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Macroprudential Policy Instruments of Central Banks

Author

Listed:
  • S. Andryushin
  • V. Kuznetsova.

Abstract

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial system development procyclicality, mitigate the credit and financial cycles volatility.

Suggested Citation

  • S. Andryushin & V. Kuznetsova., 2012. "Macroprudential Policy Instruments of Central Banks," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
  • Handle: RePEc:nos:voprec:2012-08-2
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    More about this item

    Keywords

    countercyclicality; macroprudential policy; macrofinancial stability­; macroprudential instruments; systemic risk.;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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