National Financial Security: Tools for Assessment and Ways to Preserve

Abstract

Introduction. The main threats to the stable economic growth of the country include the vulnerability and weakness of the national financial system, imbalance of financial interests, instability of the budget system, significant share of the shadow economy, direct investment of economic activity, and the criminalization of economic-financial relations. Therefore, financial security can be considered as the state of protection of the financial and economic interests of the state. There are different approaches to defining the content of national financial security and methods for its assessment, which reveal the dependence of sustainable economic development of the country on macroeconomic financial indicators. Methods. This article proposes a methodological approach for the integrated assessment of national financial security based on five sub-indices - financial development, economic globalization, economic activity, financial stability of households, and financial stability. This methodology is aimed at revealing the interdependence of the stable functioning of the financial sector and the level of economic growth in Russia. Results. Calculation of the aggregate index of financial security has allowed to identify a trend of financially sustainable and secure development of the country, the phases of decline of which correspond to periods of decrease in the level of economic growth. Conclusions. The proposed approach can be used as an analytical tool for forecasting national financial stability and tracking trends in the financial and banking sector, business activity, and foreign economic activity.