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FINANCIAL RESOURCES OF THE RUSSIAN ARCTIC: CASH FLOW MATRIX BASED ON THE SYSTEM OF NATIONAL ACCOUNTS
Abstract
The present study examines the financial resources of the Russian Arctic on the System of National Accounts methodological basis. This research was designed to estimate the efficiency and sustainability of the Arctics region added value. Russian Arctics territories financial balances for generation, distribution and consumption were constructed. SNAs methodological approaches were modified by defining indicators for sectors Corporations, Government sector and Households that are essential for Arctics territories generation and distribution added value matrix construction. Mix of indirect methods for calculation and adjustment of Arctics territories SNA indicators was introduced. These methods are based on a local context such as sector-specific production structure, official statistics limitations and varying reporting structure. A variety of research approaches was used such as re-routing statistics (integrating product taxes in added value produced by corporations), distributing methods (gross value added, federal budget spending, etc.), analytical approaches (applying raw financial data for municipal entities). Analytical tables for Arctic territories financial development were introduced based on calculations for 2012-2014 period. Approximately 726 billion rubles were seized from investigated territory combined: more than half by the government sector and 291 billion rubles were brought out by households. Corporations virtually completely reinvested earned revenue. Outflow of funds was observed almost in every subregion of the Russian Arctic with the exception of Magadan Oblast at the cost of public capital infusion. Conducted research is going to become a basis for the Arctics financial flows predictive model development. This model will take into account such key economic indicators as investment, added value, tax burden, household final consumption expenditure and others.
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