Macroeconomic approach to the sustainable development of the financial sector

Abstract

The expediency of macroprudential approach for financial stability ensuring is proved.  Strategic priorities, goals and objectives of reforming the system macroprudential regulation are defined. Implementation of the mechanism to ensure the stability of the financial sector is considered in the article. 

Introduction.  Sustainable development and functioning of the financial sector have become the determining factor of macroeconomic stability.  In the period of global crisis and transformational changes the financial sector is in need of significant reforms and innovations that have contributed to financial stability at the macro and the macro level.  Strengthening of the crisis phenomena in the economy that threatens the stability of the state becomes the urgent problem.  The choice of the model of functioning of the financial system; the effectiveness of financial regulators; the existence of effective financial and credit mechanism; the efficacy of legal mechanism of ensuring the financial activities are considered to be the dominant feature of the effective functioning of the financial sector.

Goal. The purpose of the article is the analysis of theoretical aspects of financial stability, a study of the feasibility of implemention of macroprudential supervision. 

The method (methodology).  In the process of the study the general scientific and special methods of scientific knowledge are used. They are the method of abstract logic (to disclose theoretical and methodological foundations of macroprudential regulation, to generalize and formulate the conclusions); method of synthesis and system analysis (to justify the essential characteristics of macroeconomic and financial stability); method of systematic analysis and theoretical generalization (to identify institutional prerequisites of macroprudential regulation in the financial sector of the national economy); method of logical generalization (to justify approaches and proposals for improving ways to ensure financial stability and optimize the mayor macroprudential regulation).

Results.  According to the results of the research the dominant direction of the study of the essence of definitions "macroeconomic stability" and "financial stability" have been systematized. The ways and directions of implementation of macroprudential nature in the financial sector of the national economy are determined.  The expedience of changing the vector of regulatory policy in the context of the transition from micro to macroprudential supervision is determined. That will contribute to the stabilization and sustainability (resistibility) to shocks in the financial sector of the national economy.