FINANCIAL AND INVESTMENT SUPPORT FOR DEVELOPMENT OF TERRITORIES IN VIEW OF THE STADIALITY FACTOR
The analysis of the aspects of financial and investment support for territories of a subregional level (on the example of municipalities of the Republic of Bashkortostan) of various stage identification by development institutions is carried out. The classifications of institutions according to various criteria, as well as the system of the institutional environment functioning in the Republic of Bashkortostan, is considered. The relevance of forming an investment rating of territories at the municipal level is established. Based on the analysis of financial and investment support for the municipalities of the republic, key problems are identified in the context of 3 areas: investment activity, support for small and medium enterprises, provision of territories with social infrastructure facilities. Among the key problems are the high cost of borrowed funds, the low level of real disposable incomes of the population, the low level of influence of local authorities on investment plans of large enterprises of the municipality, the presence of structural imbalances in the sources of financing investments, the relatively low level of investments attracted from budget sources, and the deficit of own budget funds, low relative to developed and some developing countries, the share of small and medium-sized enterprises in gross domestic product those territories and others. A set of measures has been proposed to level these problems, the implementation of which will improve the quality of management of development institutions and the effectiveness of the use of funds allocated for financial and investment support for the development of municipalities of the republic.