Э. Джагитян, Национальный исследовательский университет “Высшая школа экономики” (НИУ ВШЭ), РФ, 119017 Москва, ул. Малая Ордынка, 17, стр. 1; Финансовый университет при Правительстве РФ, РФ, 125993 Москва, Ленинградский пр-т, 49 (edzhagityan@hse.ru; edjagityan@fa.ru)
Аннотация. Анализируются особенности и перспективы формирования оптимальной модели международного банковского регулирования с применением механизма макропруденциальной политики. Современный макропруденциализм показан во взаимосвязи с микропруденциальным банковским регулированием, а его значение – в контексте задач по минимизации системных рисков, укреплению стрессоустойчивости в банковской сфере и обеспечению финансовой стабильности. Выявлены слабые звенья макропруденциального регулирования, систематизированы вопросы, которые предстоит решить в рамках его дальнейшей интеграции в посткризисную регулятивную парадигму.
Ключевые слова: макропруденциальное регулирование, микропруденциальное регулирование, Базель III, посткризисное восстановление, стрессоустойчивость банков, системные риски, финансовая стабильность, денежно-кредитная политика
Статья подготовлена при грантовой поддержке проекта “Макропруденциализм современного банковского регулирования как фактор финансовой стабильности”, выполненного в рамках программы исследований факультета мировой экономики и мировой политики НИУ ВШЭ в 2017 г. Ряд положений статьи был представлен автором в ходе выступления на 4-й европейской конференции по банкам и экономике (4th European Conference on Banking and the Economy, ECOBATE), г. Винчестер, Великобритания (октябрь 2016 г.), организованной британской Ассоциацией исследований по банкам и экономике (ARBE) при поддержке Университета Саутгемптона (University of Southampton).
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