Principles of export-import balance sheet to implement import substitution process in regional economic systems of Russia

Abstract

A policy aimed at import substitution has some duality in terms of the expediency and rationality of its implementation. On the one hand, the main advantage of the import substitution process is obvious – it strengthens and increases the domestic market that is natural and vital. On the other hand, the most important disadvantage of the import substitution process is the risk of a product deficit due to a shortage of import competitors, and as a result, an increase of product prices. The fact that the import substitution process has a dialectical character allows us to believe that the proportions of import substitution and import dependence require detailed consideration from various positions. The article gives an overview of scientific concepts on the implementation of the import substitution process in the context of macroeconomic, competitive, innovative, regional, clustered economic development. The approaches to import substitution realization have been summarized from the view point of macroeconomic proportionality. The influence of the shift of technological modes, as well as the impact of the trends of the fourth industrial revolution on the industry development of the economy, have been considered. The importance to implement the import substitution process in Russia has been empirically substantiated. In the context of the revealed substantiations the principles of the export-import balance sheet have been developed taking into account the industry proportions of import substitution and import dependence. The above mentioned principles include: 1) the leading role of machine building in the development of the national economy and in the formation of a new industrial revolution; 2) effective mechanism of spatial economic collaboration of import substituting and import-dependent subjects of the economic system; 3) consideration of a cyclical character of economic development in the formation of optimal industry proportions of import substitution and import dependence; 4) taking into account the specific features of the regional economic system in the formation of optimal industry proportions of import substitution and import dependence; 5) investment of regional industries that form the basis for the formation of optimal industry proportions of import substitution and import dependence. The findings we have obtained may be used to form a strategy for the development of various business entities. Perspectives of the research are related to the determination of the optimal industry proportions of import substitution and import dependence considering the cyclical character of economic development and the development of a mechanism for ensuring the spatial economic collaboration of import substituting and import-dependent entities of the regional economic system.

Keywords

import substitution, import dependence, export-import balance sheet, principles, regional economic system, industry proportions, the fourth industrial revolution, technological mode, spatial economic collaboration

For citation

Lobanova E.V. Principles of export-import balance sheet to implement import substitution process in regional economic systems of Russia. Perm University Herald. Economy. 2017, vol. 12, no. 4, pp. 609–631. DOI 10.17072/1994-9960-2017-4-609-631

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