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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2025-29-2-194-207</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-3610</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ДРАЙВЕРЫ ЭКОНОМИЧЕСКОГО РОСТА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>DRIVERS OF ECONOMIC GROWTH</subject></subj-group></article-categories><title-group><article-title>Исследование отдельных эмпирических закономерностей влияния макрофинансовой политики государства на стимулирование инновационной активности в рамках эндогенной теории роста</article-title><trans-title-group xml:lang="en"><trans-title>The Study of Specific Empirical Patterns of the Influence of State Macrofinancial Policy on Stimulating Innovation Activity Within the Framework of Endogenous Growth Theory</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-6270-9002</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Матризаев</surname><given-names>Б. Д.</given-names></name><name name-style="western" xml:lang="en"><surname>Matrizaev</surname><given-names>B. J.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Бахадыр Джуманиязович Матризаев — кандидат экономических наук, доцент кафедры экономической теории</p><p>Москва</p></bio><bio xml:lang="en"><p>Bahadyr J. Matrizaev — Dr. Sci. (Econ.), Assoc. Prof., Department of Economic Theory</p><p>Moscow</p></bio><email xlink:type="simple">matrizaev@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Финансовый университет</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Financial University</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2025</year></pub-date><pub-date pub-type="epub"><day>09</day><month>05</month><year>2025</year></pub-date><volume>29</volume><issue>2</issue><fpage>194</fpage><lpage>207</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Матризаев Б.Д., 2025</copyright-statement><copyright-year>2025</copyright-year><copyright-holder xml:lang="ru">Матризаев Б.Д.</copyright-holder><copyright-holder xml:lang="en">Matrizaev B.J.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/3610">https://financetp.fa.ru/jour/article/view/3610</self-uri><abstract><p>Предмет исследования - эмпирические закономерности влияния макрофинансовой политики государства на стимулирование инновационной активности в рамках эндогенной теории роста. Цель работы - предложить подход, направленный на обеспечение прямой рыночной конкуренции между несколькими фирмами в каждой отрасли, который сочетает концепцию эндогенного роста с динамической отраслевой моделью идеального равновесия по Курно - Нэшу. Научный вклад и новизна исследования заключается в разработке нового и совершенствовании уже применяющихся ключевых методологических подходов оценки влияния субсидий на НИОКР на эндогенный рост производительности. В частности, вводятся новые ключевые характеристики конкуренции за счет НИОКР, которые обычно отсутствуют в большинстве моделей эндогенного роста, включая: 1) детерминированный вход и выход с рынка; 2) распределение размеров фирм; 3) более сложные рыночные структуры, которые варьируются в зависимости от отрасли и с течением времени. Главным выводом является тот факт, что полученные автором результаты подтверждают корректность использования предлагаемого методологического подхода. Сводные результаты доказывают существование условий частичного равновесия для отдельной отрасли, демонстрирующее, как стимулирующие рост субсидии на НИОКР изменяют эндогенно обусловленную структуру рынка. Субсидии на НИОКР «растягивают» распределение долей рынка за счет увеличения числа фирм на рынке, но при этом увеличивают различия в долях рынка между фирмами. Предложенный автором новый методологический подход обеспечивает важный шаг в направлении исследования более формализованного аппарата изучения динамической отраслевой модели идеального равновесия.</p></abstract><trans-abstract xml:lang="en"><p>The subject of the study is the empirical patterns of the influence of the state macrofinanciaL policy on stimulating innovation activity within the framework of the endogenous theory of growth. The purpose of the paper is to propose an approach aimed at ensuring direct market competition between several firms in each industry, which combines the concept of endogenous growth with a dynamic industry model of ideal Kurnout - Nash equilibrium. The scientific contribution and novelty of the research Lies in the development of new and improvement of key methodological approaches already used to assess the impact of R&amp;D subsidies on endogenous productivity growth. In particular, new key characteristics of competition through R&amp;D are introduced, which are usually absent in most endogenous growth models, including: 1) deterministic entry and exit from the market; 2) the distribution of firm sizes; and 3) more complex market structures that vary by industry and over time. The main conclusion is the fact that the results obtained by the author confirm the correctness of using the proposed methodological approach. The summary results confirm the existence of partial equilibrium conditions for a particular industry, demonstrating how growth-stimulating subsidies for R&amp;D change the endogenously determined structure of the market. R&amp;D subsidies “stretch” the distribution of market shares by increasing the number of firms in the market, but at the same time increase the differences in market shares between firms. The new methodological approach proposed by the author provides an important step towards the study of a more formalized apparatus for studying the dynamic industry model of ideal equilibrium.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>эмпирические закономерности</kwd><kwd>макрофинансовая политика</kwd><kwd>теория эндогенного роста</kwd><kwd>инновации</kwd><kwd>НИОКР</kwd></kwd-group><kwd-group xml:lang="en"><kwd>empirical patterns</kwd><kwd>macrofinancial policy</kwd><kwd>theory of endogenous growth</kwd><kwd>innovations</kwd><kwd>R&amp;D</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Арефьев Н. Г., Арефьева А. И. Экономический рост и идеи. Препринт WP12/2010/02. Серия WP12. М.: ГУ ВШЭ; 2010. 56 с. (Научные доклады лаборатории макроэкономического анализа). 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