Welcome to site of Scientific Works of NDFI (demo).
Login | Register
THE ACADEMY
OF FINANCIAL
MANAGEMENT
.

№ 4/2016

№ 4/2016

Nauk. pr. NDFI 2016 (4): 34–45

FINANCIAL AND ECONOMIC REGULATION

MISHCHENKO Volodymyr 1, BAUMAN Oleg 2

1Institute for Economics and Forecasting of the NAS of Ukraine
OrcID ID : https://orcid.org/0000-0002-8565-2686
2SESE “Academy of Financial Management”


The system of macroprudential regulation tools and their use in Ukraine


The article investigates macroprudential regulation tools and their use in Ukraine. The macroprudential policy has been in the focus of scientific discussions for several years. The vast majority of debates come down to the fact that one cannot deny its effectiveness in ensuring stability of the financial system and preventing and minimizing systemic risk. The author analyzes the definition and classification of the tools recommended by international financial organizations and institutions with respect to their groups and the directions of action. As a result of the analysis, the author’s classification of the tools according to the nature and use of the appropriate direction of macroprudential policy is offered. It is proposed to focus on the use of regulatory tools as most effective from a practical point of view in the policy implementation. In addition, the author defines a set of the tools used in Ukraine and analyzes the degree of application and effectiveness of each of them. The research-based conclusions and proposals are aimed at facilitating the use of macroprudential policy tools, identified as part of Basel III, with an emphasis on the tools that the NBU regulatory arsenal already has.

Keywords:stability of the financial system, regulatory capital, countercyclical buffer, macroprudential regulation, indicating tools, stress testing, systemic risk.

JEL: E52, E58, E59.


Mishchenko V. . The system of macroprudential regulation tools and their use in Ukraine / V. . Mishchenko, O. . Bauman // Наукові праці НДФІ. - 2016. - № 4. - C. 34-45.

Article original in Ukrainian (pp. 34 - 45) DownloadDownloads :920
1. Mіshhenko, V., Kry`lova, A. (2011). Methodological principles introducing macro-prudential regulation and supervision. Bulletin of National Bank of Ukraine, 3, 12–15 [in Ukrainian].
2. Naumenkova, S. V., Mіshhenko V. І., Ly`senko, R. S. et al. (2006). Justification methodological approaches to assess the stability of the financial system. Ky`yiv: NBU, Centr naukovy`kh doslіdzhen` [in Ukrainian].
3. Mіshhenko, V., Shul`ha, S. (2009). Institutional framework of state support for the banking sector during the crisis. Bulletin of National Bank of Ukraine, 8, 12–21 [in Ukrainian].
4. Mіshhenko, S. (2008). Criteria and indicators for assessing the stability of the financial sector. Bulletin of National Bank of Ukraine, 9, 36–45 [in Ukrainian].
5. Mishhenko, S. V. (2011). Modern problems of the theory of money and the money. Kiev: CNI NBU, UBD [in Russian].
6. Moiseev, S. R. (n. d.). Macroprudential tools. Retrieved from www.cbr.ru/ireception/terms_dfs.pdf [in Russian].
7. Naumenkova, S. (2015). Basel I, II, III: develop approaches to strengthen the regulatory framework. Bulletin of Taras Shevchenko National University of Kyiv. Economics, 12 (177), 39–49 [in Ukrainian].
8. Naumenkova, S., Cy`cy`k, K. (2015). The efficiency of prudential banking supervision: features methodological approaches. Bulletin of Taras Shevchenko National University of Kyiv. Economics, 10 (175), 46–55 [in Ukrainian].
9. Naumenkova, S. V., Mіshhenko V. І. (2015). Macroprudential instruments to ensure financial stability mechanism. Finance of Ukraine, 10, 53–76 [in Ukrainian].
10. Naumenkova, S. V., Cy`cy`k, K. Yu. (2014). Macro-prudential banking supervision and the condition of its effectiveness. Economics of development, 4 (72), 65–72 [in Ukrainian].
11. Naumenkova, S., Mіshhenko, S. (2011). New trends in monetary policy and central banking in the post-crisis period. Banking, 5, 12–29 [in Ukrainian].
12. Naumenkova, S. V., Mіshhenko, S. V. (2012). The main areas of coordination of monetary and fiscal policy. Bulletin of National Bank of Ukraine, 5, 13–21 [in Ukrainian].
13. Naumenkova, S. V., Mіshhenko, S. V. (2013). The development in post-crisis conditions lending. Banking, 1, 3–19 [in Ukrainian].
14. Naumenkova S. V., Sorkin, B. V., & Prikhod`ko, B. V. (2014). The transformation of the role and functions of central banks in the post-crisis period. Economy and Banking, 1, 7–15 [in Russian].
15. Naumenkova, S., Malyutin, O., & Mishchenko, S. (2015). Transition to Inflation Targeting in Ukraine: New Tools for Monetary Policy. Bulletin of Taras Shevchenko National University of Kyiv. Economics, 1 (166),
31.–39.
16. Shumy`lo, І., Mіshhenko V., & Ly`senko, R. (2006). Institutional framework of state support for the banking sector during the crisis. Bulletin of National Bank of Ukraine, 3, 6–11 [in Ukrainian].
17. Basel Committee on Banking Supervision. (2010). Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems. Retrieved from www.bis.org/publ/bcbs189.pdf.
18. Lim, C., Columba, F., & Costa, A. (2011). Macroprudential policy: What instruments and how to use them? Lessons from country experiences. IMF Working paper, WP/11/238. Retrieved from www.imf.org/external/pubs/ft/wp/2011/wp11238.pdf.
19. Bank for International Settlements. (2000). Macroprudential instruments and frameworks: a stocktaking of issues and experiences. CGFS Papers,
38.
20. Hirtle, B., Schuermann, T., & Stiroh, K. (2009). Macroprudential Supervision of Financial Institutions: Lessons from the SCAP. Federal Reserve Bank of New York Staff Reports, 409,
13.
21. FSB, IMF, BIS (2011). Macroprudential Policy Tools and Frameworks (Progress Report to G20). Retrieved from www.imf.org/external/np/g20/pdf/102711.pdf.
22. The National Bank of Ukraine. (n. d.). Retrieved from www.bank.gov.ua [in Ukrainian].
23. Bank for International Settlements. (2013). Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools. Retrieved from www.bis.org/publ/bcbs238.pdf.