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Title | State financial security: Comprehensive analysis of its impact factors |
Authors |
Shkolnyk, Inna Oleksandrivna
![]() Kozmenko, Serhii Mykolaiovych ![]() Polach, J. Wolanin, E. |
Keywords |
system financial institute public finance money stock market stability |
Type | Article |
Date of Issue | 2020 |
URI | https://essuir.sumdu.edu.ua/handle/123456789/82628 |
Publisher | Foundation of International Studies |
License | Creative Commons Attribution 4.0 International License |
Citation | Shkolnyk, I., Kozmenko, S., Polach, J., & Wolanin, E. State financial security: Comprehensive analysis of its impact factors. Journal of International Studies. 2020. Vol. 13, № 2. Р. 291-309 |
Abstract |
Ensuring the financial security of a country is one of the main
tasks in formulating strategic objectives for the development of the
financial system. Given that each country has its own characteristics
in terms of the financial architecture, which manifests itself in its
model, in the state of public finances and their importance for the
economic development of a country, etc., the assessment of the
financial security status will have its differences not only in the list
of indicators, but also in the structural relations among them.
Therefore, this study assessed the level of financial security, carried
out its structural analysis, and identified the factors influencing it,
using the case of Poland and Ukraine. Based on data for 2007–2018,
the countries’ financial security is analyzed by four indicator groups
that characterize the development level of financial institutions, monetary market, stock market and public finance. Using
Harrington’s Desirability Function, an integrated financial security
indicator was created for each country. Both countries showed a
positive trend to increase the level of financial security, while the
value of the financial security indicator corresponds to the desired,
satisfactory, level. At the end of the analyzed period, Poland showed
a high level of financial security. For factor analysis, the factors were
selected that characterized Freedom from corruption, Property
rights, Fiscal freedom, Business freedom, Labor freedom, Trade
freedom, and Investment freedom. As a result, it was found that,
Freedom from corruption and Business freedom had the greatest
impact on the level of financial security in Poland, while Business
freedom and Trade freedom were the most influential on the
financial security of Ukraine. |
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File | Size | Format | Downloads |
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Shkolnyk_State_financial_security.pdf | 962,6 kB | Adobe PDF | 362470814 |
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