Regional Economics: Theory and Practice

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

Financial aspects of innovation-driven economic growth: The challenge is to prevent innovation stagnation

Vol. 17, Iss. 1, JANUARY 2019

Received: 30 November 2018

Received in revised form: 7 December 2018

Accepted: 13 December 2018

Available online: 16 January 2019


JEL Classification: F37, F62, G15, O33

Pages: 169–182

Matkovskaya Ya.S. Volgograd State Technical University (VSTU), Volgograd, Russian Federation

Subject The article identifies stages of the world economy development, financial reasons for a slowdown in innovation-driven growth, which contributes to negative trends at both the regional and global level.
Objectives The purpose of the study is to review the new structural characteristics of the modern financial system, identify areas for solving the problem of innovation stagnation and sustainable development of the financial sector.
Methods I employ a systems approach, institutional, abstract-logical and comparative analyses.
Results The article unveils current issues related to innovation development of financial system, and opportunities to overcome negative trends and prevent innovation stagnation.
Conclusions The problems of innovation and financial sector development should be addressed in a comprehensive manner. Boosting the innovative and growth is a task that should be solved at government and country level. Furthermore, it is crucial to develop infrastructure.

Keywords: innovation, commercialization, marketing strategy, oil market, oil company


  1. Clark J.B. Raspredelenie bogatstva [The Distribution of Wealth: A Theory of Wages, Interest and Profits]. Moscow, Gelios ARV Publ., 2000, 368 p.
  2. Marshall A. Printsipy ekonomicheskoi nauki. V 3 tomakh [Principles of Economics. In 3 volumes]. Moscow, Progress Publ., 1993, vol. 3, 351 p.
  3. Knight F.H. Risk, neopredelennost' i pribyl' [Risk, Uncertainty and Profit]. Moscow, Delo Publ., 2003, 360 p.
  4. Hayek F.A. Individualizm i ekonomicheskii poryadok [Individualism and Economic Order]. Chelyabinsk, Sotsium Publ., 2011, 394 p.
  5. Blaug M. Metodologiya ekonomicheskoi nauki, ili kak ekonomisty ob"yasnyayut [The methodology of economics or how economists explain]. Moscow, Zhurnal Voprosy ekonomiki Publ., 2004, 416 p.
  6. Drucker P.F. Epokha razryva: orientiry dlya nashego menyayushchegosya obshchestva [The Age of Discontinuity: Guidelines to Our Changing Society]. Moscow, Vil'yams Publ., 2007, 336 p.
  7. Martino J.P. Tekhnologicheskoe prognozirovanie [Technological Forecasting for Decision Making]. Moscow, Progress Publ., 1977, 592 p.
  8. Mensch G. Stalemate in Technology – Innovations Overcome the Depression. Pensacola, Ballinger Publishing Company, 1979, 241 p.
  9. Santo B. Innovatsiya kak sredstvo ekonomicheskogo razvitiya [Innovation as a Means of Economic Development]. Moscow, Progress Publ., 1990, 328 p.
  10. Nelson R.R., Winter S.G. Evolyutsionnaya teoriya ekonomicheskikh izmenenii [An Evolutionary Theory of Economic Change]. Moscow, Finstatinform Publ., 2000, 474 p.
  11. Schumpeter J.A. Teoriya ekonomicheskogo razvitiya (Issledovanie predprinimatel'skoi pribyli, kapitala, kredita, protsenta i tsikla kon"yunktury) [Theorie der wirtschaftlichen Entwicklung]. Moscow, Progress Publ., 1982, 456 p.
  12. Glaz'ev S.Yu. Ekonomicheskaya teoriya tekhnicheskogo razvitiya [Economic theory of technical development]. Moscow, Nauka Publ., 1990, 232 p.
  13. Yakovets Yu.V. [The innovation breakthrough: Social and scientific aspects]. Filosofiya khozyaistva = Philosophy of Economy, 2008, no. 6, pp. 346–351. (In Russ.)
  14. Polterovich V. [The innovation pause hypothesis and the strategy of modernization]. Voprosy Ekonomiki, 2009, no. 6, pp. 4–22. (In Russ.)
  15. Kublin I.M., Matkovskaya Ya.S. [The conditions, prospects and quality of modern economy: New opportunities and development restrictions]. Izvestiya Volgogradskogo gosudarstvennogo tekhnicheskogo universiteta. Seriya Aktual'nye problemy reformirovaniya rossiiskoi konomiki (teoriya, praktika, perspektiva) = Izvestia Volgograd State Technical University. Series: Actual Problems of Reforming Russian Economy, 2018, no. 6, pp. 9–14. URL: Link%20-%202018.pdf (In Russ.)
  16. Butenko E.D. [Artificial intelligence in banks today: Experience and perspectives]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 1, pp. 143–153. (In Russ.) URL: Link
  17. Kuznetzov N.V. [Energy security of the Russian Federation against the background of international situation aggravation]. Natsional'naya bezopasnost' / Nota Bene = National Security / Nota Bene, 2017, no. 2, pp. 36–44. (In Russ.) URL: Link
  18. Luttwak E.N. From Geopolitics to Geo-Economics: Logic of Conflict, Grammar of Commerce. The National Interest, 1990, no. 20, pp. 17–23. URL: Link
  19. Nuryshev G.N. [The theoretical and methodological foundations of geo-economics]. Ekonomika i ekologicheskii menedzhment = Economics and Environmental Management, 2012, no. 1, pp. 305–318. URL: Link (In Russ.)
  20. Luttwak E.N. Turbo-Capitalism: Winners and Losers in the Global Economy. New York, Harper Perennial, 2000, 304 p.
  21. Friedman G. Sleduyushchie 10 let [The Next Decade: Where We've Been… And Where We're Going]. Moscow, Eksmo Publ., 2011, 320 p.
  22. Matkovskaya Ya.S. [The microeconomic reasons to reject innovation activities: Underestimation of values chains for new industrialization of the economy]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2014, vol. 13, iss. 12, pp. 10–17. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8733 (Online)
ISSN 2073-1477 (Print)

Journal current issue

Vol. 17, Iss. 8
August 2019