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

Author

Listed:
  • Andriy Danylenko

    (National Bank of Ukraine)

  • Viktoriia Sanzharovska

    (National Bank of Ukraine)

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.

Suggested Citation

  • Andriy Danylenko & Viktoriia Sanzharovska, 2016. "Institutional Set-Up and Mandates of Macroprudential Authorities: International Experience and Benchmarks for Ukraine," Visnyk of the National Bank of Ukraine, National Bank of Ukraine, issue 236, pages 19-29.
    • Handle: RePEc:ukb:journl:y:2016:i:236:p:19-29
    DOI: 10.26531/vnbu2015.236.019
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    References listed on IDEAS

    as
    1. Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks: Lessons From the Crisis," IMF Working Papers 2009/070, International Monetary Fund.
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    3. International Monetary Fund, 2011. "Macroprudential Policy: What Instruments and How to Use them? Lessons From Country Experiences," IMF Working Papers 2011/238, International Monetary Fund.
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    More about this item

    Keywords

    Macroprudential mandate; macroprudential authorities; central bank; interagency financial stability boards;
    All these keywords.

    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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