У статті висвітлені теоретичні та практичні аспекти макропруденційної політики. Визначені індикатори прийняття рішень щодо використання інструментів макропруденційної політики залежно від цілей регулювання та джерел системного ризику. Серед джерел системного ризику виділені наступні: кредитна експансія та леверидж, дисбаланси ліквідності, концентрація експозицій та спотворені стимули. Макропруденційний аналіз банківського сектору економіки України проведено за джерелами системного ризику. Для оцінки джерел системного ризику в банківському секторі економіки України застосовані такий інструментарій фільтр Ходріка-Прескотта (кредитна експансія), динаміка LCR та NSFR (дисбаланси ліквідності), індекси концентрації та прибутковість системно важливих банків (концентрація
експозицій та спотворені стимули). За результатами проведеної оцінки зроблено висновок про те, що макропруденційні інструменти Національного банку України є ефективними для зниження системного ризику.
Introduction. To enable effective prevention, mitigation and avoidance of systemic risks and strengthen the financial
system’s resilience to potential shocks, significant efforts have been made in recent years to establish an effective macroprudential
policy (MPP) framework. This process has been driven largely by significant economic and social costs of the crisis episodes and
the recognition of deficiencies in the contemporary regulatory framework, which proved to be insufficient to prevent such events.
Purpose. Assessment of the state of financial stability of the banking system of Ukraine with the help of macroprudential policy
indicators to improve the efficiency of macroprudential instruments to stabilize the banking system. Results The analysis of the
dynamics of lending for several segments, derived the concept of the credit cycle, as well as the results of credit expansion. The
liquidity norms that have been in force since 2015 were identified, especially the LCR, which was introduced from 2018, and the
NSFR from April 2021. Concentration indices as well as indicators of systemically important banks were also highlighted. The
increased focus on financial stability and MPP is closely correlated with the expansion, liberalization, integration and globalization
of the financial system, High costs of crisis episodes have additionally spurred the development of macroprudential analysis
so that issues in the area of financial stability have started to dominate academic debates and decision-making of economic
policymakers. Conclusions. In sum, we can conclude that financial stability has been a key function of the Central Bank since its
inception. Macroprudential analysis is an analytical reinforcement that has provided the ECB with tools to identify systemic risk
and assessment tools that are suitable to support the calibration of macroprudential policies, such as the assessment of credit
expansions to address systemic risk. While the system has come a long way since its inception, there are still a number of problems
and open issues, and so work is underway to address the growing non-bank sector and associated market-based financing.
