MACROECONOMIC TOOLS FOR ENSURING RESILIENCE OF THE FINANCIAL CORPORATIONS SECTOR
AbstractResearch the tools for ensuring resilience of the financial corporations sector is relevant, given the fact that the development of the world economy is increasingly subject to the shock influences, to which financial crises are imposed.
The aim of the article is to identify and justify macroeconomic tools according to the directions for ensuring resilience of the financial corporations sector.
The theoretical-methodological base of the article is scientific works of scientists and reports of international organizationsfor directions and tools for ensuring resilience of the financial corporations sector and the economy in general. The general approaches and research methods have been used at preparing the article: theoretical generalization, analysis, synthesis and system method.
The use of these methods allowed to consider approaches of leading international audit companies to understand the concept “resilience of the financial corporations”. On this basis, there was suggested the author's definition of the concept “resilience of the financial corporations sector” and defined it essential characteristics.
It was explained, that the process of ensuring resilience of the financial corporations sector involves the implementation of macroeconomic tools in accordance with the following areas: the introduction of economic stimulus packages, attractive lending conditions, tax and investment benefits, promoting innovation, development of compensation mechanisms, international financial support.
The important attention in the study was paid to the role of the state in the process of implementing macroeconomic tools for ensuring resilience of the financial corporations sector. Attention is focused on the fact, that under shock influences the state should implement macroeconomic tools in line with current problems in the development of the financial corporations sector. This in turn will ensure its profitability at a level sufficient for normal functioning.
OECD Home. Economic resilience: Vulnerability indicators (2017). Available at: https://www.oecd.org/eco/growth/economic-resilience.htm
Economic resilience in EMU. European Commission.Directorate general economic and financial affairs (2017). Brussels, 13. Available at: https://www.consilium.europa.eu/media/23535/eurogroup-15-september-item1-com-note-economic-resilience-in-emu.pdf
International Monetary Fund. About the IMF. How we do it. Available at: https://www.imf.org/external/about/howwedo.htm
Boiko, A. (2017). Zabezpechennya stiykosti natsionalnoyi ekonomiky. Zovnishnya torhivlya: ekonomika, finansy, pravo, 4 (93), 16–27. Available at: http://zt.knteu.kiev.ua/files/2017/04(93)/02.pdf
Kozlovskiy, S. (2013). Indykatyvni metody zabezpechennya stiykosti ekonomiky Ukrayiny. Efektyvna ekonomika, 10. Available at: http://www.economy.nayka.com.ua/?op=1&z=2373
Argyroudis, S. (2019). Tools for resilience assessment: developments, limitations and future needs. 2nd International Conference on Natural Hazards and Infrastructure. Chania. Available at: https://www.researchgate.net/publication/334173141_Tools_for_Resilience_Assessment_Developments_Limitations_and_Future_Needs
Klasyfikatsiya instytutsiynykh sektoriv ekonomiky Ukrayiny (2014). Nakaz Derzhavnoyi sluzhby statystyky Ukrayiny No. 378. 03.12.2014. Available at: http://www.ukrstat.gov.ua/klasf/st_kls/op_kise_2016.htm
The System of National Accounts 2008 (2008). SNA. Available at: https://unstats.un.org/unsd/nationalaccount/sna2008.asp
Ernst & Young. Perspectives: operational resilience in financial services (2019). Available at: https://www.parthenon.ey.com/Publication/vwLUAssets/ey-perspectives-operational-resilience-in-financial-services/$FILE/ey-perspectives-operational-resilience-in-financial-services.pdf
KPMG Global. Operational Resilience (2018). Available at: https://home.kpmg/xx/en/home/insights/2018/07/operational-resilience-fs.html
Operational Resilience (2019). PricewaterhouseCoopers. Available at: https://www.pwc.ch/en/publications/2019/operational-resilience_final_web-singles.pdf
Internal audit hot topics for 2020 planning (2020). BDO. Available at: https://www.bdo.co.uk/getmedia/f279e7cf-b2e6-4d12-b9c7-feb3b5154283/Internal-Audit-Hot-Topics-2019-BDO.pdf.aspx
IT change and operational resilience in financial services (2019). Deloitte. Available at: https://blogs.deloitte.co.uk/financialservices/2019/06/ecrs-blog-it-change-and-operational-resilience-in-financial-services.html
Striving for operational resilience: the questions boards and senior management should ask (2019). Oliver Wyman. Available at: https://www.oliverwyman.com/our-expertise/insights/2019/may/striving-for-operational-resilience.html
Milliman. Operational resilience in an ever changing landscape (2019). Available at: http://uk.milliman.com/uploadedFiles/insight/2019/Operational-Resilience.pdf
Pro zatverdzhennya Polozhennya pro rehulyuvannya Natsionalnym bankom Ukrayiny likvidnosti bankiv Ukrayiny (2009). Postanova Natsionalnoho banku Ukrayiny No. 259. 30.04.2009. Available at: https://zakon.rada.gov.ua/laws/show/z0410-09
Pidtrymka likvidnosti bankivskoyi systemy Natsionalnym bankom Ukrayiny (2009). Ofitsiyne Internet-predstavnytstvo NBU. Available at: https://old.bank.gov.ua/control/uk/publish/article?art_id=84310&cat_id=70880
Operatsiyi repo. Instrumenty monetarnoyi polityky. NBU. Available at: https://old.bank.gov.ua/control/uk/publish/article?art_id=107598&cat_id=46470
Janíčko, M. (2015). Mainstream Versus Heterodox View on Financial Innovation. Procedia Economics and Finance, 30, 352–363. doi: http://doi.org/10.1016/s2212-5671(15)01302-7
Zavolokina, L., Dolata, M., Schwabe, G. (2016). The FinTech phenomenon: antecedents of financial innovation perceived by the popular press. Financial Innovation, 2 (1). doi: http://doi.org/10.1186/s40854-016-0036-7
Kvasha, T., Pysarenko, T. (2018). Stan innovatsiynoyi diyalnosti ta diyalnosti u sferi transferu tekhnolohiy v Ukrayini u 2017 rotsi. Kyiv: Ukrayinskiy instytut naukovo-tekhnichnoyi ekspertyzy ta informatsiyi, 98. Available at: https://mon.gov.ua/storage/app/media/innovatsii-transfer-tehnologiy/monitoring-prioritet/stan-id-2017-f.pdf
Copyright (c) 2020 Diana Shkuropadska
This work is licensed under a Creative Commons Attribution 4.0 International License.
Our journal abides by the Creative Commons CC BY copyright rights and permissions for open access journals.
Authors, who are published in this journal, agree to the following conditions:
1. The authors reserve the right to authorship of the work and pass the first publication right of this work to the journal under the terms of a Creative Commons CC BY, which allows others to freely distribute the published research with the obligatory reference to the authors of the original work and the first publication of the work in this journal.
2. The authors have the right to conclude separate supplement agreements that relate to non-exclusive work distribution in the form in which it has been published by the journal (for example, to upload the work to the online storage of the journal or publish it as part of a monograph), provided that the reference to the first publication of the work in this journal is included.