Мodeling the level of a country's financial stability: an economic and mathematical approach

Abstract

The global nature of recent financial crises clearly demonstrates that while the integration of financial markets offers numerous benefits, it can also pose significant risks, often resulting in substantial losses in the real economy. In this context, analyzing the transformation of financial markets is essential for identifying threats, as it is characterized by persistent volatility and is vulnerable to crisis phenomena. It is equally important for developing protective mechanisms against adverse developments that do not hinder the dynamics of economic growth. This issue becomes particularly relevant in the context of the emerging digital economy and society, where the implementation of innovative life-support models creates new channels for the transmission of systemic risks and increases the structural heterogeneity of national financial systems, thereby necessitating a corresponding enhancement of the economic and mathematical tools used to model them.