RATING OF REGIONAL DEVELOPMENT EFFECTIVENESS UNDER CONDITION OF LIMITED FINANCIAL RESOURCES

The article is devoted to the problem of regional development under the condition of financial resources deficit. It is proposed to use the rating to evaluate the effectiveness of funding at the regional level. The analysis showed that existing ratings and evaluations are not enough to determine the actual level of development of the region with the financial position of all the sources. New rating which will show the financial attractiveness of the regions and federal districts has been proposed. Having used the proposed method, the rating of the financing efficiency of federal districts and different regions of the Russian Federation for the period 1990-2013 was formed. The results show that the policy of government financing at the sub-federal level has formed a huge disparity in living conditions and business activity in various regions of Russia; and more than that - the division of the country into federal districts is arbitrary and does not lead to any growth of efficiency in government funding management. The main reason of this situation is not in the amount of allocated funds, but in the wrong approach to the implementation of government funding. Developed rating allows assessing the performance of the federal districts and regions executives on the basis of changes in the level of efficiency during their leadership, as well as defining the most problematic areas and implementing its targeted project government funding. (C) 2017 Published by Future Academy www. FutureAcademy. org. uk.