MACROPRUDENȚIALITATEA ȘI STABILITATEA FINANCIARĂ

Abstract

The paper aims to address macroprudential policy issues during the global financial crisis, especially in terms of objectives, instruments and challenges that the financial system faces. The methodological approach used in order to develop this paper starts with a literature review, which establishes the role and place of this research. The analysis made is an empirical one, namely a comparative analysis between the macroprudential and microprudential framework. The analysis shows the fact that the financial system is characterized by a high sensitivity to international pressures, so macroprudential policy through its instruments whishes a better investor protection, a diminishing level of systemic risk and financial stability. The macroprudential policy is known to be a flexible policy, with a higher level of transparency and lower cost of implementation. The study emphasizes the vital need of designing and implementing macroprudential policy in order to prevent macroeconomic and financial imbalances and to ensure financial stability.

Keywords

• Politica de macroprudentialitate
• criza financiara internationala
• politica monetara
• stabilitatea financiara
• Acordul Basel III
• riscul sistemic