Abstract
Culture and the capital associated with it correspond to current scientific trends. An in-depth analysis of the source materials allowed us to conclude that there is an unquestionable need to quantify the special phenomenon of cultural capital and its role in socio-economic development. The aim of the study was, therefore, to determine the direction and strength of the relationship between the author’s synthetic indices of cultural capital and sustainable development, including the identification of the components that most determine sustainable development at the regional level. This goal was achieved using a two-stage econometric analysis (dynamic and static panel regression with fixed e ects; Granger causality test), in which detailed emphasis was placed on confirming the cause-and-effect nature of the relationships. The authors hope that the indicated conclusions could influence the more effective development of both phenomena and help the regions meet the requirements of global competitiveness.