Subject The article examines the indicators recommended and used to assess financial stability at the macroeconomic level. Objectives The purpose of the study is to develop a new indicator of financial stability, considering the modern objectives of the monetary policy that include financial stability, and the revealed shortcomings in the methodological tools for its evaluation. Methods The study draws on the review of different views on the role of monetary policy of central banks in preventing financial crises and ensuring economic growth, and includes an analysis of time series with information on interest rates and inflation in various markets and data on real GDP growth. Results We created an indicator of macroeconomic financial stability in the form of index of changes in real interest rates of debt financial instruments (Financial Stability Index, FSI) to quantify the level of financial stability in the country. For qualitative assessment of financial stability, an estimation scale has been developed that includes three options for qualitative characteristics of financial stability. Based on the FSI and the estimation scale, we analyzed the financial stability of the Russian Federation for the period from January 2014 to October 2016. The paper shows the relationship between the financial stability index and economic growth and unveils factors that have the greatest impact on financial stability in the analyzed period. Conclusions The proposed methodological tools will allow the Bank of Russia to quantify the strategic goal of financial stability and exercise timely control over its achievement.
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