The financial potential of a region as the component of the economic potential and aspects determining its effectiveness

The new stage of reformation and modernization of the Russian economy and its integration into the world economy has identified the need to review the approach to the selection of new factors of investment and innovation development and the conditions of their use. Nevertheless, the achievement of sustainable growth based on actual economic restructuring and competitiveness of Russian goods is constrained by one of the main obstacles to economic growth and development - financial resources, whose role is constantly growing. The lack of integrated approach to the regional development and the use of financial flows is caused by the absence of relevant provisions in most part of government documents with limited financial components. Furthermore, one should consider the significance of understanding the individual elements of region's financial potential, and focus on the development and use of financial opportunities with complete disregard for the weak power of credit and insurance companies, investment companies and population funds. As a result, developed policies and procedures for improving the efficiency of regions often remain financially unsecured. The financial capacity of many Russian regions is only expecting to reach the required living standards, as it does not meet the needs of the state, and it does not allow it to fully enforce its control functions. This leads to the need to stimulate growth in the financial potential of the region as the basis for the positive development of all its businesses and households. The authors believe that the efficiency of managing the financial potential is largely dependent on certain financial policy priorities. In the regions, in this aspect, there are still serious disadvantages. In particular, if the federal level implies the development of financial policies with emphasis on its main components - the budget, taxation and banks, the elements on the regional level, such as banking policy, policy development of the securities market, insurance market - are not generally disclosed.