Визначення макропруденційного органу є одним із ключових елементів забезпечення фінансової стабільності. У рамках окреслених міжнародними інституціями загальних принципів на рівні окремих країн було реалізовано різні варіанти макропруденційної архітектури залежно від рівня розвитку фінансової системи, ролі уряду та повноважень центрального банку. Однак переважає тенденція щодо надання макропруденційного мандата центральному банку, особливо якщо той уже наділений широкими повноваженнями стосовно нагляду та регулювання фінансового сектору. Це типово також для нових ринкових економік. У більшості країн, досвід яких ми вивчали, саме центральні банки застосовують макропруденційні інструменти. Аналіз особливостей банкоцентричної1 фінансової системи України та світової практики підказує доцільність закріплення у близькій перспективі макропруденційного мандата за Національним банком та подальшого зміцнення співпраці в рамках Ради з фінансової стабільності.
Act of the Republic of Croatia (2013). Act on the Financial Stability Council. OG 159/2013.
Act of the Republic of Poland (2015). Ustawa o Nadzorze Makroostrożnościowym nad Systemem Finansowym i Zarządzaniu Kryzysowym w Systemie Finansowym. Uchwalono na pos. nr 98 dnia 05-08-2015, Dz.U. poz. 1513.
Act of the Republic of Slovenia. Zakon o Makrobonitetnem Nadzoru Finančnega Sistema. Uradni list RS, št. 100/13.
Act on Monitoring Financial Stability (Financial Stability Act) – Gesetz zur überwachung der Finanzstabilität (Finanzstabilitätsgesetz) in the wording of the announcement of 28 November 2012 (Federal Law Gazette I, page 2369) as last amended by Article 2 paragraph 36 of the Act of 1 April 2015 (Federal Law Gazette I, p. 434).
Act on the Financial Stability Council (2014). Iceland, No. 66, 28 May 2014.
Argentina: Detailed assessment of compliance of Basel core principles for effective banking supervision. Country Report. https://doi.org/10.5089/9781475510607.002
Arvai, Z., Prasad, A., Katayama, K. (2014). Macroprudential Policy in the GCC Countries. IMF Discussion Note, SDN/14-01. https://doi.org/10.5089/9781484334430.006
Bank of Slovenia (2015). Macroprudential Policy for the Banking Sector: Strategic Framework.
BIS (2011). Central Bank Governance and Financial Stability. Bank for International Settlements. Retrieved from https://www.bis.org/publ/othp14.pdf
Borio, C., Drehmann, M. (2009). Towards an operational framework for financial stability: fuzzy measurement and its consequences. Working Paper, 284. Bank for International Settlements. https://doi.org/10.2139/ssrn.1458294
Borio, C., Shim, I. (2007). What can (macro-) prudential policy do to support monetary policy? Working Papers, 242. Bank for International Settlements. https://doi.org/10.2139/ssrn.1120287
Bruno, V., Shim, I., Song Shin, H. (2015). Comparative assessment of macroprudential policies. Working Papers, 502. Bank for International Settlements. Retrieved from https://www.bis.org/publ/work502.pdf
Claessens, S. (2014). An overview of macroprudential policy tools. Working Paper, 14-214. International Monetary Fund. https://doi.org/10.5089/9781484358115.001
Committee on the Global Financial System (2010). Macroprudential instruments and frameworks: a stocktaking of issues and experiences. CGFS Papers, 38. Committee on the Global Financial System. Retrieved from https://www.bis.org/publ/cgfs38.pdf
Egawa, E., Otani, A., Sakiyama, T. (2015). What determines institutional arrangements for macroprudential policy? Discussion Paper Series, 2015-E-3. Institute for Monetary and Economic Studoes. Retrieved from https://www.imes.boj.or.jp/research/papers/english/15-E-03.pdf
ESRB (2011). Recommendation on the Macro-Prudential Mandate of National Authorities, ESRB/2011/3.
ESRB (2014). ESRB recommendation on the macro-prudential mandate of national authorities (ESRB/2011/3), June 2014. European Systemic Risk Board. Retrieved from https://www.esrb.europa.eu/pub/pdf/recommendations/2014/ESRB_2014.en.pdf
ESRB (2014). The ESRB Handbook on Operationalising Macro-Prudential Policy in the Banking Sector. European Systemic Risk Board. Retrieved from https://www.esrb.europa.eu/pub/pdf/other/140303_esrb_handbook_mp.en.pdf
ESRB (2015). National Competent or Designated Authorities for CRD IV/CRR Instruments and Current or Future Implementation of Macroprudential Instruments.
G20 London Summit (2009). Declaration on Strengthening the Financial System.
Goodhart, C. (2011). The macro-prudential authority: powers, scope and accountability. OECD Journal: Financial Market Trends, 2011(2). https://doi.org/10.1787/fmt-2011-5k9cswn0jrr1
Gramegna, P. (2015). Loi du 1er avril 2015 portant création d'un comité du risque systémique et modifiant la loi modifiée du 23 décembre 1998 relative au statut monétaire et à la Banque centrale du Luxembourg. Journal Officiel du Grand-Duché de Luxembourg, 64, 1294.
IMF (2011). Macroprudential Policy: An Organizing Framework. International Monetary Fund. Retrieved from https://www.imf.org/external/np/pp/eng/2011/031411.pdf
Jansen, B., Bossu, W., Arda, A., Knight, D., Tamez, M., Kroytor, O., Gianviti, F., Hockett, R. (2013). Implementing Macroprudential Policy – Selected Legal Issues. International Monetary Fund. https://doi.org/10.5089/9781498341653.007
Kawai, M., Morgan, P. J. (2012). Central banking for financial stability in Asia. ADBI Working Paper Series, 377. Asian Development Bank Institute. Retrieved from https://www.adb.org/sites/default/files/publication/156232/adbi-wp377.pdf
Liebeg, D., Posch, M. (2011). Macroprudential Regulation and Supervision: From the Identification of Systemic Risks to Policy Measures. Finanzmarktstabilitätsbericht, Oesterreichische Nationalbank.
Lim, C. H., Krznar, I., Lipinsky, F., Otani, A., Wu, X. (2013). The macroprudential framework: policy responsiveness and institutional arrangements. Working Paper, 13-166. International Monetary Fund. https://doi.org/10.5089/9781484377819.001
Lim, C., Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., Wu, X. (2011). Macroprudential policy: what instruments and how to use them? Lessons from Country Experiences. Working Paper, 11-238. International Monetary Fund. https://doi.org/10.5089/9781463922603.001
Nier, E. (2009). Financial stability frameworks and the role of central banks: lessons from the crisis. Working Paper, 09-70. International Monetary Fund. https://doi.org/10.5089/9781451872170.001
Nier, E., Osiński, J. (2013). Key Aspects of Macroprudential Policy. Background Paper, 2013/080. International Monetary Fund. https://doi.org/10.5089/9781498341714.007
Nier, E., Osiński, J., Jácome, L. I., Madrid, P. (2011). Institutional models for macroprudential policy. Discussion Note, SDN/11-18. International Monetary Fund. https://doi.org/10.5089/9781463926533.006
Nier, E., Osiński, J., Jácome, L. I., Madrid, P. (2011). Towards effective macroprudential policy frameworks: an assessment of stylized institutional models. Working Paper, 11-250. International Monetary Fund. https://doi.org/10.5089/9781463923327.001
Osiński, J., Seal, K., Hoogduin, L. (2013). Macroprudential and microprudential policies: toward cohabitation. Discussion Note, SDN 13-05. International Monetary Fund. https://doi.org/10.5089/9781484369999.006
Ozge, A., Olmstead-Rumsey, J. (2015). How effective are macroprudential policies? an empirical investigation. International Finance Discussion Papers, 1136. https://doi.org/10.17016/ifdp.2015.1136
Salim, M. D., Wu, X. (2015). Experiences with macroprudential policy – five case studies. Working Paper, 15-123. International Monetary Fund. https://doi.org/10.5089/9781513500812.001
Schinasi, G. (2006). Safeguarding Financial Stability: Theory and Practice. Washington, D.C.: International Monetary Fund. Retrieved from https://www.imf.org/External/Pubs/NFT/2005/SFS/eng/sfs.pdf
Vinals, J. (2011). The Do's and Don'ts of Macroprudential Policy. European Commission and ECB Conference on Financial Integration and Stability. Brussels, 2 May 2011.
