Macroprudential policy systemic risks and identified factors of Georgia (მაკროპრუდენციული პოლიტიკის სისტემური რისკების წარმომქმნელი ფაქტორების იდენტიფიცირება საქართველოსათვის)

Abstract

Achieving financial stability is a major challenge for any country, especially in the wake of the 2008 global financial crisis. A sound financial system creates the conditions for the economic development and economic goals of the country, therefore it is very important to identify the systemic risks causing the financial crisis and eliminate them. The 2008 global financial crisis once again raised the issue of more active use of macroprudential policies, as it became clear that microprudential policies and its regulations were not sufficient for financial stability. Macroprudential policy plays a crucial role in identifying systemic risks and neutralizing the financial cyclicality, which ultimately implies the implementation of preventive measures and the implementation of effective banking supervisory policies.