Problems of measuring country's financial security

Information
Title: Problems of measuring country's financial security
Issue: Vol. 13, No 2, 2020
Published date: 06-2020 (print) / 06-2020 (online)
Journal: Journal of International Studies
ISSN: 2071-8330, eISSN: 2306-3483
Authors: Tetyana Vasylieva
Sumy State University

Oktawia Jurgilewicz
Rzeszow University of Technology

Sergii Poliakh
Cherkasy Educational and Scientific Institute of Banking University

Manuela Tvaronavičienė
The General Jonas Zemaitis Military Academy of Lithuania

Paweł Hydzik
Rzeszow University of Technology
Keywords: financial involvement, financial security, financial market, financial service, financial institute
DOI: 10.14254/2071-8330.2020/13-2/22
DOAJ: https://doaj.org/article/38931c5d9b444f5492739e526c7bf9db
Language: English
Pages: 329-346 (18)
JEL classification: G00, G28, G30
Website: https://www.jois.eu/?620,en_problems-of-measuring-countrys-financial-security
File https://www.jois.eu/files/22_931_Vasylieva%20et%20al.pdf
Licenses:
The survey was supported by the Ministry of Education and Science of Ukraine and performed the results of the projects 0118U003569 and 0120U102001.
Abstract

The aim is to define the key issues ensuring financial security of a country. The studies proposes a technique to calculate a country's quality management index for a financial as a weighted average of the country's overall compliance with key international standards, rules and principles in the sector. The study uses statistical information from the Consultative Group to Assist the Poor, the World Bank Database and the Organization for Economic Co-operation and Development, to study financial security of the population in 142 countries with different levels of economic development. 47 variables, grouped into 10 aggregates, were included in the study: Disclosure of information upon opening a deposit account, Disclosure of information upon opening a credit account, Disclosure of general information, Periodic disclosure upon opening deposit accounts, Periodic disclosure Monitoring, Enforcing, Fair treatment, Recourses, Standards for complaints resolution. Analysis of the results show that the levels of financial security in the studied countries have a wide variation from the minimum to the maximum values. We see that among the countries with high levels of economic development, the leaders are Italy, Canada and Puerto Rico. Transition economies include Venezuela, Argentina and Mexico; among developing countries, we can mention Armenia, Azerbaijan and Uzbekistan.

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