Institutional Set-Up and Mandates of Macroprudential Authorities: International Experience and Benchmarks for Ukraine

Andriy Danylenko () and Viktoriia Sanzharovska ()
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Andriy Danylenko: National Bank of Ukraine
Viktoriia Sanzharovska: National Bank of Ukraine

Visnyk of the National Bank of Ukraine, 2016, issue 236, 19-29

Abstract: Defining macroprudential authority is one of the key steps in ensuring financial stability. Within the framework of general principles defined by international institutions lie various versions of macroprudential architectures realized by individual countries. Such solutions were shaped by the level of the financial system’s sophistication, the government’s role, and the central bank’s mandate. Yet the dominating trend is to entrust the macroprudential mandate to a central bank, especially if it already has a wide mandate for supervision and regulation of the financial sector. This is especially typical for emerging markets. In most of the reviewed countries, central banks apply macroprudential instruments. The analysis of specificities of the Ukrainian bank-dominated financial system as well as of international practices points to the most rational solution: to affirm legally the National Bank’s macroprudential mandate in the nearest future. Cooperation within the Financial Stability Council should also be further enhanced.

Keywords: Macroprudential mandate; macroprudential authorities; central bank; interagency financial stability boards (search for similar items in EconPapers)
JEL-codes: E58 G28 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ukb:journl:y:2016:i:236:p:19-29

DOI: 10.26531/vnbu2015.236.019

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