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Comprehensive Assessment of Financial Safety of the States Taking into Account Social, Economic, and Shadow Indicators

In: Eurasian Economic Perspectives

Author

Listed:
  • Nadezhda Yashina

    (Lobachevsky State University of Nizhny Novgorod)

  • Sergey Petrov

    (Lobachevsky State University of Nizhny Novgorod)

  • Nataliya Pronchatova-Rubtsova

    (Lobachevsky State University of Nizhny Novgorod)

  • Oksana Kashina

    (Lobachevsky State University of Nizhny Novgorod)

Abstract

In the knowledge-based economy, the issue of assessing the financial policy effectiveness and its impact on the level of socioeconomic development of the country and the population’s welfare is acute. Maximizing the effectiveness of financial policy is possible while ensuring financial safety of the country. Market management conditions create the existence of a shadow economy, which adversely affects the development and functioning of the global financial system in general and of each state. The purpose of the chapter is to conduct a comprehensive assessment of the financial safety of states on the basis of determining the socioeconomic position of the country considering the shadow economy and revealing its impact on the level of the population’s welfare. To determine the financial safety of states, a methodology has been developed for calculating the total standardized indicator for assessing the socioeconomic position of countries considering the shadow economy by means of specially created system of indicators. Approbation of a technique is carried out on a selection of 45 countries in 2015. Based on the developed technique, a rating of countries was built. It was revealed that the higher the country’s financial safety, the higher the population’s welfare.

Suggested Citation

  • Nadezhda Yashina & Sergey Petrov & Nataliya Pronchatova-Rubtsova & Oksana Kashina, 2020. "Comprehensive Assessment of Financial Safety of the States Taking into Account Social, Economic, and Shadow Indicators," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Gökhan Karabulut & Giray Gözgor (ed.), Eurasian Economic Perspectives, pages 91-103, Springer.
    • Handle: RePEc:spr:eurchp:978-3-030-40375-1_6
    DOI: 10.1007/978-3-030-40375-1_6
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