Indicators of Financial Security on the Micro-Level: Approach to Empirical Estimation

Abstract

The article suggests an original approach to economic security system indicators formation at micro level based on the assessment of changes in households’ living and financial behavior under economic crisis.An econometric implementation based on the triangular recursive system of equations is used with a multivariate probit model, dealing with unobservable individual heterogeneity, with the bias atributed to omitted variables and endogeneity.The estimation was performed according to the representative survey of the population “The Russia Longitudinal Monitoring Survey - Higher School of Economics (RLMS-HSE) (RLMS-HSE, 2017).