Finansų sistemos stabilumas - centrinio banko tikslas

LTStraipsnyje nagrinėjama pastaruoju metu vis labiau populiarėjanti finansų sistemos stabilumo problematika: kaip ir kokiomis priemonėmis centrinis bankas siekia užtikrinti šalies finansų sistemos stabilumą, ar šis siekis neprieštarauja kitam centrinio banko tikslui, dažnai laikomam pagrindiniu jo uždaviniu - palaikyti kainų stabilumą. Nors pastarųjų metų įvykiai pasaulio finansų rinkose rodo, kad esant nedidelei infliacijai ir mažoms palūkanų normoms gali susidaryti turto kainų burbulai, tokioms pinigų politikos "šalutinėms" pasekmėms daugiau dėmesio buvo skiriama tik mokslinėje literatūroje, bet ne vykdant pinigų politiką. Straipsnyje aptariama galima centrinio banko strategija užtikrinant finansų sistemos stabilumą. Apžvelgus finansų sistemos stabilumo tyrimus ir sampratą, jame nagrinėjamos centrinio banko turimos finansų sistemos stabilumo užtikrinimo priemonės. Straipsnis baigiamas Lietuvos banko vaidmens užtikrinant finansų sistemos stabilumą aptarimu. [Iš leidinio]Reikšminiai žodžiai: Finansų sistema; Stabilumas; Centrinis bankas; Pinigų politika; Financial system; Stability; Central bank; Monetary policy; Finansų sistema (rinka); Turto kaina; Financial system (market); Asset prices; Money policy.

ENFor a long time financial stability has deserved special attention from central banks. A long history of financial crises confirms the importance of the central bank’s role in preventing and managing financial crises. However, several decades ago, this role was overshadowed by another central bank’s function – maintaining price stability. In this paper, I aim to explore the interaction between these two central bank’s goals and try to shed light into the question: are these goals complimentary or conflicting ones? And, finally, how are these goals implemented in countries without an independent monetary policy, e.g. Lithuania? The answer to the first question lies within the structural features of financial system. The traditional balance sheet approach to the link between asset prices and financial stability means that a financial system alone copes with asset price inflation or deflation and has no significant impact on the real sector. This approach is popular among central banks, which follow strict inflation targeting and use core inflation as a target. However, asset prices might have a significant impact on aggregate demand and supply. This requires a modified and extended approach towards the link between asset prices and financial stability. Central banks have several options to choose from how to incorporate financial stability in their monetary policy framework. The first, “maximalist” approach requires incorporation of asset prices into the inflation criteria used for monetary policy purposes. The second, “moderate” approach requires modification of the central bank’s objective function: inclusion of an output loss, which arises due to large possible swings in asset prices, into the loss minimization function.And the third, most popular “minimalist” approach is related with the readiness to deal with unexpected situations only, e.g. emergency liquidity support. The minimalist approach is an ideal approach having efficient financial markets; however, in many cases markets are far from being efficient, thus more intervention is required. The array of tools to implement the goal of financial stability in practice is different among central banks. Since “pure” central banks lack supervisory power, they have a limited ability to apply prudential requirements to stabilize the financial system. However, lack of supervisory instruments does not diminish the central bank’s power to influence financial markets and institutions. Many central banks use public comments as a tool to manage public expectations (e.g. financial stability reports). This is an important preemptive instrument. In the case of a crisis, a central bank is able to provide liquidity to individual institutions or the financial system as a whole. The exact composition of instruments a central bank uses in order to maintain financial stability depends on its role and approach, i.e. “minimalist”, “moderate” or “maximalist”. When it comes to central banks, which do not have an independent monetary policy at all (e.g. currency boards), “minimalist” intervention is the only feasible option for central bankers. Thus the Bank of Lithuania concentrates on the preparedness to manage crisis situations. Because of the structure of our financial system (mostly owned by foreign investors), international cooperation is of crucial importance. [From the publication]