Measuring the Economic Security: Comparison of Selected States and Blocks

Abstract

Security Studies cover the security of referent units or organizations such as individuals or states. Since the Second World War, the scope and importance of Security Studies have increased. In the post-Cold War period, it was adopted as a purely military field and was handled within the scope of the power policies of the states. The Copenhagen School's contribution to international relations widened the scope of international security. The security concepts for different fields, such as economics, policy, environment, society, and military, have started to be used in the international security literature. Among them, economic security consists of tangible and intangible factors. Its tangible dimension includes the need to produce sufficient resources for the production of primary goods, such as raw materials and foodstuffs which feed the population. The intangible dimension of economic security concerns effectively adopting cutting-edge and successful strategies and practices. This study uses panel data estimation models to answer how governance affects a country's GDP within three Regional Security Complexes (RSC) encompassing 51 countries using the statistical data from 2006 to 2019. The study reveals a robust relationship between higher-quality institutions and economic growth, highlighting the pivotal role of institutions in fostering economic security. Furthermore, the study underscores the need to acknowledge regional disparities in crafting tailored policy interventions to promote sustainable economic development, thereby enhancing economic security for different regions.