MODERN THEORETICAL APPROACHES TO ASSESSING THE STABILITY OF THE FINANCIAL SYSTEM OF THE STATE

Abstract

The article deals with modern approaches to the assessment of the stability of financial system of the state. Among the extremely topical problems of theory and practice the problem of stable financial system model formation should be considered. In this case, the search for criteria, indicators, tools to detect latent destabilizing processes, to identify ways to overcome crisis phenomena, to strengthen the stability of the financial system, is becoming the most important task for national economic.
This problem is extremely difficult thus serious fundamental research is needed to solve it. The complexity is determined by the fact that the financial system is a complex concept, which includes a set of most important subsystems, such as credit and banking, payment, currency, fiscal etc.
The analysis showed that at present, there is no generally accepted methodology for assessing the stability of the national financial system in the field of financial science. The approaches of different researchers to this problem are fundamentally different (the stability of the financial system can be assessed on the basis of one or several criteria, using expert assessments or formalized quantitative methods based on actual or predicted values of the applied criteria, etc.) Analysis and synthesis of existing indicators and criteria for assessing the stability of the financial system has allowed to identify their negative sides.
In particular, the methodology for assessing the stability of the financial system used in foreign and domestic practice is not homogeneous and focuses primarily on the analysis of financial stability. Each of the mentioned methodologies has a narrow orientation: at best, an assessment of individual subsystems of the financial system, individual markets, financial institutions
The author’s approach to the implementation of a comprehensive quantitative assessment of the national financial system stability can largely solve the key methodological problems typical for qualitative and simplistic quantitative assessments of the state of the national financial system. For solving the problem of factors quantitative measurement the author proposes to come up as follows: when choosing generalizing criteria for the stability of the national financial system only quantitative parameters that have unambiguous calculation methodology should be applied.
The choice of quantitative criteria is proposed for macroeconomic, macroprudential and microprudential levels of the national financial system. In the article, the analysis and generalization of the existing indicators and criteria for assessing the stability of the financial system allowed to highlight their negative aspects.
The author’s approach to the implementation of a comprehensive quantitative assessment of the national financial system stability can largely solve the key methodological problems typical for qualitative and simplistic quantitative assessments of the state of the national financial system. According to the author, from the methodological point of view the most correct assessment of the stability of the national financial system is a comprehensive quantitative assessment. It involves the allocation of macroeconomic, macroprudential and microprudential levels of the system and the use of rating assessments, which allows us to comprehensively examine the state of the financial system of the state.