National Interests: Priorities and Security
 

Outlining approaches to evaluating the economic security of nations: Evidence from the BRICS nations

Vol. 14, Iss. 8, AUGUST 2018

Received: 3 April 2018

Received in revised form: 23 April 2018

Accepted: 18 May 2018

Available online: 15 August 2018

Subject Heading: ECONOMIC SECURITY

JEL Classification: E06, F02, F52, F63

Pages: 1514–1529

https://doi.org/10.24891/ni.14.8.1514

Kozyr' N.S. Kuban State University, Krasnodar, Russian Federation
n_k_@mail.ru

https://orcid.org/0000-0002-8323-0957

Yarkina M.V. Kuban State University, Krasnodar, Russian Federation
mariya_budko@inbox.ru

https://orcid.org/0000-0002-8488-2834

Importance The research evaluates the economic security of the BRICS nations and analyzes the existing approaches to evaluating the economic security, systematizing indicators of original international surveys.
Objectives The research devises the method to evaluate economic security and probate it by applying to the BRICS nations.
Methods Studying the economic security of the BRICS nations, we constructed logic schemes, grouped factual data, interpreted theoretical and empirical data through tables and graphs, and use mathematical modeling.
Results The article outlines a set of factors to evaluate economic security. We probate the proposed method by applying it to the BRICS nations and analyze trends in the indicators and compare them with other leading nations. We detect weaknesses and advantages of the countries in terms of economic security aspects.
Conclusions and Relevance The proposed method is based on publicly available data and can be applied to study other aspects of international economic security. Testing the economic security evaluation method, the BRICS nations were found to have quite a similar development level by analyzable aspect. However, we identify such aspects of economic security, which make the BRICS nations polar in ratings. This helps find resources for cooperation and activities as part of the economic union.

Keywords: economic security, international comparison, BRICS, economic security security

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