Promulgation of the Macroprudential Regulation and the Guidelines for the NBU Acroprudential Policy
Journal Title: Journal of European Economy - Year 2018, Vol 17, Issue 2
Abstract
Post-crisis spread of macroprudential regulation requires some generalizations and identification of the ways of adapting it to Ukraine. Current consensus about taxonomy and functionality of macroprudential toolkit is corresponded with empirical findings of potential efficiency of such instruments to restrain credit and assets price inflation. At the same time, macroprudential policy may be vulnerable to possibilities of large borrowing abroad and credit activity leakage on unregulated segments of financial system. In the paper it is noted that commodity rich economies constitute a specific profile there macroprudential policy is meant to diminish vulnerability to commodity prices volatility. Macroprudential instruments may help to restrain abnormal credit expansion in non-tradable sectors and bound sectoral credit concentration, thus opening new opportunities for sectoral policy. It is proved that macroprudential policy guidelines for National Bank of Ukraine should be determined by the specifics of implementing macroprudential policy in the environment of capital flows being influenced by the commodity prices, as well as by specific institutional distortions caused by oligarchical banking.
Authors and Affiliations
Viktor Koziuk
Keywords
Related Articles
- EP ID EP505950
- DOI -
- Views 84
- Downloads 0
The economies in the Black Sea Region: how did they fare after the collapse of the Soviet Union?
Geographic terms are sometimes less clear than they seem at first sight. The term Europe, for example, may refer to different areas. The European soccer competition and the Euro Songfestival include participants from cou...
Modeling Relationship Between Public and Publicly Guaranteed External Debt of Ukraine and Budget Deficit, Spending and Savings
The dynamics of external public and publicly guaranteed external debt of Ukraine, the budget deficit and spending and savings in Ukraine in UAN and US-Dollar since 1996 to the present date were analyzed and their trends...
Alternatives of Foreign Trade Policy in the Developing Countries in the Context of Searching the Ways to Reduce Poverty
The problem of developing countries’ choice of the optimal foreign trade strategy through the prism of poverty reduction is considered. Attention is focused on the arguments in favour of free-trade and protectionism, as...
Specification and Verification of the Alterglobalization
Research is devoted to the analysis of economic diversity of global actors and the process investigation of rethinking social change and social movements in favor of alternative model of global society. The purpose of th...
Circular Economy and Globalized Waste Management
The analysis of adaptation circular economy according to the principles of 3R (Reduce, Reuse and Recycle) is made and the fourth principle is proposed - global corporate social responsibility (Responsibility), as obligat...