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The knowledge economy as regional strategy: Evidence from Russia
This paper treats the issues of regional growth based on the achievements of the knowledge economy. Having arisen in the 1960s, the theoretical framework of the knowledge economy initially spread in the corporate sector. Already by the end of the 20th century, it had begun to be actively applied on a macro level. The main objective of this research is to identify factors influencing the success of regional economic growth based on achievements in the knowledge economy. Research was conducted using statistical data obtained from the Russian Federation. Firstly, an econometric study of the impact of the knowledge economy development indicators on GRP was conducted. The correlation analysis of the study has shown an interrelation of economic development and education indicators, in particular, the quantity of faculty output in the region. Additionally, a multiregression analysis was conducted by means of the Stepwise technique. Initial data were transformed according to several means of (Box-Cox transformations, logarithm) for determining nonlinear dependencies. The results have revealed key factors of the knowledge economy influencing the GRP indicator. The regression analysis was also used to provide weighting coefficients, which influence dependent variable (GRP) based on the constructed knowledge economy composite index of the Russian regions. The leading and lagging groups of regions were determined using knowledge economy indicators on the basis of the final index values. The results were analysed through the application of statistical techniques. A comparison of these two groups of regions revealed the key institutional factors influencing the development of entrepreneurship in regions and the construction of the new economy as a whole. These "best practices” can be transferred to regions either in Russia or other countries with a transition economy. The results of the study can be applied to further theoretical and applied regional studies, as well as for indicative planning and the formation of regional economic policy.