No wegian Jou nal o de elopmen o he In e na ional Science No 168/2025 31
ANALYSIS AND ASSESSMENT OF THE CURRENT STATE OF FINANCIAL SECURITY
INDICATORS
Mus a aye A.
Doc o o Coope a i e Uni e si y, Baku, Aze baijan
h ps://o cid.o g/0009-0007-3785-6864
h ps://doi.o g/10.5281/zenodo.17608956
Abs ac
The a icle iden i ies he need o c ea e a new sys em o indica o s o na ional inancial secu i y. To p e en
inancial isks, i is p oposed o calcula e inancial secu i y indica o s based on mic oeconomic indica o s. Pa am-
e e s o na ional inancial secu i y a e de ined o e ec i ely analyze he s a e o secu i y in he inancial sec o . I
is concluded ha inancial secu i y indica o s should be g ouped acco ding o he sphe e o ac i i y and he en i ies
in ol ed in inancial secu i y.
Keywo ds: indica o , inancial secu i y, unc ions, ex e nal h ea s, in la ion, mac oeconomic and mic oeco-
nomic indica o s, shadow und, s abili y, balance.
In acco dance wi h he concep and s a egy o he
economic secu i y o he Republic o Aze baijan, he
s a e o he coun y's economy mus mee ce ain qual-
i y c i e ia and h esholds ha ensu e accep able li ing
condi ions, he s abili y o he socio-economic si ua-
ion, he mili a y-poli ical s abili y o socie y, he in eg-
i y and abili y o he s a e, and he abili y o esis he
impac o in e nal and ex e nal h ea s [8].
The c i e ion o economic secu i y is an assess-
men o he s a e o he economy in e ms o he mos
impo an p ocesses ha e lec he essence o eco-
nomic secu i y. The assessmen o secu i y based on he
c i e ia includes he assessmen o he ollowing:
- esou ce po en ial;
- he le el o esou ce e iciency;
- economic compe i i eness;
- e i o ial in eg i y and economic space;
- independence and he abili y o esis ex e nal
h ea s;
- he idea o sus ainable de elopmen , which con-
sis s in achie ing a balance be ween social s abili y
and ac o s p e en ing social con lic , he needs
and capabili ies o socie y.
The secu i y o he inancial sys em has a signi i-
can impac on he coun y's economy. Financial secu-
i y is a mechanism o economic ela ions ha c ea es
high-quali y condi ions and he necessa y inancial e-
sou ces o expanded ep oduc ion, inc eased en ep e-
neu ial ac i i y and sol ency o he popula ion, main-
aining balance and in eg i y o he s a e inancial sys-
em, e ec i ely comba ing in e nal and ex e nal h ea s
o he s a e in he inancial sec o . Howe e , such a de -
ini ion does no ully explain he s uc u e and lis o
indica o s ha comp ehensi ely cha ac e ize he cu -
en s a e o he coun y's inancial secu i y.
Financial secu i y indica o s should cha ac e ize
he dynamics o economic sys ems. No only he indi-
ca o s hemsel es a e impo an o ensu e inancial se-
cu i y, bu also hei h eshold alues. When we say
hese h eshold alues, we mean such le els o h esh-
olds ha hei ailu e o mee hem p e en s he sus ain-
abili y o expanded ep oduc ion and ul ima ely leads
o he eme gence o nega i e ends in he socio-eco-
nomic sphe e. As a esul o de ia ion om hese
h eshold alues, he na ional economy loses i s abili y
o de elop dynamically, loses i s compe i i eness in
o eign and domes ic ma ke s and becomes a a ge o
he expansion o monopolies.
A c i ical condi ion o ensu ing economic secu-
i y is moni o ing he dynamics o economic secu i y
indica o s based on he analysis o speci ic quan i a i e
alues o hese indica o s, exceeding which poses a
h ea o he economic secu i y o he s a e.
The ac i i y o he s a e inancial secu i y s uc u e
ensu es he budge , ax, mone a y and c edi , in es -
men , insu ance, cus oms, cu ency, deb policy.
The o ma ion o a sys em o indica o s occu s a
he legisla i e le el o he s a e. Financial secu i y indi-
ca o s a e s uc u al elemen s ha e lec he p ocess i -
sel o he s a e o he analyzed objec , as well as i s
quan i a i e and quali a i e cha ac e is ics. Financial
secu i y indica o s pe o m he ollowing main unc-
ions:
- o ecas ing e en s ha may occu in he nea u-
u e; - analysis o he si ua ion and possible wa ning o
un o eseen ci cums ances;
- analysis o he secu i y si ua ion in he inancial
sec o o indi idual objec s;
- ope a ional implemen a ion o a ious adjus -
men s in he p ocess o de elopmen o he inancial
sec o by s a e adminis a ion.
The sys em o indica o s, ul illing i s unc ions, is
he main ool o diagnosing he s a e o he coun y's
inancial sys em. The alues o inancial secu i y a e
de eloped o each speci ic coun y on he basis o
mac oeconomic indica o s e lec ing i s undamen al
na ional in e es s.
Analysis o he s a e o secu i y in he inancial
sec o should be ca ied ou using indica o s de e -
mined in he economic s a egy o each speci ic s a e,
aking in o accoun he ollowing pa ame e s:
- s abili y o inancial lows a all le els o he i-
nancial sys em;
- ul illmen o ax obliga ions (deb );
- le el o cash and non-cash paymen s in he pay-
men sys em;
- speed and alue o he money supply;
- olume o ese es ( hei size, a io o GDP and
s a e deb );
32 No wegian Jou nal o de elopmen o he In e na ional Science No 168/2025
- GDP (i s change o e 5-10 yea s and pe capi a);
- ade ( ade balance, expo s, impo s).
I should be no ed ha in o de o de e mine he
p esence o h ea s o he inancial secu i y o he s a e,
i is necessa y o de e mine he accep able h eshold o
indica o s. The h eshold is unde s ood as a nume ical
measu e, non-compliance wi h which will lead o a de-
c ease in he e iciency o economic p ocesses and he
o ma ion o nega i e si ua ions in he coun y's inan-
cial sys em. Howe e , app oaching he h esholds o i-
nancial secu i y is a ac o con i ming he inc ease in
nega i e ends in his a ea. The ac ha indica o s ex-
ceed he pe missible limi s indica es a h ea o he s a e
inancial con i ms he ac o iola ions in he unc ion-
ing o he inancial sys em.
Financial secu i y indica o s should be combined
in o he ollowing g oups depending on he ield o ac-
i i y:
- in es men ,
-money and c edi ,
- budge ,
- ax,
- insu ance,
- cu ency,
- social.
Financial secu i y should be assessed using indi-
ca o s cha ac e izing he esul s o he ac i i ies o he
ollowing inancial secu i y en i ies:
- s a e bodies,
- en e p ises,
- households,
- popula ion.
The assessmen o secu i y indica o s in he inan-
cial sec o o he Republic o Aze baijan is cha ac e -
ized by he ollowing indica o s:
- in la ion a e,
- le el o mone iza ion o he economic en i on-
men ,
- a e age annual g ow h a e o GDP,
- p o i abili y o he economic sec o in he e-
gions,
- changes in s uc u al elemen s,
- olume o demand o money ci cula ion,
- supply in he economic en i onmen .
The inancial secu i y indica o s we ha e men-
ioned indica e he condi ions o he unc ioning and
e iciency o he s a e's economic en i onmen . Ana-
lyzing he abo e indica o s o he coun y's inancial se-
cu i y, we can iden i y ex e nal h ea s ha may a ec
he secu i y o Aze baijan in he inancial sphe e.
The main h ea s may include:
- inc eased compe i ion be ween coun ies in he
inancial sec o , as well as in o he a eas;
- ac i e g ow h in he capi aliza ion o inancial as-
se s; - dependence o he Aze baijani economy on o -
eign in es men s;
- globaliza ion.
Along wi h ex e nal condi ions ha may lead o a
c isis in he Aze baijani economy, he e a e also in e -
nal indica o s ha signi ican ly a ec he coun y's i-
nancial secu i y. Le 's gi e one o he in e nal indica-
o s:
- ac i i y o he shadow und;
- weakening o he egula o y unc ion o he i-
nancial sys em in he ield o budge o ma ion and ex-
ecu ion a all le els;
- inc ease in in la ion.
In ensu ing he inancial secu i y o he s a e, spe-
cial impo ance is a ached o p io i y a eas o educing
he le el o in la ion, he consume p ice index, and in-
c easing he sol ency o he popula ion. These p io i y
a eas should be de e mined by he s a e mechanism ha
ensu es he e ec i e unc ioning o he s a e inancial
sys em a he legisla i e le el. The s a e mechanism o
ensu ing he inancial secu i y o he s a e is a unc-
ional complex o s a e bodies and ins i u ions ha c e-
a e condi ions o he s able unc ioning and balanced
de elopmen o he s a e inancial sys em, as well as o
p edic ing, de ec ing, p e en ing and comba ing h ea s
o i . This mechanism includes he ollowing compo-
nen s:
- legisla ion - a se o egula o y and legal ac s in
he ield o p e en ing ex e nal and in e nal h ea s
o inancial secu i y;
- ins i u ional - a sys em o s a e au ho i ies and
managemen bodies ensu ing he inancial secu i y
o he s a e;
- Me hodological - a se o ools and me hods o
ensu ing inancial secu i y.
De ailed egula ion o he s a e mechanism is he
main condi ion o he s able and balanced unc ioning
o he s a e inancial sys em and he high quali y o he
exis ing egula o y and legal amewo k. The sys em
o de e mining he s a e inancial secu i y indica o s
should be in eg a ed in o he s a e mechanism as a p e-
equisi e o ensu ing he inancial secu i y o he coun-
y and should ope a e on he basis o he ollowing
p inciples:
- legali y (indica o s should be calcula ed only in
acco dance wi h he cu en legisla ion);
- eliabili y (all componen s o he indica o sys-
em should be based on a single me hodological base);
- consis ency (indica o s should be calcula ed in
s ages, aking in o accoun p io i ies);
- s abili y and eliabili y.
Summing up he analysis o he inancial secu i y
indica o s o Aze baijan, i can be concluded ha he e
a e de ia ions om he h eshold alues o a numbe o
indica o s. To imp o e inancial secu i y, a en ion
should be paid o imp o ing bo h economic and social
indica o s and a he same ime adjus ing hese indica-
o s o he app op ia e h eshold alues. In o de o c e-
a e a unc ioning economic s uc u e ha mee s he e-
qui emen s o he ma ke , he go e nmen should de e -
mine i s p io i ies in all a eas, including a all le els o
socie y and he economy.
Thus, in mode n imes, ensu ing he inancial se-
cu i y o he s a e is he mos impo an di ec ion o
s abilizing economic p ocesses. Howe e , in o de o
ensu e inancial secu i y in he coun y a a ime when
he h ea o new condi ions eme ging in he wo ld is
inc easing, i is necessa y o de elop a new sys em o
indica o s o s a e inancial secu i y. The new sys em o
No wegian Jou nal o de elopmen o he In e na ional Science No 168/2025 33
indica o s o s a e inancial secu i y should be calcu-
la ed no only on he basis o mac oeconomic indica-
o s, bu also on he basis o mic oeconomic indica o s.
Indica o s calcula ed based on mic oeconomic indica-
o s o e i o ial de elopmen d I will allow o he
p omp and eliable iden i ica ion o p io i y ways o
p e en inancial isks, aking in o accoun he impac
o in e nal and ex e nal h ea s.
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