Journal of Siberian Federal University. Humanities & Social Sciences / Identification of Countries’ Financial Sovereignty

Full text (.pdf)
Issue
Journal of Siberian Federal University. Humanities & Social Sciences. 2024 17 (3)
Authors
Gospodarchuk, Galina G.; Zeleneva, Elena S.; Kolesnikov, Dmitry S.
Contact information
Gospodarchuk, Galina G. : National Research Lobachevsky State University of Nizhny Novgorod Nizhny Novgorod, Russian Federation; ; Zeleneva, Elena S.: Financial University under the Government of the Russian Federation Moscow, Russian Federation; Kolesnikov, Dmitry S.: National Research Lobachevsky State University of Nizhny Novgorod Nizhny Novgorod, Russian Federation
Keywords
financial sovereignty; monetary sovereignty; financial independence; financial development; strategic management
Abstract

The restructuring of international financial flows has exacerbated the challenge of state control over the provision of financial sovereignty of countries and highlighted the need to identify it. This study aims to develop a concept for the identification of financial sovereignty that enables the formation of quantified strategic goals to ensure the said sovereignty achievement and to monitor their implementation. The methods employed include systemic, matrix, comparative, and graphical analysis. The novelty of the results of the study lies in the application of a systematic approach to the identification of financial sovereignty based on the System of National Accounts; the decomposition of financial sovereignty into three categories (monetary, debt, and stake); and in the development of a new concept of quantitative and qualitative assessment of financial sovereignty based on the share of domestic sources of financing in the financial resources of countries. The study clarifies and structures the concept of financial sovereignty, and devised analytical tools for its measurement and evaluation in the form of indicators and criteria. The new toolkit was tested on OECD countries in 2021. The testing involved constructing a country ranking by the level of financial sovereignty, identifying the leading countries in its provision; and pinpointing the elements containing threats to its loss. The obtained results enhance the use of quantitative methods in further research of the financial sovereignty of the countries and, when applied to financial development strategies, advance the quality and monitoring of such strategies

Pages
592–606
EDN
AOZSCI
Paper at repository of SibFU
https://elib.sfu-kras.ru/handle/2311/152713

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