Anti-crisis measures of central banks of advanced countries

Abstract

Introduction. In today's conditions of instability in global financial markets and in banking sector, the question of stabilization by implementation of complex program of anti-crisis measures is actual for the world's advanced countries.

Aim. The target of the article is to research the experience of Central banks of advanced countries as for the overcoming the crisis and submit the proposals how to eliminate the consequences of crisis in Ukraine.

The subject of research is to highlight the anti-crisis measures of Central banks of advanced countries. Object of research is anti-crisis policy of the Central banks of advanced countries. The article analyzes the global financial crisis that took place during the historical development of national economies and their impact on today’s economic growth. We have considered the basic trends and approaches in anti-crisis policy of Central banks of advanced countries. We have characterized the most effective measures that were taken by member countries of the European Union, South America, and the most positive Chinese experience in overcoming of effects of financial crisis. We have defined the fundamental concepts, which are the bases of effective anti-crisis programs in Central banks of advanced countries. Such directions as bank refinancing and restructuring of exchange debt are analysed. We have considered the establishment of governance institutions of "distressed debt"; creation and implementation of support programs for banks; the support of investors, realisation of transparency programs for participants in financial processes; creation of stabilization mechanisms. Besides the positive measures we have outlined the significant disadvantages of Chinese anti-crisis policy, caused by excessive crediting of institutions that were held in trust by the state.

Results. It is established that conducted anti-crisis measures have been beneficial for the development of the financial infrastructure of the countries of the European Union. It is proposed to adopt a positive experience of leading countries of the world financial system stabilization for Ukraine, namely optimization of the performance of all institutions that are responsible for economic and financial situation of the country. It is proposed to build the anti-crisis policy in Ukraine on the basis of two main strateges. It is necessary to consider the timely assessment of the volume of problem assets, to create the incentives for banks in a timely manner to clean balance sheets of low-quality assets, as well as to recapitalize the  use of public and private funds.