Financial instruments and institutions of state management of innovations in the system of spatial and economic development of the region (on the materials of the South-Russian macroregion)

The aim of the article is to study the effect of direct and indirect instruments of government regulation on the possibility of innovative development of the regions of Southern Russia, taking into account the institutional imbalances. We used the methods of institutional, comparative, quantitative and qualitative analysis. At the heart of the study - data copyright empirical studies (including a questionnaire 7 managers of large businesses, 60 - medium-sized businesses, 55 - small businesses), supplemented by the official data service Rosstat. Processing and systematization of the data was carried out using economic-mathematical methods (including methods of correlation analysis). Tested the hypothesis of an inverse relationship between the effectiveness of stimulus tools of indirect regulation and the degree of fragmentation and isolation of the various orders and their archaic forms of domination, as well as the strengthening of the substitution of public investment by private and innovation priorities - investment in conditions of asymmetry of regional markets (center-periphery. It is proved that the instruments of direct government regulation to stimulate increased investment in new (imported) equipment and not in generating innovation in general. The effect of the replacement of innovative investment priorities, with an emphasis on the development of the traditional sectors of the economy of the South of Russia. It was found that the asymmetry of institutions and instruments of innovation development is defined reproductive constants emerging markets (share of the rent component, the level of scientific and technological development, the scope of natural monopolies, the type of the financial sector, the maturity of the stock market, the ratio of real and intangible assets, the share of non-material accumulation, the state of human and social capital). It is shown that the effect of regional projections of each of the reproductive constants may either intensify or be offset under the influence of latent restrictions institutional nature. For the regions of the South of Russia such specific factors are the multistructural, multiculturalism, the growing phenomenon of glocalization. The nature of the innovation objective given the passivity of some regions of the South of Russia. Consider the sectoral structure of the emerging markets in the context of innovative development priorities Conclusions and suggestions can be used in the development of innovative development programs.