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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

The debt component as a factor in assessing the financial security of the economy: The cross-country aspect

Vol. 22, Iss. 10, OCTOBER 2023

Received: 31 August 2023

Received in revised form: 14 September 2023

Accepted: 26 September 2023

Available online: 30 October 2023


JEL Classification: F52, G28

Pages: 1954–1971


Svetlana D. MAKAROVA National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Marina V. MARKINA National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Subject. The article addresses trends in basic financial indicators formed under global political and economic challenges of our time, with an emphasis on debt policy to substantiate the significance of their impact on the financial security of the economy of various States.
Objectives. The purpose is to develop economic and mathematical justification for assessing the financial security of the State based on mathematical modeling and rating of macroeconomic indicators, from the perspective of debt approach assessment.
Methods. We employ the method of weighted sums as the main approach to solve multi-criteria optimization problems and the method of attributing points. A weighting factor is calculated for each criterion, on the basis of which the individual rating of each factor is calculated. The basis for the application of the weighted sum method is a factor analysis, implemented on the basis of statistical and dynamic approaches.
Results. The paper assesses the financial security of the economy of various States on the basis of predominance of the debt policy importance. The rating enables to assess the effectiveness of the State's financial policy, depending on priorities of its implementation for a certain representative period. The selected indicators characterize a multidirectional impact on the financial security of the economy, however, the optimization approach allows for objective assessment and assumes the possibility of their expansion and variation to determine financial security based on assessment of the predominant impact of certain groups of stimulator and destimulator indicators.
Conclusions. The study serves as a basis to systematize a set of diverse indicators of financial flows redistribution in the economy to characterize financial security, depending on the parameters characterizing the main directions and instruments of financing priority areas of economic development.

Keywords: financial security, debt policy, optimization approach, economic and mathematical assessment


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