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

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Gayane Salnazaryan
Albert Hayrapetyan
Marine Avetisyan
Lilit Avetisyan

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. 

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How to Cite
Salnazaryan, Gayane, Albert Hayrapetyan, Marine Avetisyan, and Lilit Avetisyan. 2022. “THE EFFICIENCY OF ENSURING THE FINANCIAL SECURITY OF ARMENIA: NEW APPROACHES”. Journal of Liberty and International Affairs 8 (3):22-33. https://doi.org/10.47305/JLIA2283022s .
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Author Biographies

Gayane Salnazaryan, Armenian State University of Economics Gyumri branch - Gyumri, Armenia

Gayane Tovmasyan is PhD in Economics, Associate Professor. Currently works as a Senior Researcher at AMBERD Research Center of the Armenian State University of Economics, lecturer at the Public Administration Academy of the Republic of Armenia, and lecturer at the Armenian State University of Economics. She is an expert in the project "WE TOUR- empowerment of women through tourism " by Black Sea Basin Cross Border Cooperation (the project is financed by the European Union) since 2021 June. Also, she is an economist at Arpa Environmental Foundation in the project “Preparation of Destination Management Organization (DMO) Development Model for the Republic of Armenia”, with the support of the World Bank and the co-financing of the Government of the Republic of Armenia since 2022 August. She is an author of more than 100 scientific publications (including 9 in Scopus and Web of Science databases). Since 2019 until now, she is a member of the 015 specialized councils of the economics of the RA Certifying Committee. She speaks Armenian, Russian, English, Spanish and Italian languages. Since 2017 she is a member of the editorial board of the scientific journal "Business Ethics and Leadership" of Academic Research and Management Guidance Publishing founded by Sumy State University of Ukraine (http://armgpublishing.sumdu.edu.ua/journals/bel/). Her research interests are tourism, management, economics, and education.

Albert Hayrapetyan, Amberd Research Center, Armenian State University of Economics - Yerevan, Armenia

Albert Hayrapetyan holds a PhD in Economics. He also holds MA degrees from College of Europe and American University of Armenia. He is a Senior researcher in ‘Amberd’ Research Center of Armenian State University of Economics and also a Lecturer at Chair of International Economic Relations in Armenian State University of Economics. Mr. Hayrapetyan is also a Visiting Lecturer in the Southern Federal University. His main areas of interest include economic integrations, regionalism and international legal disputes.

Marine Avetisyan, PhD Applicant at Armenian State University of Economics - Yerevan, Armenia

Marine Avetisyan is a Ph.D student at Armenian State University of Economics. She holds Master degree in Economics, in the field of “Banking activities”.Ms. Avetisyan is a lecturer at Armenian State University of Economics Gyumri branch and Senior Business Analyst at Whitebone-Experience Management. Her main areas of interest are macroeconomics, data science and finances.

Lilit Avetisyan, Armenian State University of Economics Gyumri branch - Gyumri, Armenia

Lilit Avetisyan is a Ph.D student at Armenian State University of Economics. She holds Master degree in Economics, in the field of “Finance and credit”.Ms. Avetisyan is a senior lecturer at Armenian State University of Economics Gyumri branch and local instructor of Distance Learning Program on education economics course at CERGE-EI foundation. Her main areas of interest are banking, finance and education economics.