Financial and Investment Mechanisms of Integrated Territorial Development and Their Role in Ensuring Regional Economic Security
DOI:
https://doi.org/10.17308/econ.2026.3/14218Keywords:
project financing, fiscal risks, development institutions, infrastructure bonds, investment concentrationAbstract
Subject. The relevance of the study is determined by the role of financial and investment mechanisms of integrated territorial development (ITD) in ensuring regional economic security (ES) under conditions of rising capital costs, capital scarcity, and infrastructure imbalances. The scientific problem lies in the insufficient analysis of the link between the financial architecture of ITD and long-term regional vulnerabilities, which determined the subject of the study.
Purpose. To substantiate the role of financial and investment mechanisms of ITD in ensuring regional ES, including their impact on project feasibility, risk distribution, budget obligations, and regional vulnerabilities.
Methodology. We used institutional-economic and structural-functional approaches. We analyzed institutional conditions, financing participants, and the distribution of responsibilities. We also assessed Regional ES via proxy indicators of investment, budgetary, and credit vulnerability, alongside infrastructure constraints.
Results. Russian ITD practice is dominated by project financing with a significant role of development institutions and limited availability of alternative sources of long-term capital. The contribution of ITD to investment dynamics is has a concentrated nature, requiring consideration of regional economic specificity. We identified the key vulnerabilities of the ITD financial model that impact the resilience of regional ES: (1) high concentration of funding sources and dependence on a limited circle of institutions; (2) the sensitivity of projects to changes in financing conditions; (3) the probability of transforming a portion of project risks into fiscal obligations of the regions.
Conclusions. To enhance the resilience of regional ES, we proposed diversifying funding sources and strengthening the monitoring of the financial parameters of ITD projects.
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