PROBLEMS OF MEASURING COUNTRY'S FINANCIAL SECURITY

• Published in: Journal of international studies (Kyiv) Vol. 13; no. 2; pp. 329 - 346
• Main Authors: Vasylieva, Tetyana, Jurgilewicz, Oktawia, Poliakh, Sergii, Tvaronavičienė, Manuela, Hydzik, Paweł
• Format: Journal Article
• Language: English
• Published: Szczein Centre of Sociological Research 2020; Fundacja Centrum Badań Socjologicznych; Centre of Sociological Research/Tsentr Sotsiolohichnykh Doslidzhen; Centre of Sociological Research, Szczecin, Poland
• Subjects: Averages; Complaints; Developing countries; Economic development; financial institute; financial involvement; financial market; Financial Markets; financial security; financial service; International standards; LDCs; Methodology and research technology; National Economy; Quality management; Transition economies; financial institute; financial security; financial service; financial involvement; financial market
• ISSN: 2071-8330; 2306-3483
• DOI: 10.14254/2071-8330.2020/13-2/22

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.