Institutional Set-Up and Mandates of Macroprudential Authorities: International Experience and Benchmarks for Ukraine
Journal Title: Visnyk of the National Bank of Ukraine - Year 2016, Vol 0, Issue 236
Abstract
Defining macroprudential authority is one of the key steps in ensuring financial stability. Within the framework of general principles defined by international institutions lie various versions of macroprudential architectures realized by individual countries. Such solutions were shaped by the level of the financial system’s sophistication, the government’s role, and the central bank’s mandate. Yet the dominating trend is to entrust the macroprudential mandate to a central bank, especially if it already has a wide mandate for supervision and regulation of the financial sector. This is especially typical for emerging markets. In most of the reviewed countries, central banks apply macroprudential instruments. The analysis of specificities of the Ukrainian bank-dominated financial system as well as of international practices points to the most rational solution: to affirm legally the National Bank’s macroprudential mandate in the nearest future. Cooperation within the Financial Stability Council should also be further enhanced.
Authors and Affiliations
Andriy Danylenko, Viktoriia Sanzharovska
Keywords
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- EP ID EP426451
- DOI 10.26531/vnbu2015.236.019
- Views 152
- Downloads 0
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