Sustainable development of territories as a factor of financial sovereignty of the Russian Federation

Abstract

Aim. To check the availability of financial sustainability and self-sufficiency of the budget sphere of Russian regions in the period of new geopolitical challenges, as well as to develop reasoned, scientifically justified proposals that can be used in strategic territorial planning and will contribute to the financial sovereignty of the Russian Federation (RF).Tasks. To consider the concepts of “financial sovereignty”, “financial security”, “financial stability”; to assess the financial stability of Russian regions, their fiscal self-sufficiency; to build an econometric model of the dependence of regional budgets revenues on a number of factors and to identify factors contributing to an increase in the revenue part of budgets, increasing the financial stability of regions and the financial sovereignty of the Russian Federation as a whole.Methods. The authors used a systematic approach, general scientific methods of research, including comparative, logical, analysis and synthesis, economic and statistical, critical review of scientific publications. When developing recommendations, correlation and regression analysis was carried out.Results. Financial sovereignty is the objective independence of the state in carrying out domestic and foreign financial policy. It is ensured by financial security at all levels of governance and in all spheres of socio-economic life. The main factor in increasing the stability of the financial system of the Russian Federation is a stable budget system of the country and its territorial formations. The study showed that the ability of regional budgets to cover their expenditures largely depends on receipts from the federal budget. Such dependence reduces the stability of regional budgets and creates an additional burden on the federal budget. Using the correlation and regression analysis, according to the statistical data for 2021, the factors of economic development that have a positive impact on the revenue part of regional budgets and increase their sustainability were identified. In particular, in the course of the study it became clear that the cost of research and development, innovation, implementation and use of digital technology today affect the economic development of regions. Their statistically significant strong correlation with the revenues of regional budgets was revealed. The results of the study can be used in the design of strategic programs for regional development.Conclusions. There is a high dependence of regions on state support, which creates an additional burden on the federal budget, reducing its sustainability and financial sovereignty of the country. Subjects of the Russian Federation need to promote business development and stimulate its investment activity. The priority in the design of programs of strategic development of regions should be the introduction of digital technologies, increasing expenditure on research and development, innovation activities.