Tetyana Vasylieva

Department of Finance and Entrepreneurship,

Sumy State University,

Ukraine

tavasilyeva@fem.sumdu.edu.ua

Problems of measuring country's financial security

Oktawia Jurgilewicz

Faculty of Management,

Rzeszow University of Technology,

Rzeszow, Poland

niemieco@prz.edu.pl

Sergii Poliakh

Department of Finance and Banking, 

Cherkasy Educational and Scientific Institute of Banking University,

Ukraine

poliakhchibs@ukr.net

Manuela Tvaronavičienė

The General Jonas Zemaitis Military Academy of Lithuania,

Vilnius, Lithuania

manuela.tvaronaviciene@vgtu.lt

Paweł Hydzik

Faculty of Management

Rzeszow University of Technology, 

Rzeszow, Poland

phydzik@prz.edu.pl

Abstract. 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.

Received: June, 2019

1st Revision: February, 2020

Accepted: May, 2020

DOI: 10.14254/2071-8330.2020/13-2/22

JEL Classification: G00, G28, G30

Keywords: financial involvement, financial security, financial market, financial service, financial institute