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Macroprudential Policy Instruments of Central Banks
https://doi.org/10.32609/0042-8736-2012-8-32-47
Abstract
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.
Keywords
countercyclicality,
macroprudential policy,
macrofinancial stability,
macroprudential instruments,
systemic risk
JEL: G28; E58
About the Authors
S. Andryushin
Institute of Economics, RAS (Moscow, Russia)
Russian Federation
Russian Federation
V. Kuznetsova
Institute of Economics, RAS (Moscow, Russia)
Russian Federation
Russian Federation
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Review
For citations:
Andryushin S., Kuznetsova V. Macroprudential Policy Instruments of Central Banks. Voprosy Ekonomiki. 2012;(8):32-47. (In Russ.) https://doi.org/10.32609/0042-8736-2012-8-32-47
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