The analysis of the impact of institutional transfor-mations on the institutional environment and socio-economic development of the region

Abstract

Purpose: the article examines the peculiarities of the interaction of institu- tional transformations on the institutional environment and socio-economic development of the region on the example of the Republic of Crimea. Discussion: if one region moves from one institutional environment to another, and moreover becomes a part of another state, a number of problems arise that can be described us-ing the methodological apparatus of institutional economic theory – the need to adjust the existing institutional environment to the new conditions and requirements characteristic of the new state, a rather drastic change in the institutional environment leads to additional transaction costs, which can lead to a shortage of available financial resources. Formation of fiscal imbalances that manifested itself in the Republic of Crimea.A side process of institutional transformations are numerous prohibitions, sanctions and restrictions related either to the nonrecognition of independence of the Republic of Crimea and its subsequent incorporation into the Russian Federation, or to the imposition of sanctions against specific individuals and legal entities operating in of the republic. Results: the author proposes the classification of sanctions against the Republic of Crimea. The article also views the influence of sanctions restrictions on transformation processes, and reveals such types of transformations as full and partial, at the state or region level.