Analysis of instrumental security of macroprudential policy in Ukraine

Abstract

Introduction. The issue of protecting the national economy from systemic risks is burning nowadays. Over the past two decades, systemic crises that periodically occur in financial markets have caused significant losses to the economies of many countries. And Ukraine is not an exception. Its losses from the last crisis of 2014-2015 amounted to about 40% of GDP. It has reflected in reduction of economic growth and bank lending. As a result, the function of ensuring financial stability has been included in the NBU's mandate.

In the article the main objectives of macroprudential policy for the implementation of regulatory instruments have been identified. The most effective macroprudential instruments used in foreign practice have been studied. The degree of its implementation and efficiency in Ukraine has been analyzed. The potential benefits of macroprudential tools that are going to be implemented in the near future have been considered.

Purpose. The purpose of the article is to study theoretical and practical aspects of macroprudential instruments implementation in Ukraine.

Method (methodology). In the article the general and special research methods were used, in particular, logical generalization – in characterizing macroprudential policy, identifying its goals and tools, comparative analysis – in comparing the practice of macroprudential instruments in Ukraine and abroad, determining the benefits of tools, systematization – while grouping the tools according to certain criteria.

Results. Based on the results of the study, conclusions and recommendations were formulated. In particular, the refund to accelerate the process of implementing macroprudential instruments, focusing on the tools that NBU already has in its arsenal, was considered. Possible difficulties for the banking system caused by capital requirements increase have been identified.