Institutional-functional approach to the modelling of foreign economic activity

Abstract

Abstract The article presents an analysis of the development of a foreign economic strategy as it affects the Arctic region. The foreign economic development strategy of the Arctic regions is embodied in their modelling on the basis of the institutional environment and the Road Map for the Development of the Foreign Economic Activity of the Region. Six areas of the institutional environment are studied: production and economic, innovative and technological, demographic, social, political and spiritual. The methodology for building the model includes a number of steps: setting goals and objectives; environmental analysis of the Arctic region; development of a model according to the levels of the Arctic space; empirical verification of the model; development of a Road Map; generalization and formulation of conclusions. An empirical verification of the model is carried out on the example of the Yamal-Nenets Autonomous Okrug. The model of foreign economic development of the Yamal-Nenets Autonomous Okrug is represented by a system of six equations for the number of six areas of the institutional environment. The system of six equations is a system of interdependent econometric equations, each of which is an ADL model.