Sustainable and secure development: facet of personal financial issues

Russian economic reforms of the 1990s triggered off the massive economic transformation that went hand in hand with worsening of the life prospects of the population, rising of unemployment, inflation, personal debts and creating social unrests among other security issues. The new economic perspecti...

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Asıl Yazarlar:	Kalyugina, S. N., Калюгина, С. Н., Ushvitsky, L. I., Ушвицкий, Л. И., Astakhova, E. A., Астахова, Е. А.
Materyal Türü:	Статья
Dil:	English
Baskı/Yayın Bilgisi:	General Jonas Zemaitis Military Academy of Lithuania 2019
Konular:	Contingency Debt Finances Insolvency Personal economic security Russian Federation Transition
Online Erişim:	https://www.scopus.com/record/display.uri?eid=2-s2.0-84951108483&origin=resultslist&sort=plf-f&src=s&nlo=1&nlr=20&nls=afprfnm-t&affilName=north+caucasus+federal+university&sid=8963f51493217583ed8190c751419fad&sot=afnl&sdt=sisr&cluster=scopubyr%2c%222015%22%2ct&sl=53&s=%28AF-ID%28%22North+Caucasus+Federal+University%22+60070541%29%29&ref=%28Sustainable+and+secure+development%3a+Facet+of+personal+financial+issues%29&relpos=0&citeCnt=16&searchTerm= https://dspace.ncfu.ru/handle/20.500.12258/4265
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spelling	ir-20.500.12258-42652020-09-11T14:19:08Z Sustainable and secure development: facet of personal financial issues Kalyugina, S. N. Калюгина, С. Н. Ushvitsky, L. I. Ушвицкий, Л. И. Astakhova, E. A. Астахова, Е. А. Contingency Debt Finances Insolvency Personal economic security Russian Federation Transition Russian economic reforms of the 1990s triggered off the massive economic transformation that went hand in hand with worsening of the life prospects of the population, rising of unemployment, inflation, personal debts and creating social unrests among other security issues. The new economic perspectives offered by the free and open market created the previously unthinkable incentives for many people. Borrowing and lending became fully legal endeavors and the new economic order offered unprecedented opportunities and a variety of consumer goods and services that were previously unavailable. One of the outcomes of this process was the sharp increase in the number of debts and personal insolvency issues. It appears that many Russian citizens lacked the financial literacy and healthy judgement in their financial management that led to the problems of economic insolvency debt. This paper focuses on the issue of personal economic and financial security in Russian Federation. We analyze the available data before and after the economic crisis of the 2007-2009 and the recent sanctions to demonstrate the patterns of borrowing behavior of the Russians. Our results show that borrowing decreased in the recent months following the introduction of economic sanctions which can be explained by the overall feeling of uncertainty and the fear of economic collapse of various households. We argue that good financial literacy might increase the basic economic awareness and contribute to the better security in the everyday life in the Russian Federation 2019-02-13T13:23:19Z 2019-02-13T13:23:19Z 2015 Статья Kalyugina, S., Strielkowski, W., Ushvitsky, L., Astachova, E. Sustainable and secure development: Facet of personal financial issues // Journal of Security and Sustainability Issues. - 2015. - Volume 5. - Issue 2. - Pages 297-304 https://www.scopus.com/record/display.uri?eid=2-s2.0-84951108483&origin=resultslist&sort=plf-f&src=s&nlo=1&nlr=20&nls=afprfnm-t&affilName=north+caucasus+federal+university&sid=8963f51493217583ed8190c751419fad&sot=afnl&sdt=sisr&cluster=scopubyr%2c%222015%22%2ct&sl=53&s=%28AF-ID%28%22North+Caucasus+Federal+University%22+60070541%29%29&ref=%28Sustainable+and+secure+development%3a+Facet+of+personal+financial+issues%29&relpos=0&citeCnt=16&searchTerm= http://hdl.handle.net/20.500.12258/4265 en Journal of Security and Sustainability Issues application/pdf General Jonas Zemaitis Military Academy of Lithuania
institution	СКФУ
collection	Репозиторий
language	English
topic	Contingency Debt Finances Insolvency Personal economic security Russian Federation Transition
spellingShingle	Contingency Debt Finances Insolvency Personal economic security Russian Federation Transition Kalyugina, S. N. Калюгина, С. Н. Ushvitsky, L. I. Ушвицкий, Л. И. Astakhova, E. A. Астахова, Е. А. Sustainable and secure development: facet of personal financial issues
description	Russian economic reforms of the 1990s triggered off the massive economic transformation that went hand in hand with worsening of the life prospects of the population, rising of unemployment, inflation, personal debts and creating social unrests among other security issues. The new economic perspectives offered by the free and open market created the previously unthinkable incentives for many people. Borrowing and lending became fully legal endeavors and the new economic order offered unprecedented opportunities and a variety of consumer goods and services that were previously unavailable. One of the outcomes of this process was the sharp increase in the number of debts and personal insolvency issues. It appears that many Russian citizens lacked the financial literacy and healthy judgement in their financial management that led to the problems of economic insolvency debt. This paper focuses on the issue of personal economic and financial security in Russian Federation. We analyze the available data before and after the economic crisis of the 2007-2009 and the recent sanctions to demonstrate the patterns of borrowing behavior of the Russians. Our results show that borrowing decreased in the recent months following the introduction of economic sanctions which can be explained by the overall feeling of uncertainty and the fear of economic collapse of various households. We argue that good financial literacy might increase the basic economic awareness and contribute to the better security in the everyday life in the Russian Federation
format	Статья
author	Kalyugina, S. N. Калюгина, С. Н. Ushvitsky, L. I. Ушвицкий, Л. И. Astakhova, E. A. Астахова, Е. А.
author_facet	Kalyugina, S. N. Калюгина, С. Н. Ushvitsky, L. I. Ушвицкий, Л. И. Astakhova, E. A. Астахова, Е. А.
author_sort	Kalyugina, S. N.
title	Sustainable and secure development: facet of personal financial issues
title_short	Sustainable and secure development: facet of personal financial issues
title_full	Sustainable and secure development: facet of personal financial issues
title_fullStr	Sustainable and secure development: facet of personal financial issues
title_full_unstemmed	Sustainable and secure development: facet of personal financial issues
title_sort	sustainable and secure development: facet of personal financial issues
publisher	General Jonas Zemaitis Military Academy of Lithuania
publishDate	2019
url	https://www.scopus.com/record/display.uri?eid=2-s2.0-84951108483&origin=resultslist&sort=plf-f&src=s&nlo=1&nlr=20&nls=afprfnm-t&affilName=north+caucasus+federal+university&sid=8963f51493217583ed8190c751419fad&sot=afnl&sdt=sisr&cluster=scopubyr%2c%222015%22%2ct&sl=53&s=%28AF-ID%28%22North+Caucasus+Federal+University%22+60070541%29%29&ref=%28Sustainable+and+secure+development%3a+Facet+of+personal+financial+issues%29&relpos=0&citeCnt=16&searchTerm= https://dspace.ncfu.ru/handle/20.500.12258/4265
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Sustainable and secure development: facet of personal financial issues

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