Subject Safe development is a fundamental aspect to consider in outlining the economic policy of a region and national economy. The innovation environment is necessary to address the issue, thus making the economy competitive and allow for the sustainability and reliability of the economic system. The article considers innovation as an inevitable component of economic security in terms of effects economic and institutional factors have on it. Objectives The study represents our own comprehensive research into economic and institutional factors influencing innovative aspects of the regional economic security, illustrating the case of the Volgograd Oblast and highlighting the most considerable ones. Methods The study applies methods of logic, comparative and statistical analysis and econometric tools. Results There are a lot of impediments to the local innovative development in the Volgograd Oblast. The impediment affect the regional economic security. A set of economic and institutional measures should be developed to make the region more competitive and enhance the sustainability of the region’s economic system. Conclusions and Relevance Continuing to develop the Regional Development Strategy, pursuing the better economic security of the Volgograd Oblast, the regional authorities should consider some fundamental factors impeding the innovation-driven economic transformation of the region. If appropriate conditions are created, the region will have more opportunities for its safe economic development.
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