Institutional aspects of formation of economic growth model of the Black Sea region

Abstract

Introduction. The modern stage of economic transformations on the basis of the introduction of regional development models requires the use of innovative approaches to reforming the economy of the regions. An innovative approach can be implemented within the framework of all possible regional development models, which need to be established and implemented, taking into account the needs of specific regions and territories.

Purpose. The article aims to substantiate the institutional aspects of formation of economic growth model of the Black Sea region.

Results. It has been established that conceptual and strategic reference points of the development of the Black Sea region should take into account the features of its structural components, including economic and social components, environment and spatial regional development.

The economic and social components cause a logical change in the characteristics of material and ideal regional objects. The environment covers living and inanimate objects existing in and around the region, including natural and altered human objects. Spatial regional development is a multidimensional process that integrates various forms of combining individual components of regional development.

On the basis of our research, we have created the author's institutional model of economic growth in the Black Sea region. The purpose of institutionalization is the development of self-sufficient regional civil society institutes, the formation of competitive territorial communities and the strengthening of the vertical of the executive branch. The realization of this goal is based on the main strategic resources inherent in each particular region. On their basis, while using the principles of economy modernisation and the economy decentralisation of financial activities of the region, we can try to reach the planned results.