Institutional aspects of the development of local markets for agricultural land rights

The article proposes to consider sustainable development of regional economy in the context of mutual influence of the main interaction mechanisms between individuals and organizations, power and competition in agricultural land market. According to the authors' concept of a dual agricultural land market, a model of economic rights market is considered as a market more in demand under the conditions of the current moratorium on state and municipal land sale in the region and a limited supply of shared ownership. Basing on the results of the research conducted within the framework of "Monitoring the functioning of local agricultural land markets" research project, we found some non-price determinants affecting structural transformation of land lease demand and supply, the motives for economic rights market that determine the behaviour of market agents within "limited" competition. The multilevel system of rental relations is justified - "individual - organization, organization - power", within the framework of which it is necessary to increase the coercion level of built-in power mechanism to control the effective use of land resources based on land lease state support. Several types of opportunistic behaviour are identified, as well as a group of factors constraining the development of the agricultural land market, according to our multivariate analysis. Efficient functioning of the agricultural land economic rights market in the context of institutional constraints could ensure guaranteed economic growth, stable conditions for expanded reproduction of rural population and an increase in their welfare.