Financial Security as a Component of National Economic Security Autori:

Abstract

Financial security is a fundamental component of national economic security, yet its contribution to macroeconomic stability remains insufficiently quantified in empirical research. This study aimed to determine the role of financial security within the structure of economic security and to assess its relationship with macroeconomic performance. The research employed a comparative empirical analysis of secondary macro-financial data from 10 countries covering the period 2020–2024. To ensure cross-country comparability, all indicators were normalized using the min–max method while accounting for their economic direction. Based on these normalized variables, an integrated financial security index was constructed. Statistical analyses included the Shapiro–Wilk test to assess data normality, followed by the Student’s t-test and the Mann–Whitney U-test to examine differences between country groups. The findings demonstrate that financial security exhibits substantial cross-country variation and is reflected in the coordinated dynamics of public debt, banking sector performance, and macroeconomic indicators. Countries with higher integrated financial security index values consistently showed lower debt burdens, a smaller share of non-performing loans, stronger banking liquidity, and lower inflation rates. Statistically significant differences between groups were identified for most financial and macroeconomic indicators, whereas GDP growth did not differ significantly. The study’s scientific contribution lies in the development of an integrated financial security index based on normalized indicators and median-based country grouping. The proposed index provides a practical tool for monitoring financial stability, evaluating systemic risks, and supporting evidence-based economic policy and strategic financial governance.