An Econometric Analysis of the Impact of Innovation on Economic Growth in Russian Regions

The purpose of this work is to establish the impact of innovation on the economic growth of regions using econometric analysis methods in the context of Russia's raw material dependence and the need for its transition to an innovative development path. In the first part of the work, based on the literature studied by both foreign and domestic authors, various approaches to measuring innovation are demonstrated, and the ambiguity of the conclusions of the impact of innovation on economic growth is also reflected; In this connection, the connection between innovation and the economic level was studied initially at the country level, and then at the level of the regions of the Russian Federation. The second part of the work is devoted to an empirical analysis of the impact of innovation on the economic growth of the regions of the Russian Federation. Variables were determined that measure innovation in the regions of the Russian Federation and the economic growth of the regions of the Russian Federation, through which it was possible to establish a relationship between these two indicators. A model of the dependence of the region’s economic growth on innovation, human capital and fixed capital investment has been put forward. Data for 2000-2017 was collected and prepared. for further econometric analysis. The econometric analysis resulted in a linear RE model taking into account the time effect, establishing a positive relationship between innovation and economic growth at the regional level. The interconnectedness of innovation and regional econometric growth econometrically revealed the need for further study of the issue of measures that stimulate an increase in domestic research and development costs for economic growth at the regional level.