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  6. Sustainable and Secure Development: Face ...

Journal of Security and Sustainability Issues

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Sustainable and Secure Development: Facet of Personal Financial Issues
Volume 5, Issue 2 (2015), pp. 297–304
Svetlana Kalyugina   Wadim Strielkowski   Lev Ushvitsky   Elena Astachova  

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https://doi.org/10.9770/jssi.2015.5.2(14)
Pub. online: 30 December 2015      Type: Article      Open accessOpen Access

Published
30 December 2015

Abstract

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.

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Keywords
personal economic security finances debt insolvency transition contingency Russian Federation

JEL
J01 G21 G38 P24

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Generolo Jono Žemaičio Lietuvos karo akademija Šilo g. 5A., LT-10322 Vilnius, el.p: lka@mil.lt

General Jonas Žemaitis Military Academy of Lithuania  Šilo Str. 5A, LT-10322 Vilnius, Lithuania, e-mail: lka@mil.lt

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