Identification of risk mitigation mechanisms within the framework of the development of Russian branches of the New Silk Road
Abstract. The relevance of the research topic is due to the novelty of the problem, as well as the exceptional importance of monitoring threats to the regional economic security in the context of the development of the national economy and strengthening global economic ties within the framework of Russia`s participation in the New Silk Road initiative. The problem of ensuring the regional economic security becomes even more significant under the influence of the pandemic, anti-Russian sanctions, as well as the increasing likelihood of military conflicts. However, despite the importance of economic security issues, the methodology for quantifying non-financial risks of regional economic security still needs to be developed. In addition, the definition of the essence of the concept of "regional economic security" requires additional specification. In this regard, the purpose of the study is to develop a system of quantitative indicators for assessing non-financial risks and threats to the economic security of the regions of the Russian Federation and to identify promising mechanisms for mitigating regional economic security risks in the context of the development of Russian transport corridors of the New Silk Road. As part of the study, the decomposition of key risks and threats to regional economic security was carried out, a set of indicators was proposed that allow a quantitative assessment of ESG risks of the economic security at the level of individual territorial entities.
Keywords: regional economic security, threats to economic security, the New Silk Road, indicators of regional economic security, risk mitigation mechanisms, non-financial risks, environmental risks, social risks, governance risks
Highlights:
♦ decomposition of factors and threats to regional economic security has been carried out;
♦ a system of indicators for assessing ESG risks and threats to regional economic security is proposed;
♦ the main directions of mitigation of regional economic security risks in the context of the development of international cooperation within the framework of the implementation of the New Silk Road project have been identified.
Victoriia V. Kozhukhova - Samara State University of Economics, Samara, Russia