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Financial security of the region: The concept and decomposition

Vol. 24, Iss. 9, SEPTEMBER 2018

Received: 30 March 2018

Received in revised form: 2 July 2018

Accepted: 27 July 2018

Available online: 28 September 2018

Subject Heading: Insurance

JEL Classification: G22, G28

Pages: 2105–2119

Chichkanov V.P. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation

Chuvashova A.A. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation

Chistova E.V. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation

Importance The article considers the concept and structure of financial security in the region.
Objectives The aim is to present our own definition of the concept of financial security of the region based on the genesis of approaches by various authors; to show the importance of insurance for financial security of the population and business; to substantiate the decomposition of financial security.
Methods The study rests on general scientific methods of research, like grouping, comparison, analogy, generalization.
Results We offer our own approach to the definition of the financial security concept, demonstrate interrelation between financial and economic security, and describe protection as a critical feature of security. From the perspective of financial security, protection, among other things, is achieved through the insurance system. We present enlarged decomposition of financial security of the region and show the place of insurance in it.
Conclusions In the current circumstances, insurance can and should play a significant role in financial security, in strengthening the economy and social sphere in Russian regions. The findings may help develop an approach to assessing the insurance system as part of the financial security in the region.

Keywords: financial security, insurance system, insurance


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