Research of Public Financing Efficiency of Social Well-being in the Russian Federations’ Regions
Research of Public Financing Efficiency of Social Well-being in the Russian Federations’ Regions

Author(s): Dmitrii Kornilov, Nadezhda Yashina, Natalia N. PRONCHATOVA-RUBTSOVA, Oksana Kashina
Subject(s): Regional Geography, Economic policy, Public Finances
Published by: Masarykova univerzita nakladatelství
Keywords: social well-being; public financing efficiency; investing in human capital; consolidated standardized indicator; rating;
Summary/Abstract: In the knowledge-based economy, the main objective of public finance management is becoming the social well-being maximization that is achieved through the implementation of effective financial policy. It is based on the optimal structural distribution of financial resources between the industrial and non-productive sectors, combined with innovative techniques in public financial management. This policy is directed to well-being growth of the population and investing in human capital. So, the aim of the paper is to research the public financing efficiency of social well-being in the Russian Federations’ regions. Author's technique has been developed for determining a consolidated standardized indicator, which assesses the social well-being level of territories. It is based on a specially formed system of indicators. A qualitative social well-being condition of the population is proposed to be quantified by a number of indicators included in the assessment criteria system. It consists of two indicators’ groups: indicators of investing in human capital (health care, education, social protection, spiritual wealth), as a fundamental value of the modern society and indicators of financial provision in the spheres which determine social well-being. The methods of economic, system analysis and mathematical statistics are used in this research. Approbation of proposed technique is carried out on official statistical data for 2015 from open databases of the Federal State Statistics Service and the Federal Treasury of the Russian Federation. As a result, the rating of the regions is constructed on the basis of the developed technique for assessment of social well-being financing efficiency.

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