Теоретические предпосылки концепции институциональной матрицы инвестиционного климата российской экономики
We study the impact of Russian regional governors’ rotation and their affiliation with private sector firms for the quality of investment climate in Russian regions. A theoretical model presented in the paper predicts that these factors taken together improve “endogenous” property rights under authoritarian regimes. This conclusion is confirmed empirically by using Russian regional data for 2002—2010; early in that period gubernatorial elections had been canceled and replaced by federal government’s appointments. This is an indication that under certain conditions government rotation is beneficial for economic development even when democracy is suppressed.
The article analyzes the competitiveness of the Russian economy in comparison with the leading economies of the world in the context of Russia's WTO accession on aspects such as the level of interest rates and the availability of financial resources, the dynamics of energy prices, condition of fixed assets and investment activity, investment climate. We outline the basic negative tendencies, hindering the development of the economy and reducing its attractiveness to investors. Based on these results it can be argued that WTO accession will not lead to significant improvement of the investment climate and economic efficiency, and without the implementation of measures to address the problems considered, it can be a catalyst for the negative trends in Russian economy.