Uneven Development of Russian Regions in the Context of Infrastructure Financialization

Regional Research of Russia. 2025. Vol. 15. No. 3. P. 381–390.

D.K. Vasiliev, L.E. Limonov

The impact of public and private infrastructure investment on reducing regional inequalities has
not yet received sufficient scientific attention, especially in the context of the BRICS countries, including
Russia. To fill this gap, this article is devoted to assessing the impact of infrastructure financialization on the
unevenness of regional development in Russia. Using a regression model and panel data for the period from
2006 to 2019, the study measures the characteristics of uneven regional development in Russia. Infrastructural
financialization is included as the main explanatory variable. The obtained results show that the development
of infrastructure financialization leads to a decrease in the unevenness of regional development in
Russia. Despite the fact that the Russian economy is completely oriented towards state management, it is necessary
to increase the volume of regionally proportional private investment in infrastructure for the convergence
of regions. However, this study differs from previous ones conducted in other countries using similar
methodology, highlighting the controversial nature of this topic.

Keywords: Россия, Russia, regional development, развитие регионов, infrastructure financialization, инфраструктурная финансиализация

Publication based on the results of: Socio-political, economic and ecological-climatic factors of sustainable development of territories in the context of global challenges (2025)