MACROPRUDENTIAL POLICIES – A FACTOR FOR FINANCIAL STABILITY IN THE BALKAN COUNTRIES
Authors
Keywords
macroprudential policies, macroprudential measures, macroprudential instruments, Balkan countries, financial system
Summary
The scope of the present study covers the macroprudential measures and policies applied in the countries of the Balkan Peninsula, undertaken to prevent financial risks and achieve financial stability in the period 2016-2020. The purpose of the study is to examine the scope, structure and depth of the applied on the economies of the countries of the Balkan Peninsula in the post-crisis period, macroprudential policy and macroprudential instruments. The main thesis that the author team will try to defend is that, despite the differences in the economies of the Balkan countries and the divergence in the pace of development, the introduction and improvement of the various categories of macroprudential instruments, all the countries of the region are oriented towards the convergence of the macroprudential packages of measures – mainly, the already Basel III harmonization on minimum capital requirements. This convergence in the implementation of macroprudential policies is related to the common regulatory framework in the EU and the aspiration of non-EU Balkan countries to join the EU, which could happen after minimizing systemic risks and achieving the minimum macroprudential objectives. In order to achieve the thus formulated thesis, the authors set the following research tasks: to derive the essential characteristics of the macroprudential framework; to present in a theoretical aspect the experience of the Balkan countries in the implementation of macroprudential policies; to examine and analyze the applied supervisory measures in the Balkan countries.
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