financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-1-32-41finance-1985Research ArticleМЕЖДУНАРОДНЫЕ ФИНАНСЫINTERNATIONAL FINANCEЭффективность макропруденциальной политики: проблемы измерения и оценкиEffectiveness of Macroprudential Policy: Problems of Measurement and Evaluationhttps://orcid.org/0000-0003-3660-6779ГосподарчукГ. Г.GospodarchukG. G.

Галина Геннадьевна Господарчук - доктор экономических наук, профессор кафедры финансов и кредита

Нижний Новгород

Galina G. Gospodarchuk - Dr. Sci. (Econ.), Prof., Department of Finance and Credit

Nizhny Novgorod

gospodarchukgg@iee.unn.ruhttps://orcid.org/0000-0003-0892-6070ЗеленеваЕ. С.ZelenevaE. S.

Елена Сергеевна Зеленева - ассистент департамента банковского дела и монетарного регулирования, младший научный сотрудник

Москва

Elena S. Zeleneva - Assistant, Department of Banking and Monetary Regulation, Junior Research Fellow, Research Center for Monetary Relations

Moscow

eszeleneva@fa.ruНациональный исследовательский Нижегородский государственный университет им. Н. И. ЛобачевскогоРоссияNational Research Lobachevsky State University of Nizhny NovgorodRussian FederationФинансовый университетРоссияFinancial UniversityRussian Federation2023100320232713241Copyright © Господарчук Г.Г., Зеленева Е.С., 20232023Господарчук Г.Г., Зеленева Е.С.Gospodarchuk G.G., Zeleneva E.S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1985

Макропруденциальная политика центральных банков играет ключевую роль в обеспечении финансовой стабильности не только на уровне отдельных государств, но и в масштабе всей мировой экономики. В связи с этим адекватное измерение ее эффективности является актуальной задачей национальных и наднациональных органов финансового регулирования. Настоящее исследование направлено на решение данной задачи. Цель исследования — разработка индикаторов и критериев комплексной оценки эффективности макропруденциальной политики стран, позволяющих осуществлять межстрановой анализ этой эффективности и выявлять лучшие мировые практики в макропруденциальном регулировании. Исследование базируется на консолидации рыночного и институционального подходов к измерению финансовой стабильности, а также на использовании нормативных методов и методов сравнительного экономического анализа. В результате исследования разработаны новые индикаторы диагностики эффективности макропруденциальной политики. Предложены критерии, позволяющие определять международные позиции стран по уровню общей, рыночной и институциональной эффективности макропруденциальной политики. Тестирование разработанных индикаторов и критериев выполнено применительно к 180 странам за период 1998–2019 гг. Разработанные индикаторы и критерии эффективности макропруденциальной политики отличаются от существующих комплексным характером, так как учитывают стабильность финансовых рынков и финансовых систем одновременно. Они также являются более репрезентативными, поскольку включают расширенный спектр параметров, учитываемых в расчетах финансовой стабильности.

The macroprudential policy of central banks plays a key role in ensuring financial stability not only at the level of individual states but also on the scale of the entire global economy. In this regard, adequate measurement of its effectiveness is an urgent task for national and supranational financial regulatory authorities. The present study is focused on solving this problem. The purpose of the study is to develop indicators and criteria for a comprehensive assessment of the effectiveness of countries’ macroprudential policies, allowing for a cross-country analysis of this effectiveness and identifying the best global practices in macroprudential regulation. The study is based on the consolidation of the market and institutional approaches to measuring financial stability, as well as on the use of normative methods and methods of comparative economic analysis. As a result of the study, new indicators for diagnosing the effectiveness of macroprudential policy have been developed. Criteria are proposed to determine the international positions of countries in terms of the level of general, market, and institutional effectiveness of the macroprudential policy. Testing of the developed indicators and criteria was carried out for 180 countries for the period 1998–2019. The developed indicators and criteria for the effectiveness of macroprudential policy differ from the existing ones in a comprehensive manner, since they take into account the stability of financial markets and financial systems at the same time. They are also more representative as they include a wider range of parameters taken into account in financial stability calculations.

финансовый рынокфинансовые институтыфинансовая стабильностьсравнительный анализмакропруденциальная политикаэффективность политикицентральный банкfinancial marketfinancial institutionsfinancial stabilitycomparative analysismacroprudential policypolicy effectivenesscentral bankИсследование выполнено при финансовой поддержке Министерства образования и науки Российской Федерации в рамках Программы стратегического академического лидерства «Приоритет-2030» № Н-481–99_2021–2022 (2021–2022 гг.). Национальный исследовательский Нижегородский государственный университет им. Н. И. Лобачевского, Нижний Новгород, Россия.This study was financially supported by the Ministry of Education and Science of the Russian Federation as part of the Priority 2030 Strategic Academic Leadership Programme No. Н-481–99_2021–2022 (2021–2022). National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russia.ReferencesTang Zh., Zhang T., Liu Ch., Wu J. 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The authors declare that there are no conflicts of interest present.