent entities. The article proposes our own method to calculate the innovation index of the area.
Objectives Conducting this research, we pursue devising methods for calculating the integral index of the region's innovative development and subsequently check its practical application to the Nizhny Novgorod oblast.
Methods The research relies upon methods of statistical analysis and principles of the systems approach implying the integral view of the issue.
Results We analyze the existing approaches to calculating the region's innovative development index and identify aspects that should be improved. We considered the aspects to outline our own method for calculating the said index. We checked the practical application of the method to the Nizhny Novgorod oblast.
Conclusions and Relevance We conclude that it is necessary to increase the regions' innovative development level and apply unified methods to evaluate the innovation level of areas. It will identify the constituent entities of the Russian Federation that are seeking aid to increase their contribution to higher innovative development of the nation. The practical application of the method will help to detect what prevents the regional economy from adopting the innovative model of development that generates and disseminates knowledge.

Keywords: region, innovation, development, index

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