The role of institutions of development in ensuring financial self-sufficiency of the Volga Federal District regions

The existing interregional differentiation, lack of own financial and investment funds, the need for improving efficiency of their use determines the assessment of self-sufficiency of economic systems and the application of their results to the practice of territorial regulation. It is substantiated that one of the tools for increasing self-sufficiency of the regional economy are institutions of development. The aim of the work is to determine the role of institutions of development in ensuring self-sufficiency of regional economies and developing practical recommendations for its improvement. The role of federal institutions of development in increasing the financial self-sufficiency of the regions of the Volga Federal District was studied. It is shown that the analysis for the activities of institutions of development is based on the closed system of their accountability, the absence of legislatively established principles of openness and transparency of the structure functioning results, which limits the ability of the state and society to assess and control effectiveness. It has been revealed that large investment projects of strategic importance receive support from federal, regional institutions of development and other public partners operating in the market for a long time, which leads to duplication of functions performed by these structures and insufficient specification of their areas of responsibility in ensuring the territory's economy development. The need for institutions of development to take into account the unmet needs of the regions with different levels of self-sufficiency in products or services, as well as the potential possible volume of their production in the territory before making a decision on implementation of investment projects, which will increase validity of their support, is substantiated. The need for optimal distribution of power of federal and regional institutions of development in order to increase investment attractiveness of the project localization territory and increase self-sufficiency of its economy is indicated. The findings obtained in the framework of the study are the initial groundwork for the development of practical recommendations for increasing self-sufficiency of the Volga Federal District region economy. 

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