Assessment of financial and economic security of the region (based on the relevant statistics of the Donetsk region)

Abstract

In the article, the indicators of financial and economic security of Donetsk region are analyzed. The task of setting statistical estimation of financial and economic security of the region in modern conditions is based on the official materials of the State Statistics Service. For the possibility of further econometric modeling and forecasting, only quantitative indicators are used. This approach limits the number of evaluated indicators, but is considered the most objective. The analysis of financial and economic security is carried out in the context of two spheres of regional development: economic and social. The conducted analysis of the dynamics of the main socio-economic indicators of development of the Donetsk region for the period 2012–2016 allowed to identify the main trends characterizing the development of the region’s economy; provide an assessment of the financial and economic security of the region and identify some “problematic” places of financial and economic security in Donetsk region. Some of the most acute problems were identified in the assessment of financial and economic security and the features of state-legal provision of financial and economic security in the present conditions, as well as the proposed algorithm for monitoring the financial and economic security of the region. The analysis allowed to identify some “bottlenecks” of financial and economic security in the Donetsk region and to demonstrate that close attention and monitoring are required by the level of capital investments, the level of unemployment and the share of households with incomes per month below the legal living wage. The study enables to minimize the risks to form effective directions in assessing the financial and economic security of the region and proposes to optimize on a legal basis the whole mechanism for ensuring the financial and economic security of the region. As a result, the research revealed the most acute problems in assessing the financial and economic security of the region and proposed an appropriate algorithm for monitoring its level.