INSTITUTIONAL ENVIRONMENT IMPACT STUDY ON ECONOMIC INDICATORS OF THE URAL-SIBERIAN MACROREGION: EMPIRICAL CONFIRMATION

Many empirical studies show a signifi cant relationship between economic growth rates not only with neoclassical factors, but also with indicators of research eff ectiveness. The insuffi cient level of development of institutions limits economic growth, since part of the resources is spent on protecting property rights, on overcoming the barriers of corrupt activity. Since neoclassical macroeconomic factors do not fully explain the diff erences in the behavior of macroeconomic growth indicators of the subjects of the Ural-Siberian region, it is necessary to accept the institutional factor. Our work provides an assessment of the macroeconomic assessment of the institutional environment based on the indicators of the Ural-Siberian region. For this, panel data and a two-way fixed eff ects model were used — a model with separate and temporal eff ects. The economic growth in the models is described by the gross product, the regressors are investments in the main capital organizations, the export of goods and a specifi c life expectancy, which describes the impact of socio-economic institutions on the economic growth of the subjects of the macroregion, while the fi xed eff ects of the impact on political institutions. Thus, socio-economic institutions determine the scope determinants that are the goal of research, including fi eld experiments to determine eff ective games.