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Legal Support of the Stability of the Banking System in a Crisis
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Legal Support of the Stability of the Banking System in a Crisis
Annotation
PII
S1605-65900000622-5-1
DOI
10.12737/jrp.2023.057
Publication type
Article
Status
Published
Authors
Igor Shuvalov 
Occupation: Chairman
Affiliation: State Development Corporation “VEB.RF”
Address: Moscow, Russia
Edition
Volume 27 No. 5
Pages
126-139
Abstract

Ensuring the stability and efficiency of the banking system in the context of the socioeconomic crisis is one of the priority tasks of state regulation. However, what are the conditions and forms of optimal state support?

As the experience of anti-crisis policy has shown, the legal regulation of banking activity during the socio-economic crisis is accompanied by an increase in special forms and means of direct influence from the Central Bank of the Russian Federation on banking entities. First of all, these are regulatory measures aimed at stabilizing the banking system, restoring the interbank lending market, maintaining the liquidity of the country’s banking system, the adoption of which is possible only by establishing the priority of imperative norms of public law. During the socio-economic crisis, this approach does not indicate an imbalance of private and public interests.

Taking into account that the support measures taken in previous periods proved to be effective only in relation to a limited range of banks, the main focus in the development of the banking system should be shifted towards monitoring the macroeconomic situation, identifying imbalances in the monetary sector and developing a set of measures to prevent the so-called systemic risks. The effectiveness of a policy pursued in this way depends on the set of conditions for its implementation, among which should be mentioned: the creation of an institutional mechanism with a clear delineation of powers and responsibilities; continuous monitoring of the systemic risks of the financial sector with timely informing the authorized institutions about them; development and implementation of prudential measures taking into account the identified financial risks; systematic introduction of digital technologies in the banking sector. Otherwise, segmental support measures will not lead to the expected results.

Keywords
banking system, criteria and conditions for state support of the financial sector, principles of banking system management
Date of publication
12.05.2023
Number of purchasers
12
Views
127
Readers community rating
0.0 (0 votes)
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