4) there is some «methodological gap» between macro financial stability
understanding and financial stability at micro level (banks, corporations, householders,
etc). Bank’s Financial stability is a sufficient level of solvency and liquidity estimated
by some system of indicators by definition. However, financial stability at macro level
is not a clear and measurable concept, and it is a much more complex and unstructured
conception.
These presuppositions are not incorrect; however, they have some discrepancies.
From the one side, they are too narrow for an adequate comprehension of complex
problems of financial instability, from the other side they are too indistinct for getting
in-depth system dynamic definition of financial stability, which could play a structural
role in understanding of financial destabilization processes and financial crises
prevention.
If we understand the financial stability as a regime of the financial system in
narrow sense, such conception does not cover financial processes of nonfinancial
corporations, householders, problems of public budget and balance of payments,
problems of price destabilization at the assets markets and inflationary processes.
We need methodological approach that could allow solving the problem of
narrowness of initial presuppositions and open the way for clear definition of financial
stability for any type of economic systems. Such methodological approach will permit
to formulate the fundamental basis for the general theory of financial stability of any
economic system at micro- and macro levels. The essence of this methodological
approach could be in the following.
1. It is necessary to introduce into conceptual basis of financial stability theory
and deeply develop the concept of financial equilibrium of the economic system as
certain dynamic financial regime in which the economic system operates at its optimum
(in more detail see p. 3). Scientists developed the conception of financial equilibrium;
however, until now it does not have the wide application at micro- and macro level and
requires further development and clarifications. Presently the conception of financial
equilibrium does not have application within the framework of financial stability
research. Meanwhile the “stability of a system” is a characteristic derived from the
ability of the system to be in the equilibrium regime or in regime near equilibrium.
Therefore, it is not possible to comprehend the financial stability phenomenon without
the deep understanding of the essence of financial equilibrium for any economic
systems at micro- and macro levels.
The term “stability” (from lat. “stabilis” is steady, permanent) means
strengthening, adduction in the state of stable equilibrium or maintenance of this state,
for example, providing of constancy of some processes. Any system can be represented
as a structure, i.e. set of units or components with stable characteristics. However,
system is both events and processes when “something happens”, and some
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