Regional Economics: Theory and Practice

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An analysis of the regional innovation development potential and prospects under the world economy globalization: Some evidence from the Rostov Oblast

Vol. 16, Iss. 12, DECEMBER 2018

Received: 18 October 2017

Received in revised form: 6 October 2018

Accepted: 11 November 2018

Available online: 14 December 2018


JEL Classification: R12

Pages: 2335–2348

Mishchenko K.N. Regional Information and Analysis Center, Rostov-on-Don, Russian Federation

ORCID id: not available

Eletskii A.N. Regional Information and Analysis Center, Rostov-on-Don, Russian Federation

ORCID id: not available

Subject This article considers the issues of development of a regional innovation system as a tool to ensure outstripping growth rates of regional economy.
Objectives The article makes an attempt to find ways to revitalize the innovation development on the basis of consideration of the regional innovation system's strengths and weaknesses, and adequate estimation of external challenges, as well.
Methods The study is based on the economic growth pole concept (p?le de croissance), the theory of innovation, and the New Trade Theory of International Trade.
Results The article assesses the innovation potential of the Rostov Oblast and highlights its competitive advantages and the main factors constraining the innovation activity. It offers a theoretical and methodological basis for ensuring a sustainable economic growth through the implementation of effective innovation policy. The article also defines sectoral and territorial growth zones of innovation activity and proposes a system of measures to improve institutional conditions of innovation activity.
Conclusions The article concludes that sustainable economic growth is based on the formation of effective innovation policies to increase regional resource and infrastructure capacities.

Keywords: regional economy, innovation, innovative infrastructure, technology transfer, globalization, world markets


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