financial equilibrium regime and its disturbances for different economic systems
(nonfinancial corporations, householders, banks, nonbank financial corporations and
others) on the unified methodological basis (Table 3).
Table 3 The definitions of financial equilibrium for economic systems
at micro level
№
Economic
system
Definition of financial
equilibrium of this system
Variables
1
Bank
)
(
)
(
)
(
)
(
t
E
t
Z
t
U
t
F
b
b
b
b
−
+
=
=
[
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
D
E
b
-
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
S
b
]
)
(
)
(
t
E
t
Z
b
b
−
+
= 0
E
b
D - effective demand of bank for money;
b
S- accepted supply of bank for money;
Z
b
(t) - financial losses of bank in consequence
of exogenous shocks;
E
b
(t) - compensation of financial losses of bank
in consequence of stabilization actions of
monetary and financial authorities.
2
House-
holder
)
(
)
(
)
(
)
(
t
E
t
Z
t
U
t
F
h
h
h
h
−
+
=
=
[
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
D
E
h
-
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
S
h
]
)
(
)
(
t
E
t
Z
h
h
−
+
= 0
E
h
D
- effective demand of householder for
money;
h
S- accepted supply of householder for
money;
Z
h
(t) – financial losses of householder in
consequence of exogenous shocks;
E
h
(t) - compensation of financial losses of
bank in consequence of stabilization actions of
monetary and financial authorities
3
Firm
)
(
)
(
)
(
)
(
t
E
t
Z
t
U
t
F
−
+
=
=
[
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
D
E
-
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
S
]
)
(
)
(
t
E
t
Z
−
+
= 0
E
D- effective demand of firm for money;
S- accepted supply of firm for money;
Z(t) - financial losses of firm in consequence of
exogenous shocks;
E(t) - compensation of financial losses of firm
in consequence of stabilization actions of
monetary and financial authorities
The offered approach allows passing on to the consideration of financial
equilibrium conception at higher level of generalization and on this basis to specify the
definition of financial stability for economic systems at macro level.
3.2.2. The definition of the term « financial equilibrium» for the economic systems
at macro level. Providing of financial equilibrium of economy requires the
maintenance in the financial equilibrium regime of its key subsystems. We will
consider conceptions of the general potential of financial destabilization and financial
equilibrium in application to the key economic subsystems of economy, namely real
sector, banking system, sector of nonbank financial corporations, financial markets,
public budget, balance of payments (Table 4).
Conceptions of the general potential of financial destabilization of key economic
subsystems: real sector (sector of firms F1(t), sector of householders F2(t), consumer
markets F3(t)), financial system (banking system F4(t), system of nonbank financial
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