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This chapter develops a system-wide perspective on financial stability and explains why macroprudential regulation must complement microprudential supervision and macroeconomic policy. It clarifies definitions and intermediate objectives, links them to the buildup and transmission of systemic risk, and maps the post-2008 institutional architecture. The core toolkit is presented with emphasis on design, calibration, and the order of implementation: сapital-based macroprudential tools, liquidity-based macroprudential tools, and borrower-based macroprudential measures. A dedicated section shows how system-wide stress testing supports buffer calibration, sectoral risk assessment, and forward-looking communication. Applications to Ukraine illustrate the evolution of the NBU’s mandate and its coordination within the Financial Stability Council, alongside gradual convergence toward EU requirements.

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Macroprudential Regulation

  • 章节

  • 发表日期：

    2026年

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  • Roman Kornyliuk,
  • Olena Primierova

摘要

This chapter develops a system-wide perspective on financial stability and explains why macroprudential regulation must complement microprudential supervision and macroeconomic policy. It clarifies definitions and intermediate objectives, links them to the buildup and transmission of systemic risk, and maps the post-2008 institutional architecture. The core toolkit is presented with emphasis on design, calibration, and the order of implementation: сapital-based macroprudential tools, liquidity-based macroprudential tools, and borrower-based macroprudential measures. A dedicated section shows how system-wide stress testing supports buffer calibration, sectoral risk assessment, and forward-looking communication. Applications to Ukraine illustrate the evolution of the NBU’s mandate and its coordination within the Financial Stability Council, alongside gradual convergence toward EU requirements.