ПЕРЕДУМОВИ РОЗВИТКУ НАГЛЯДОВИХ ПІДХОДІВ ДО РЕГУЛЮВАННЯ СИСТЕМНИХ РИЗИКІВ У ФІНАНСОВІЙ СФЕРІ
DEVELOPMENT PREREQUISITES FOR THE REGULATORY APPROACHES OF THE SYSTEMIC RISK REGULATION IN FINANCES

Summary/Abstract: The latest global financial crisis has highlighted the importance of promoting financial stability through better understanding of the crisis sources, one of which is ignoring systemic risk in finance. This study provides starting point theoretical framework of the systemic risk essence based on its micro-, macro- and mixed transmission channels. Systemic risk reasons include common exposure of the financial institutions to asset price bubbles, liquidity provision, panics, contagion sovereign default, currency mismatches in the banking system. Authors give overview of the systemic risk differences in the developing and advanced countries financial system providing a set of the financial systems characteristics which make them more exposing to systemic risk. This study makes an important contribution to the ongoing regulatory discussion by providing correct supervision response to the episodes of financial instability to avoid another crisis of this magnitude in future. Authors highlight conceptual challenges in designing the new policy macro-prudential framework of how best to monitor financial systems and how to set prudential policy accordingly.

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