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Evaluating the Relationship Between Financial Sustainability and Socio-Economic Development of Countries

Viktoriia Kremen
Viktoriia Kremen
, 
Inna Shkolnyk
Inna Shkolnyk
, 
Andrii Semenog
Andrii Semenog
 und 
Olha Kremen
Olha Kremen
   | 23. Dez. 2019
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Online veröffentlicht: 23. Dez. 2019
Seitenbereich: 25 - 38
DOI: https://doi.org/10.2478/ceej-2019-0003
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© 2019 Viktoriia Kremen et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Fig 1

Categories of global competitiveness index. Source: Schwab (2017).
Categories of global competitiveness index. Source: Schwab (2017).

Fig 2

Categories of global competitiveness index. Source: Own elaboration.
Categories of global competitiveness index. Source: Own elaboration.

Fig. 3

Countries of the world on the FD–FS matrix in 2009–2017. Source: Own elaboration. Note: ▴ – developed countries: AUT – Austria, CZE – Czech Republic, GBR – Great Britain, CAN – Canada, DEU – Deutschland, POL – Poland, USA – United States of America, • – developing countries: GEO – Georgia, KAZ – Kazakhstan, ZAF – South Africa, RUS – Russian Federation, ROU – Romania, TUR – Turkey, UKR – Ukraine.
Countries of the world on the FD–FS matrix in 2009–2017. Source: Own elaboration. Note: ▴ – developed countries: AUT – Austria, CZE – Czech Republic, GBR – Great Britain, CAN – Canada, DEU – Deutschland, POL – Poland, USA – United States of America, • – developing countries: GEO – Georgia, KAZ – Kazakhstan, ZAF – South Africa, RUS – Russian Federation, ROU – Romania, TUR – Turkey, UKR – Ukraine.

Indicators of financial sustainability for different institutional sectors and markets

Key indicators of financial stability of depository institutions
I01Ratio of regulatory capital and risk-weighted assets
I02Ratio of regulatory capital of level I and risk-weighted assets
I03Equity ratio and risk-weighted assets
I04Capital share in assets
I05The share of non-performing loans less provisions in the total amount of capital
I06The share of non-performing loans in the total amount of loans
I07Reserves for non-performing loans
I08Distribution of loans by sectors, share in total loans
I09Return on assets
I10Return on equity
I11Percentage interest margin in gross income
I12Percentage of non-interest expenses in gross income
I13Share of liquid assets in the total assets
I14Value of liquid assets and short-term liabilities
I15Value of affordable stable financing and necessary stable financing
I16Ratio of net open position in foreign currency and capital
Additional indicators of the real estate market
I17Ratio of regulatory capital and risk-weighted assets
Additional indicators of financial stability of depository institutions
I18Ratio of large risks and capital
I19Geographical distribution of loans by sectors, share in total loans
I20Ratio of gross position of financial derivatives in assets and capital
I21Ratio of the gross position of financial derivatives in liabilities and equity
I22Share of income from financial instruments purchase and sale operations in gross income
I23Share of staff costs at non-interest expenses
I24Spread between interest rates on loans and deposit rates
I25Spread between the highest and lowest interbank rates
I26The ratio of customer deposits (excluding interbank loans) and total loans
I27The share of loans in foreign currency in the total amount of loans
I28The share of liabilities in foreign currency in the total amount of liabilities
I29The growth rate of loans to the private sector
Indicators of financial stability of other financial corporations
I30The share of assets in the total assets of the financial system
I31Value of assets and GDP
Indicators of financial stability of funds in the money market
I32Breakdown of investments by sectors, share in total investment
I33Breakdown of terms of investment, share in total investment
Indicators of financial stability of insurance companies
I34Value of equity and investment assets
I35The ratio of received premiums minus premiums transferred by primary insurers to the total amount of premiums received
I36Return on assets
I37Return on equity
Indicators of financial stability of pension funds
I37The ratio of liquid assets and projected retirement benefits next year
I39Return on assets
Indicators of financial stability of non-financial corporations
I40The ratio of debt and equity
I41Return on assets
I42Return on equity
Indicators of financial stability of non-financial corporations
I43The ratio of income and expenses for debt servicing and repayment
I44Ratio of income and interest expense
I45Share of liquid assets in the total assets amount Number of bankruptcy cases
I46The ratio of debt capital and GDP
Indicators of financial sustainability of households
I47The ratio of household debt and GDP
I48The ratio of payments by households to debt servicing and repayment and income
I49The ratio of household boron and household income
Indicators of financial stability of the real estate market
I50Dynamics of prices for commercial real estate
I51The share of loans for residential real estate in the total amount of loans
I52The share of loans for commercial real estate in the total amount of loans

The impact of financial sustainability on the social and economic development of developing and developed countries in 2009–2016

No.IndicatorDeveloping countriesDeveloped countries
ResultCriteriaDirection of connectionResultCriteriaDirection of connection
1GDP, $
Fehner−0.393.14↓↓0.14*1.06–
Spearman−0.06*0.27–0.430.25↑↑
2Money supply, $
Fehner0.00*0.13*–−0.06*0.42–
Spearman0.000.27–0.340.34↑↑
3Gold and currency reserves, $
Fehner−0.04*0.26–−0.07*0.53–
Spearman0.02*0.27–−0.26*0.26–
4Use of IMF loans, $
Fehner0.433.49↑↑–––
Spearman0.24*0.26––––
5High-tech export, $
Fehner0.463.85↑↑−0.18*1.33–
Spearman0.560.23↑↑↑−0.670.20–
6Direct foreign investments (net flow), $
Fehner0.362.81↑↑−0.07*0.53–
Spearman0.350.25↑↑−0.14*0.27–
7Interest rate on deposits,%
Fehner−0.08*0.57–0.754.24↑↑↑↑
Spearman−0.08*0.3–0.740.39↑↑↑↑
8Real interest rate on loans,%
Fehner0.25*1.59–0.25*1.21–
Spearman0.27*0.32–0.30*0.42–
9Financial sector loans to residents,% ВВП
Fehner−0.292.19↓0.05*0.30–
Spearman−0.450.24↓↓0.08*0.57–
10Consumer price index,% за рік
Fehner0.04*0.26–−0.251.90↓
Spearman−0.10*0.27–−0.24*0.26–
11Unemployment rate,%
Fehner−0.544.66↓↓↓−0.362.81↓↓
Spearman−0.500.24↓↓↓−0.450.24↓↓
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