THE EFFICIENCY OF ENSURING THE FINANCIAL SECURITY OF ARMENIA: NEW APPROACHES

Abstract

Financial security is considered a subsystem of the economic security system. The financial security of the Republic of Armenia is one of the most urgent issues of study and analysis. Covid-19 and the 2020 war in Armenia harmed all sectors of the Armenian economy, especially economic and financial security. At this moment, the research of the chosen topic becomes more than necessary and urgent. In the current post-crisis period, financial security is more than possible in Armenia. In this article, we tried to define and analyze the elements affecting the security of the Armenian financial system and evaluate the current effectiveness of financial security. For that purpose, we have formulated the following research questions: How are countries’ financial security assessed? What elements ensure financial security in Armenia? Is the current system of financial security effective in Armenia? The applied methodologies are quantitative and qualitative. In particular, we used index analysis, graphical analysis, comparison, and expert evaluation analysis to answer the research questions. The analysis results showed that the change of isolated factors significantly impacts indicators of the country’s economy, particularly the financial system; moreover, the factors indirectly impact the country's social, political, and public life.