National Interests: Priorities and Security
 

Evaluating the economic security of the region: Evidence from the Republic of Bashkortostan and the Ivanovo oblast

Vol. 13, Iss. 7, JULY 2017

Received: 2 June 2017

Received in revised form: 18 June 2017

Accepted: 4 July 2017

Available online: 27 July 2017

Subject Heading: ECONOMIC SECURITY

JEL Classification: F52, P25

Pages: 1270–1282

https://doi.org/10.24891/ni.13.7.1270

Ivanov P.A. Institute of Socio-Economic Research, Ufa Science Centre of RAS, Ufa, Republic of Bashkortostan, Russian Federation ivanov-ran@mail.ru

Importance As the world veers off the unipolar course and tends to the multipolar one, geopolitical and financial instability of the global economy increases. In such situation any State gets very preoccupied with its own economic security. In this respect, it is reasonable to consider the way of ensuring the economic security at the regional level.
Objectives The research systematizes national security indicators of the Russian regions in the financial sector and analyzes them through two constituent entities of the Russian Federation – the Republic of Bashkortostan and Ivanovo oblast. I also identify difficulties in their monitoring.
Methods Analyzing the economic security at the regional level, I use statistical and econometric methods of research and review key criteria for selecting which indicators should be applied to evaluate the economic security at the regional level. I classify financial indicators of the national security of the regions and their thresholds by institutional sector of the economy, i.e. the State, business and households.
Results Illustrating two constituent entities of the Russian Federation, I evaluate the economic security and identify sensitive areas and aspects. The article notes the economic security of Bashkortostan declined in 2015 and remained low in the Ivanovo oblast. I also determine what impedes the development of the economic security monitoring.
Conclusions and Relevance I conclude it is necessary to create a balanced set of indicators to evaluate the economic security of the Russian Federation and its constituent entities, formalize their thresholds in strategic planning documents, and articulate unified principles for developing the practice of economic security monitoring at the regional level. The findings may prove useful for governmental and local authorities to monitor the economic security and make managerial decisions on the elimination of threats.

Keywords: national security, regional finance, State, business, household

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