Marina Valentinovna Niyazova

The article examines the role of the Institution of Special Economic Zones for sustainable development of a country or region proceeding from new institutional theory and stakeholders approach. Accelerating development requires the conditions which might affect the quality of the Institution of Special Economic Zones entailed by the diffusion of basic rules and underlying mechanism between the levels of the institution. The author identifies and specifies the main stakeholders of macro-, meso-, micro-levels of the Institution of Special Economic Zones on the example of Russian Far East. Positive economic analysis makes it possible to identify most significant stakeholders and consider them according to the effect obtained. The paper highlights the features and expectations (interests) and the means to achieve them by stakeholders and the Institution of Special Economic Zones. Harmonization and balancing of their interests is subordinate to creating the conditions for increasing socio-economic effects and social wellbeing in the process of economic activity. The Institution of Special Economic Zones has such inclusive signs as the presence of centralized state power and an object for the formation of high-tech knowledge-intensive sectors in regional economy, and a good dynamic in the number of residents. All these create a turning point for the transition to a sustainable level of development, where the Institution of Special Economic Zones matters. The methodology for assessing its effectiveness becomes of great importance. It should be theoretically substantiated and scientifically and grounded to allow a comprehensive assessment of the Institution of Special Economic Zones influence on accelerating socio-economic development and creating comfortable conditions for the population of the Far East. The findings are of theoretical and empirical value and may be applied to design the policies of sustainable regional development.