Инструменты макропруденциальной политики центральных банков

6. Практическая эффективность  применения макропруденциальных  инструментов зависит от точности  их настройки, учитывающей особенности  национальной экономики и финансовой  системы, их уязвимости перед  различными факторами системного  риска, возможностей использования  финансовыми посредниками национального  регулятивного и/или трансграничного  арбитража.

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Macroprudential Policy Instruments of Central Banks

Sergei Andryushin, Valentina Kuznetsova

Authors affiliation: Institute of Economics, RAS (Moscow, Russia). Emails: sandr956@gmail.com, vkuz_55@mail.ru.

The paper analyzes central banks macroprudential policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudential instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial system development procyclicality, mitigate the credit and financial cycles volatility.

Keywords: countercyclicality, macroprudential policy, macrofinancial stability, macroprudential instruments, systemic risk.

JEL: G28, E58.

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