О НЕСКОЛЬКИХ ВОПРОСАХ СТАБИЛЬНОСТИ ФИНАНСОВОЙ СИСТЕМЫ И ДЕНЕЖНО-КРЕДИТНОЙ ПОЛИТИКИ В АРМЕНИИ Текст научной статьи по специальности «Экономика и бизнес»

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' Sb'u «« 1|Ыллрп1|ш1|ш1| ршЦ[1 Jmufili» « opbliß, hnrj.i|uJÔ4, https://www.arlis.am/DocumentView.aspx7Docl D=121585 :

2 Sb'u « l| blimp nil iul|iuti pmliL||n l|iujpt"2, https://www.cba.am/am/SitePages/mpstrategy.aspx:

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5 Sb'u lipdnypfi L5|i2^qq.Luj|ilJ h|iiJlJUJri.nLUL5, Financial System Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia, IMF Country Report No. 18/361, Dec 2018, https://www.imf.org/en/Publications/CR/lssues/2018/12/12/Republic of-Armenia-Financial-Sector-Assessment-Program-Press-Release-Staff-Report-and-46461:

6 Sb'u Dabla-Norris E., Floerkemeier H., Transmission Mechanisms of Monetary Policy in Armenia: Evidence from VAR Analysis, International Monetary Fund, N 6-248, 2006, https://www.imf.org/en/Publications/WP/lssues/2016/12/31/Transmission-Mechanisms-of-Monetary-Policy-in-Armenia-Evidence-from-VAR-Analysis-19925:

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8 Sb'u « bbuipniliul|luIi poiliLi, https://www.cba.am/am/SitePages/fsintroduction def.aspx:

9 Sb'u Schinasi G., Defining Financial Stability, IMF Working Paper, WP/04/187, October 2004, tg 1 https://www.imf.org/external/pubs/ft/wp/2004/wp04187.pdf:

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13 Sb'u Woodford M., Inflation Targeting and Financial Stability, NBER Working Paper N 17967; Issued in April 2012, https://www.nber.org/papers/w17967.pdf:

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Ч-0шщшт1|Ьр 3. « ípfitiuitiuiuljuiti 2nil]uijniií « ЦР qnpáiunhni[9jmtjtjhp[i ipnlfnuwqpnij^bbpfi 2uipd[ibpuig[i, 2004-2020 ¡эр.'4

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14 9-ôuJii|iuuil|hpQ ljiuqdi|b[ t CC ЧР-fi ЦпгцЛ|пд hpiuiyiupiul|i|nrL Эз^ЬшЬиш^шЬ 2nLljUJjfi uinl|nuiu r].pnLjptibp|i griLgmli|i2libp[i hfitfiuti i[piu, https://www.cba.am/am/SitePages/statmonetaryfinancial.aspx:

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14 Sb'u Taylor J. B., A Historical Analysis of Monetary Policy Rules, NBER, Working Paper 6768, Octomber 1998, https://www.nber.org/papers/w6768.pdf.

15 Sb'u Dabla-Norris E., Floerkemeier H., Transmission Mechanisms of Monetary Policy in Armenia: Evidence from VAR Analysis, International Monetary Fund, N 6-248, 2006, https://www.imf.org/en/Publications/WP/lssues/2016/12/31/Transmission-Mechanisms-of-Monetary Policy-in-Armenia-Evidence-from-VAR-Analysis-19925:

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17 Sb'u CC 4P, https://www.cba.am/am/SitePages/fsindicators_FSI.aspx:

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L 2019 Article IV Consultation And Request For A Stand-By Arrangement-Press Releases; Staff Report; And Statement By The Executive Director For The Republic Of Armenia, IMF Country Report N19/154, June 2019,

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Oqinuiq.npói|uió q.puil|uitirH|3jni.ti

1. Piujiuryiub LI., Ршг[г|.шишр]ш1| LI., 1ГгиршгцшЬ hj., « r).pmJm-i[mpL|mj|ili gmqiupiul|iutjnL|3jiutj QliinpriLfajmli h|iúljm[iiliri.|iplibpli mpdnL[3mj[ili inminmlinLJljbp[i u|uijJuititibpnuí, UngfimL-inliinbum-1|шЬ qmpq.mgúmb шрф hfiJbiufutjriJiptjbriQ «-mJ, <шЬршо|Ь-шш1|шЬ ц.|ипш(^пг\п1[|1 bjrupbp, N1,2008:

2. U., « ф|1Ьш1шш1|ш1| LjmjnLtinifajmti mu|mhni[Jmli шрф hfiJbiuhiupgbriQ, bp., 2016:

3. Uш[llшqшpJшlJ LI., hupiujb|jiuti U., 81лпЬиш1|шЬ шб|л иф|пЬшЬ-иш1|шЬ funpriLpjmli фп[ышцг1.Ьдп^ш1| qlimhminJmli duiJiutiiu-1|ш1||пд fbilir>hnbbpQ, «РшЬрЬр C^SC», 2, 2017:

4. « l|btiinpntiiul|iuti piubl|, T-pmJmilmplimjlilj

ш1|П^Г[ш1|[1 qnpô[iglibp II r|.piutig 1|[1ршпйш1| üb[umli[iqJlibpQ:

5. « 4P inhribl|iuq.|ip, hnl|inbJpbn, 2008, hnl|inbdpbp, 2014, oq.nuinnu, 2017, diupin 2020:

6. «« 1|Ыллрп1|ш1|ш1| piutil||i Jiuufiti» « opbtip:

7. Schinasi G., Defining Financial Stability, IMF Working Paper, WP/04/187, October 2004.

8. Taylor J. В., A Historical Analysis of Monetary Policy Rules, NBER, Working Paper 6768, Octomber 1998.

9. Dabla-Norris E., Floerkemeier H., Transmission Mechanisms of Monetary Policy in Armenia: Evidence from VAR Analysis, International Monetary Fund, N. 6-248, 2006.

10. Woodford M., Inflation Targeting and Financial Stability, NBER Working Paper No. 17967, Issued in April 2012.

11. IMF, Financial System Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia, IMF Country Report No. 18/361, Dec 2018.

12. IMF, 2019 Article IV Consultation And Request For a Stand-By Arrangement-Press Releases; Staff Report; And Statement By The Executive Director For The Republic Of Armenia, IMF Country Report No. 19/154, June 2019.

13. https://www.cba.am/am/SitePages/Default.aspx

МАРИНЕ АВЕТИСЯН

Соискатель кафедры финансов АГЭУ

О нескольких вопросах стабильности финансовой системы и денежно-кредитной политики в Армении.-

Финансовая стабильность является ключевым условием эффективной экономической политики как для мировой экономики, так и для отдельных стран. Большая часть финансовой системы в Армении состоит из коммерческих банков, поэтому необходимо учитывать стабильность банковской системы в этом контексте. С 2018 года Центральный банк Армении определил финансовую стабильность как свою главную цель наряду со стабильностью цен. В статье рассматриваются изменения основных показателей денежно-кредитной и макро-пруденциальной политики, анализируются показатели финансовой устойчивости. Обсужден ряд вопросов, связанных с трансфертным механизмом денежно-кредитной политики.

Ключевые слова: финансовая устойчивость, денежно-кредитная политика, инфляция, механизм перевода. JEL: G00, Е31, Е52

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MARINE AVETISYAN

PhD Student at the Chair of Finance at ASUE

On Several Issues of Financial System Stability and Monetary Policy in Armenia.- Financial stability is a key precondition for an effective economic policy for both global economies and individual countries. Most of the financial system in Armenia is made up of commercial banks, so it is necessary to consider the stability of the banking system in this context. Since 2018, the Central Bank of Armenia has defined financial stability as its main goal, along with price stability. The paper discusses the changes in the main indicators of monetary and macroprudential policies, analyzes the indicators of financial stability.

Key words: financial stability, monetary policy, inflation, transfer

mechanism.

JEL: GOO, E31, E52