voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2012-8-32-47voprecotest-737Research ArticleРЕГУЛИРОВАНИЕ БАНКОВСКОГО СЕКТОРАИнструменты макропруденциальной политики центральных банковMacroprudential Policy Instruments of Central BanksАндрюшинС. А.AndryushinS.

д. э. н., завсектором денежно-кредитной и валютной политики Института экономики РАН, профессор кафедры международных валютно-кредитных и финансовых отношений Финансового университета при Правительстве РФ

sandr956@gmail.comКузнецоваВ. В.KuznetsovaV.

к. и. н., ведущий научный сотрудник Института экономики РАН, доцент кафедры мировой экономики факультета государственного управления МГУ имени М. В. Ломоносова

vkuz_55@mail.ruФинансовый университет при Правительстве РФРоссияInstitute of Economics, RAS (Moscow, Russia)Russian FederationМГУ имени М. В. ЛомоносоваРоссияInstitute of Economics, RAS (Moscow, Russia)Russian Federation201220082012083247Copyright © Voprosy Ekonomiki, NP, 20122012Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/737

В статье рассмотрены макропруденциальная политика центральных бан- ков и классификация ее инструментов, выбор, дизайн и настройка которых связаны с обеспечением стабильности финансовой системы и ее отдельных институтов. Дана оценка эффективности использования макропруденциальных инструментов с позиции смягчения временного и межсекторального проявлений системного риска. Определены направления дальнейших иссле- дований в области макропруденциальной политики, способной ограничивать процикличность развития финансовой системы, смягчать колебания в рамках кредитного и финансового циклов.

The paper analyzes central banks macroprudencial 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 macroprudencial 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 systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

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The authors declare that there are no conflicts of interest present.