OPERATIONALIZING THE INDIRECT INSTRUMENTS OF MACROPRUDENTIAL POLICY IN THE NEGOTIABLE FINANCIAL INSTRUMENTS MARKET

I. S. Kravchuk

Abstract


Holistic system of macroprudential policy for the negotiable financial instruments market in the context of the instrumental operationalization on the basis of systematization of existing and development of proposals for the introduction of new tools are studied in the article for create a coherent indirect macroprudential regulation complex in this area.   

Macroprudential tools in the framework of the operationalization require research of regulatory action duplication and identification possible conflicts, because the enhanced effect of a such instruments combination may affect adversely in the market and its participants.

The implementation of new or use of existing macroprudential instruments in the context of non–bankig financial institutions (investment funds, insurance companies, pension funds, investment firms) are explored concerning their activities in the negotiable financial instruments market. 


Keywords


negotiable financial instruments; macroprudential policy operationalizing; financial stability; countercyclical buffer; financial leverage.

References


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Galati, G., & Moessner, R. (2011). Macroprudential policy – a literature review. BIS Working Papers, 337. Available at: http://www.bis.org/publ/work337.pdf

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Claessens, S. (2014). An overview of macroprudential policy tools. IMF Working Paper, 214. Available at: https://www.imf.org/external/pubs/ft/wp/2014/wp14214.pdf

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Basel III: the net stable funding ratio.(2014, October). BIS Basel Committee on Banking Supervision. Available at: http://www.bis.org/bcbs/publ/d295.htm

Global systemically important insurers: policy measures. (2013, July). International Association of Insurance Supervisors. Available at: FinalGSIIsPolicymeasures18July2013 (5).pdf

Macroprudential policy beyond banking: an ESRB strategy paper. (2016, July). European Systemic Risk Board. Available at: https://www.esrb.europa.eu/pub/pdf/reports/20160718_strategy_paper_beyond_banking.en.pdf

Assessment methodologies for identifying non–bank non–insurer global systemically important financial institutions. Proposed High–Level Framework and Specific Methodologies. (2015, March). Available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD479.pdf

Higher loss absorbency requirement for global systemically important insurers (G–SIIS). (2015, October). International Association of Insurance Supervisors. Available at: IAIS Higher Loss Absorbency Requirement for G SIIs.pdf

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GOST Style Citations


Clement, P. The term “macroprudential”: origins and evolution [Electronic resource] / P. Clement // BIS Quarterly Review. – 2010. – March. – P. 59–67. – Available at: http://www.bis.org/publ/qtrpdf/r_qt1003h.htm.

Galati, G. Macroprudential policy – a literature review [Electronic resource] / G. Galati, R. Moessner // BIS Working Papers. – 2011. – № 337. – 40 p. – Available at: http://www.bis.org/publ/work337.pdf.

Nier, E. Macroprudential policy – taxonomy and challenges [Electronic resource] / E. Nier // National Institute Economic Review. – 2011. – Vol. 216, Issue 1. – 16 p. – Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1904627.

Schmitz, B. Macroprudential financial market regulation. Aims, implementation, and implications for developing and emerging economies [Electronic resource] : Discussion Paper 20/2013 / B. Schmitz. – Bonn : German Development Institute, 2013. – 47 p. – Available at: https://www.die–gdi.de/uploads/media/DP_20.2013.pdf.

Schoenmaker, D. Macroprudentialism [Electronic resource] / D. Schoenmaker. – London : CEPR Press, 2014. – 185 p. – Available at: http://voxeu.org/sites/default/files/file/macroprudentialism_VoxEU_0.pdf.

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Macroprudential policy tools and frameworks. Update to G20 Finance Ministers and Central Bank Governors [Electronic resource] // FSB, IMF, BIS. – 2011. – 13 p. – Available at: https://www.imf.org/external/np/g20/pdf/021411.pdf.

IMF–FSB–BIS. Elements of effective macroprudential policies. Lessons from international experience [Electronic resource]. – 2016. – 22 p. – Available at: https://www.imf.org/external/np/g20/pdf/2016/083116.pdf.

Lim, C. Macroprudential policy: what instruments and how to use them? Lessons from country experiences [Electronic resource] / C. Lim et al. // IMF Working Paper. – 2011. – № 238. – 85 p. – Available at:  https://www.imf.org/external/pubs/ft/wp/2011/wp11238.pdf.

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Global systemically important insurers: policy measures [Electronic resource] // International Association of Insurance Supervisors. – 2013. – July. – 32 p. – Available at: FinalGSIIsPolicymeasures18July2013 (5).pdf.

Macroprudential policy beyond banking: an ESRB strategy paper [Electronic resource] // European Systemic Risk Board. – 2016. – July. – 36 p. – Available at: https://www.esrb.europa.eu/pub/pdf/reports/20160718_strategy_paper_beyond_banking.en.pdf

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Basic capital requirements for global systemically important insurers [Electronic resource] // International Association of Insurance Supervisors. – 2014. – July. – 51 p. – Available at: http://www.actuaries.org/LIBRARY/Submissions/FTP3_2014–ConsultationDoc.pdf.

Non–traditional non–insurance activities and products [Electronic resource] : public consultation document // International Association of Insurance Supervisors. – 2015. – November. –24 p. – Available at: NTNI Public Consultation Document (2).pdf.

Criteria for identifying simple, transparent and comparable securitisations [Electronic resource] // BIS Basel Committee on Banking Supervision. – 2015. – July. – 16 p. – Available at: http://www.bis.org/bcbs/publ/d332.htm.





DOI: https://doi.org/10.18371/fcaptp.v1i22.109941

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