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Optimal macroprudential regulation tools

Ipatyev I.R. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ivan.ipatyev@gmail.com )

Journal: Finance and Credit, #4, 2020

Subject. This article examines the hypothesis that microprudential and monetary policies are not able to provide measures to prevent excessive lending and guarantee the ability of financial institutions to cope with the growing credit bubble.
Objectives. The article examines approaches to identifying viable macroprudential policy options and an optimal set of regulation instruments.
Methods. For the study, I used a content analysis and generalization.
Results. The article presents some results of the assessment of certain macroprudential requirement instruments.
Conclusions. The study shows that some macroprudential policy tools can reduce systemic risks associated with credit cycles. Monetary policy alone is not able to effectively withstand the credit bubble risk. All financial policy instruments must be taken and considered together, as they work closely together.


Expanding the role of central banks in liquidity risk management and macroprudential supervision

Ipat'ev I.R. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ivan.ipatyev@gmail.com )

Journal: Finance and Credit, #1, 2020

Subject Some experts point at the fact that that macroprudential regulation is missing in the current regulatory practice of central banks causing a gap between the regulation of private financial institutions and macroeconomic policies.
Objectives The study reflects the need to amplify the role of central banks in managing risks of macroprudential supervision and liquidity in order to bridge the existing gap between central banks and supervisory authorities when exercising their functions and supervisory roles, since this is important for understanding the activities of central banks in matters of market conditions and supervision of payment systems. I also analyze methodological aspects in studying the macroprudential policy, i.e. the growing significance of central banks, supervision of payment systems, role of central banks in liquidity risk management, reassignment of roles and duties among central banks and supervisory authorities in regulation and oversight, independence of central banks from political forces.
Methods I conducted the content analysis of available sources, comparative analysis of BCBS setting up requirements to credit institutions and evaluated macroprudential supervision models.
Results The article instructs how to bridge the gap between the regulation of some financial institutions and macroprudential policy by expanding the involvement of central banks in macroprudential oversight. Macroprudential factors should obviously be more thoroughly elaborated within the overall financial system.
Conclusions and Relevance Central banks should play a greater role in managing risks of macroprudential supervision and liquidity. To do so, supervisory authorities and central banks should cooperate more closely and effectively, rather than simply exchanging their knowledge and capabilities to create and align macroprudential activities.


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