MACROPRUDENTIAL REGULATION IN COUNTRIES OF CENTRAL AND EASTERN EUROPE: EXPERIENCE OF FINANCIAL IMBALANCES, PROACTIVITY OR PROTECTIVE REACTION

Viktor Koziuk

Анотація


Is experience of financial imbalances driving intensity of macroprudential policy instruments use? Theoretically - yes, because they support to diminish conflict between price, exchange rate and financial stability. In the same time CEE countries demonstrate more complicated picture. Such countries experienced strong structural determined vulnerability to financial imbalances accumulation. The scale of correction of such imbalances also was tremendous. But empirical analysis doesn’t show that experience of imbalances is a driving force of more intensive use of macroprudential policy instruments. Results of regression analysis based on 18 CEE countries shows that such countries are likely to divide on two groups: those there macroprudential policy is complimenting active structural reforming, and those there such policy is looked like defense reaction on challenges related to general structural weakness.

 JEL: E02, H3.


Ключові слова


CEE countries; macro-prudential policy; financial imbalances; proactivity.

Повний текст:

PDF>PDF

Посилання


Borio C. Towards a Macroprudential Framework for Financial Supervision and Regulation? / С. Borio // BIS Working Paper. - 2003. - № 128. - Р. 1-32. https://doi.org/10.2139/ssrn.841306

Borio C. Whither Monetary and Financial Stability? The Implications of Evolving Policy Regims / С. Borio, W. White // BIS Working Paper. - 2004. -№ 147. - Р. 1-51. https://doi.org/10.2139/ssrn.901387

Borio C. Monetary and Prudential Policies at a Crossroads? New Challenges in the New Century / С. Borio // BIS Working Paper. - 2006. - № 193. - Р. 2-28. https://doi.org/10.2139/ssrn.948135

Corker R. Exchange Rates Regimes in Selected Advanced Transition Economies - Coping with Transition, Capital Inflows and EU Accession / R. Corker, C. Beaumont, R. van Elkan // IMF Policy Discussion Paper. -2000. - PDP/00/3. - P. 1-25.

Kenen P. EU Accession and the Euro: Close Together or Far Apart? / Р. Kenen, Е. Meade // Institute for International Economics Policy Briefs. -2003. - № PB03-9. - Р. 1-19.

Natalucci F. The Road to Adopting the Euro: Monetary Policy and Exchange Rate Regimes in the EU Candidate Countries / F. Natalucci, F. Ravenna // Board of Governors of the Federal Reserve System International Finance Discussion Papers. - 2002. - № 741. - Р. 1-45. https://doi.org/10.17016/IFDP.2002.741

The Role of National Bank of Poland in the Process of European Integration. - Warsaw : National Bank of Poland, 2003. - 55 р.

Aslund A. The Last Shall Be the First: The East European Financial Crisis / А. Aslund. - Wash. (D. C.) : PIIE, 2011. - 212 p.

Kozyuk VV Theoretical Measurement of Macrofinance Divergence Risks of the Euro Zone / VV Kozyuk // Economic Theory. - 2011. - No. 3. - P. 59-72.

Kozyuk VV Theory of optimal currency zones in the light of the global financial crisis and risks of divergence of the EMU / VV Kozyuk // Economic Theory. -2012. - No. 4. - P. 56-71.

Kozyuk V.V. The depth of correction of financial imbalances in the euro area and the problem of recovery growth / VV Kozyuk // Journal of the European Economy. - 2017. - Vol. 16, No. 1. - P. 17-40. https://doi.org/10.35774/jee2017.01.015

Abiad A. International Finance and Income Convergence: Europe is Different / А. Abiad, D. Leigh, А. Mody // IMF Working Paper. - 2007. -WP/07/64. - P. 1-36. https://doi.org/10.5089/9781451866285.001

Pipat L. Do Economists' and Financial Markets' Perspectives on the New Members of the EU Differ? / L. Pipat, S. Schandler // IMF Working Paper. -2007. - WP/07/65. - P. 1-31. https://doi.org/10.5089/9781451866292.001

Goldstein M. What the Next Emerging-Market Financial Crisis Look Like? / М. Goldstein // IIE Working Paper. - 2005. - Vol. 05-7. - P. 1-115. https://doi.org/10.2139/ssrn.771045

Cecchetti S. Monetary Policy and Financial Stability: What's Ahead for Central and Eastern European Countries / S. Cecchetti // BIS Speeches. -2010. - P. 1-11.

Brzoza-Brzezina M. Can We Prevent Boom-Bust Cycles During Euro Area Accession? / М. Brzoza-Brzezina, Р. Jacquinot, М. Kolasa // ECB Working Paper. - 2010. - № 1280. - Р. 1-47. https://doi.org/10.2139/ssrn.1749345

Elements of Effective Macroprudential Policies. Lessons from International Expirience // IMF-FSB-BIS. - 2016. - 26 Augest. - Р. 1-22.

Gulcin Ozkan F. On the Use of Monetary and Macroprudential Policies for Small Open Economies / Ozkan F. Gulcin, Unsal D. Filiz // IMF Working Paper. - 2014. - WP/14/112. - Р. 1-26. https://doi.org/10.5089/9781498375429.001

Turner Ph. Macroprudential Policies, the Long-term Interest Rate and the Exchange Rate / Ph. Turner // BIS Working Paper. - 2016. - № 588. - Р. 1-23.

Claessens S. An Overview of Macroprudential Policy Tools / S. Claessens // IMF Working Paper. - 2014. - WP/14/214. - Р. 1-47. https://doi.org/10.5089/9781484358115.001

Bruno V. Comparative Assessment of Macroprudential Policies / V. Bruno, І. Shim, Н. Song Shin // BIS Working Paper. - 2015. - № 502. - Р. 1-56.

Cerutti E. The Use and Effectiveness of Macroprudential Policies: New Evidence / Е. Cerutti, S. Claessens, L. Laeven // IMF Working Paper. -2015. - WP/15/61. - Р. 1-56. https://doi.org/10.5089/9781498321051.001

Cizel J. Effective Macroprudential Policy: Cross-Sectors Substitution from Price and Quantity Measures / J. Cizel, J. Frost, А. Houben // IMF Working Paper. - 2016. - WP/16/94. - Р. 1-47. https://doi.org/10.5089/9781484337738.001

Miklaszewska E. The Consequences of Post-Crisis Regulatory Architecture for Banks in Central and Eastern Europe / Е. Miklaszewska, К. Mikolajczyk, М. Pawlowska // NBP Working Paper. - 2012. - № 131. - Р. 1-35. https://doi.org/10.2139/ssrn.2190850

Dimova D. Macroprudential Policies in Southeastern Europe / D. Dimova, Р. Kongsamut, J. Vandenbussche // IMF Working Paper. - 2016. -WP/16/29. - Р. 1-81. https://doi.org/10.5089/9781498342872.001

Dumicic M. Macroprudential Policy in Central and Eastern European Countries - Is There Something We Should Learn? / М. Dumicic // The Twentieth Dubrovnik Economic Conference organized by Croatian National Bank (Dubrovnik, June 11-13, 2014). - Dubrovnik, 2014. - Р. 1-50.

Dumicic M. Effectiveness of Macroprudential Policies in Central and Eastern European Countries / М. Dumicic // Croatian National Bank Working Paper. - 2017. - W-48. - Р. 1-27. https://doi.org/10.3326/pse.42.1.1

Donath L. Financial Cycles and Macroprudential Intervention in Selected Central and Eastern European Countries / L. Donath, V. Mihutescu, І. Oprea // West University of Timisoara. - 2015. - Oct. - Р. 1-13.

European Systemic Risk Board. A Review of Macroprudential Policy in the EU. 2015-2016 [Electronic resource]. - Mode of access : www.esrb.europa.eu.

Lim C. Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experience / С. Lim, F. Columba, А. Costa // IMF Working Paper. - 2011. - WP/11/238. - Р. 1-81. https://doi.org/10.5089/9781463922603.001




DOI: https://doi.org/10.35774/jee2018.01.056

Посилання

  • Поки немає зовнішніх посилань.