THE FRAMEWORK FOR FINANCIAL STABILITY: SERBIAN AND UKRAINIAN APPROACHES

The development and implementation of any policy require the creation of preconditions for ensuring the independence of such a policy. In order to provide such preconditions, it is necessary to build up an institutional framework and regulate the key principles of development and implementation of an appropriate policy. the macroprudential policy is no exception, either. The macroprudential policy is a new policy area, which aims to identify, analyze and counter risks to the financial system as a whole, as opposed to traditional microprudential regulation and supervision, whose focus is exclusively on the risks of individual institutions. In many countries, the processes of appropriate legislation and building an institutional framework are ongoing. The article is focused on a comparative analysis of the Serbian and the Ukrainian approaches to macroprudential policymaking. The differences and the similarities between the Ukrainian and the Serbian macroprudential policymaking models are generalized.

Economic Horizons, 2015, Vol. 17, No 3, pp. 185-198; Published online 25 December 2015; doi:10.5937/ekonhor1503189N

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