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Section 14. Economics and management
тем более что сектор услуг, как правило, достаточно динамичен и может привести к созданию новых рабочих мест и, соответственно, к росту качества и уровня жизни населения.
В современных условиях сфера услуг образует ядро постиндустриальной экономики и во многом определяет ее основные макроэкономические параметры. В большинстве стран увеличиваются объемы производства сферы услуг, доля в структуре ВВП, растет количество занятых, развивается международная торговля услугами. Услуги превратились в главный сектор экономической активности и источник занятости в мировой экономике.
Так, развитие услуг, особенно инфраструктурных и информационно-коммуникационных, делает заметный вклад в рост производительности труда в масштабах всей экономики, поскольку услуги явля-
ются важными компонентами производства других товаров и услуг.
Из вышеизложенного можем сделать вывод, что эффективность и конкурентоспособность сектора услуг является важной предпосылкой общей конкурентоспособности и экономического роста, поскольку услуги крайне важны для любой экономической активности, в том числе и для промышленного производства. Торговля услугами открывает возможности для увеличения занятости и благосостояния населения, стремительно растет удельный вес услуг в мировой торговле. Некоторым развивающимся странам удалось получить ощутимые выгоды от реализации своего потенциала в новых областях, в которых они имеют сравнительные преимущества, в том числе в секторе деловых услуг, которые сейчас пользуются высоким спросом на мировом рынке.
Список литературы:
1. WTO Statistics database [Electronic resource]. — Mode of access: http://www.wto.
org/english/res_e/statis_e/statis_e.htm
2. Amiti M, Wei S-J (2009). Service offshoring, productivity and employment: Evidence from the United States. The World Economy. 32 (2):203-220; Amiti M and Wei S-J (2005). Fear of services outsourcing: Is it justified?” Economic Policy. April: 308-347.
3. UNCTAD, Trade and Development Commission. «The impact of trade on employment and poverty reduction», Geneva, 2013.
4. UNCTAD, Trade and Development Commission. «Trade in services and employment», Geneva, 2013.
5. The World Bank Database. [Electronic resource]. — Mode of access: http://data.worldbank.org/indicator
6. International trade statistics 2010/World Trade Organization [[Electronic resource]. — Mode of access: http://www.wto.org/
Samko Nataliia Hennadiyivna, Taras Shevchenko Kyiv National University, degree-seeking student, the Faculty of Economics E-mail: nataliia.samko@gmail.com
Strategic Directions of Increase of Efficiency of Ukrainian Financial Credit System Regulation
Abstract: The general development tendency of global financial sector activities regulation and supervision systems consists in the necessity to secure the stability of the sector’s functioning. At the backdrop of transformation processes occurring on the global scale, the existing regulation system of Ukrainian financial credit system calls for reforming in terms of the introduction and development of macroprudential policy.
Keywords: macroprudential policy; financial stability.
The necessity to secure macroeconomic and financial stability in Ukraine emphasizes the relevance of the objective of reinforcing the prudential component of the financial credit system management process. A characteristic feature of the macroprudential approach is
a focus on preventing system risks, securing of rational placement and efficient use of financial resources. The set goals are achieved by way of prudential measures undertaken in the following areas: buildup of long-term investments into the real sector and financing of modern-
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ization processes; infrastructure development and the reinforcement of domestic financial market stability; reforming of the institutional foundations of financial regulation; improvement of financial resilience of certain financial institutions; intensification of the anticyclic manner of regulation.
Review of the most recent research and publications. Theoretical substantiation of the foundations of macroprudential policy in Ukraine and the reforming of the existing financial credit system model are presently at the research and discussion stage. The provision of financial resilience and its interrelation with the baselines of monetary stability are studied in the works of foreign economists A. Crocket, M. Foot, F. Mishkin, T. Padoa-Shioppa, G. Schinasi and Ukrainian scholars V. Geyets, A Grytsenko, O. Dziubliuk, V. Koziuk, V. Mishchenko, S. Naumenkova, Ya. Belinska and others. Main directions of development and securing of stable functioning of the banking and payment system of Ukraine are delineated; the issues of monetary policy support are examined. The authors analyze the models of interaction of different governmental bodies in the context of financial stability support efforts, classify crisis indicator groups and point out the major tools of macroprudential regulation.
Problem definition. The conceptual notion underlying the present-day financial credit system reform strategy is the priority of the state policy of balanced economic growth based on real sector modernization. This determines the necessity to reform the financial credit system with the aim of resolving the controversy between financial stabilization and economic growth rate stimulation targets that is traditional for Ukraine. As the experience of developed countries shows, surpassing development rates of the financial credit system in comparison with the real sector of economy secure the ability of economy towards sustainable growth. At the same time, excessive acceleration of the development pace of financial institutions and artificial restrictions on their way of development give rise to potential system risks, which requires supervision over the coordinated development rate of the financial and real sectors of economy.
Main material presentation. Maintaining a clearly verified balance between stimulating and regulating measures should become the principle of Ukrainian financial credit system modernization. On the one hand, recovering from depression requires the activation of investment markets based on monetary policy liberalization and animation of entrepreneurial activities. On the other hand, the low efficiency of transmission monetary mechanism channels in Ukraine complicates
the resolution of this issue. Due to a gap between the real and the financial sectors, the increase of turnaround solvency leads to speculative overactivation of certain financial market segments. Countermeasures in response to periodic manifestations of such “soap bubbles" require the intensification of the anticyclic manner of state regulation.
Macroprudential approach is designated to secure long-term financial stability by way of preventing system risks and overcoming imbalances at the micro and macro levels. This approach is based upon the following principles:
— adaptability and flexibility of policy, which is achieved on the basis of financial credit system development cyclicity monitoring, risk control within a cycle, evaluation of prudential measures efficiency and followup improvement;
— centralization of decision-making in respect of financial stability provision and system risk control through a designated state management body;
— independence and clear definition of the role and functions of the state body in charge of the development and implementation of macroprudential measures, which will allow the body to implement unpopular measures and will resolve the issue of coordinating targets and measures pertaining to several economic areas, performance of different political functions or the use of different types of regulation;
— simplicity of the communication mechanism, precision and intelligibility of indicators and information signals that allow to build up the impact of regulative measures through the stabilization of the expectations of economic agents;
— maintenance of a balance between the levels of risk and profitability, when risk minimization efforts do not weaken economic agents’ desire to develop and generate profits.
The conditions for effective realization of the macroprudential approach to financial credit system regulation presuppose the presence of: macroprudential tools, criteria of their selection and the methods of assessing their effectiveness; indicators allowing to detect in a timely manner and assess system risks and cyclicity risks; standards for the collection and processing of information needed for system risk modelling.
The above determines the priority of achieving the following objectives: forming a set of effective macroprudential tools on the basis of precise criteria of their selection and the methods of assessing their effectiveness; development of the methodology of identification
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and measurement of system risks based on the use of the stated information and formulation ofpolicy recommendations; improvement of data collection and processing standards for the purpose of system risk modelling.
Macroprudential approach to the management of Ukrainian financial credit system is designated to secure the rational placement and efficient use of financial resources and — building on that basis — to ensure internal and external stability of the economic system, which determines the following main directions of the application of prudential approaches.
1. Buildup of long-term investments into the real sector and the financing of economy modernization by way of: improving institutional provision of the investment process by way of creating and developing specialized investment lending and financial institutions; forming a development budget; facilitating the development of the internal loan financing market, and, in the first place, the shares and “long-term” resources market, which must be accompanied by the creation of tax and other stimuli for investors; creating conditions for the investment activities of residents by way of developing a collective investment system, spreading the distribution of financial instruments for individual investors, intensification of pensions and insurance reforms; activating the development of the infrastructure and mechanisms of capital flow between financial market segments.
2. Infrastructure development and the improvement of national financial credit system resilience: expansion of internal demand for long-term investment financial instruments, in the first place, by involving resident’s savings in circulation (by way of the issuance of shares and corporate obligations, as well as through the development of insurance and guarantee mechanisms); decrease of regulatory operational expenses of the financial credit system through the balancing of the state’s role and developing market self-regulation mechanisms; establishing mechanisms to counteract the formation of “soap bubbles” with the help of non-resident funds by way of reducing stimuli towards excessive risks and receipt of short-term income; increase of the National Bank of Ukraine monetary policy focus upon the decrease of currency and interest rate arbitrage; establishing of a risk monitoring system and formation of the necessary legal framework with the aim of identifying, classification and prevention of unlicensed activities in the financial market (“financial pyramids”, non-licensed managing companies and brokers etc.); expanding the financial regulation “perimeter” due to control and supervision over financial holding companies, investment asset pools and their ag-
gregated risks, regardless of what types of financial institutions are at their core (credit organizations, brokerage and dealer companies, managing companies, insurance organizations and so on); bringing regulatory and tax burdens in line with the nature or risks associated with the activities of financial institutions.
3. The reforming of institutional foundations of financial credit system regulation: overcoming the fragmentariness of the regulation system by way of improving interaction between financial market regulators and transferring prudential supervision functions to the newly established department of the National Bank of Ukraine and forming common bodies for the resolution of material issues (a board, an interdepartmental commission, a task force, an expert council etc.); development of uniform policy in the sphere of financial market development and harmonization of policies in related areas (budget, monetary, banking, currency, external economic etc.); implementation of national and international information sharing mechanisms, including confidential information sharing in emergencies; development of common standards, rules, activities (the use of general information systems; joint inspections and investigations, where possible; introduction of common sanctions, coordination of procedures of supervision and stimulation towards adherence with rules); development of memorandums of understanding or cooperation agreements covering all possible forms of joint regulator activities; supervision of the activities of banks being important for the system, limitation of their market power and increase of activity safety due to the introduction of additional regulations; development of standards and norms of regulating speculative segments of the financial market (e. g. derivatives); development of measures aimed at investment segment stimulation (for instance, corporate securities market); increase of transparency of the overall functioning of the financial credit system and the functioning of large-scale financial institutions within the system; popularization of the practice of using scholars’ and experts’ recommendations in improving the foundations of financial regulation; implementation of a transparent communication strategy of consultations with the society based on public discussion of expedience, advantages and drawbacks of prudential measures.
4. Increase of the financial resilience of certain financial institutions and organizations: improvement of quality and transparency of the composition and sources of capital formation of financial institutions; constant revision of requirements to minimal capital of financial institutions based on including into capital calculation all material
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risks in accord with development parameters of the financial credit system; strengthening of the validity of loss reserve calculations of both organizations and their clients taking into account all active operations; implementation of the maximum admissible leverage level of financial institutions (the ratio of all assets to own capital); introduction of minimum requirements to reserves and buffers that must cover the losses of a financial institution in crisis conditions; introduction of an increased coefficient of contractor risk and credit risk coverage to strengthen preventive actions in respect of risks that emerge when a bank performs operations with derivatives, repo deals and asset securitization operations; increase ofliability for the breach of norms and incompliance offinancial institution’s performance indicators with regulator’s requirements; increase of ranking standards by way of simultaneous use of external rankings and the development of internal rating assessment systems; intensification of the regulation of system banks on the basis of the development of various indicators for the definition of such institutions.
5. Anti-cyclic regulation aimed at preventing excessive accumulation of corporate and banking capitals and debts in the period of economic rise by way of increasing discount policy flexibility, adjustment of refinancing resources costs, forming offinancial reserves (solvency buffers), control over leverage and the national currency unit cost: adjustment of the prudential requirements of the Basel Committee for their use in broker and dealer companies, investment funds and insurance organizations (taking into account the necessity of less stringent requirements for developing markets); providing for the possibility to develop and use the rules of forming special reserves — capital
“buffers”; control over “gaps” in the balance structure of financial institutions and organizations (leverage, solvency etc.); increased focus of prudential oversight standards on the prevention of system risk accumulation at the micro level of the financial market taking into account the post-crisis changes in the international practice of prudential oversight; increase of coordination of actions on the part of state regulation bodies aimed at preventing the procyclical effects of the application of separate measures to related areas; development and improvement of the systems of information disclosure and prudential oversight of risk regulation of over-the-counter financial products and speculative segments of the market.
Conclusions. The priority of the state policy of balanced economic growth based on the modernization of the real sector of economy should become the conceptual notion underlying the present-day financial credit system reform strategy.
Maintaining a clearly verified balance between stimulating and regulating measures is an important principle of Ukrainian financial credit system modernization. On the one hand, recovering from depression requires the activation of investment markets based on National Bank of Ukraine monetary policy liberalization and, on the other hand, the low efficiency of transmission monetary mechanism channels in Ukraine complicates the resolution of this issue. Due to a gap between the real and the financial sectors, the increase of turnaround solvency leads to speculative overactivation of certain financial market segments, which calls for the intensification of the anti-cyclic manner of state regulation.
References:
1. Crocket A. The Theory and Practice of Financial Stability/A. Crocket//GEI Newsletter issue. Global Economic Institutions. - 1997. - № 6. - P.47-52.
2. Padoa-Shioppa T. Central banks and financial stability: exploring a land in between/T. Padoa-Shioppa//Second ECB Central Banking Conference «The transformation of European financial system». - Frankfurt on Main. -Oct., 2002.
3. Foot M. What is financial stability and how do we get it?/M. Foot//Speech on Meeting of the Financial Services Authority and ACI (UK). - 2007. - 122 p.
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