corporations F5(t), financial markets F6 (t)), state budget F7 (t) and Balance of
Payments of country F8 (t), permit to give a definition of general potential of financial
destabilization of economy.
Table 4 The definitions of general potential of financial destabilization
for economic systems at macro level
№
Economic
system
The general potential of
financial destabilization for
corresponding economic system
Variables
1
Sector of
firms
=
=
N
j
j
j
t
F
t
t
F
1
1
1
1
)
(
)
(
)
(
)
(
1
t
F
- general potential of financial
destabilization of sector of firms;
)
(
1
t
F
j
- general potential of financial
destabilization of firm j of the real sector;
)
(
1
t
j
- weight of firm j in GDP of real sector.
2
Sector of
household
ers
=
=
N
j
j
j
t
F
t
t
F
1
2
2
2
)
(
)
(
)
(
)
(
2
t
F
j
- general potential of financial
destabilization of j group of householders;
)
(
2
t
j
- weight of j group of householders in
growth income of sector of householders.
3
Banking
sector
=
=
N
j
j
j
t
F
t
t
F
1
3
3
3
)
(
)
(
)
(
)
(
3
t
F
- general potential of financial
destabilization of banking system,
)
(
3
t
F
j
- general potential of financial
destabilization of bank j;
)
(
3
t
j
- weight of bank j in assets of banking
system.
4
Sector of
nonbank
financial
corpora-
tions
=
=
N
j
j
j
t
F
t
t
F
1
4
4
4
)
(
)
(
)
(
)
(
4
t
F
j
- general potential of nonbank
financial corporation j;
)
(
4
t
j
- weight of nonbank financial
corporation j in assets of sector.
5
State
budget
)
(
)
(
)
(
)
(
5
5
5
5
t
E
t
Z
t
U
t
F
−
+
=
= [
))
(
),
(
)),
(
),
(
,
(
,
(
5
t
l
t
z
t
l
t
z
t
t
D
E
-
))
(
),
(
)),
(
),
(
,
(
,
(
5
t
l
t
z
t
l
t
z
t
t
S
]
)
(
)
(
5
5
t
E
t
Z
−
+
U
5
(t) – internal potential of financial
destabilization of state budget,
)
(
5
t
Z
- financial losses of state budget in
consequences of exogenous shocks;
)
(
5
t
E
- compensation of financial losses of
state budget in consequences of stabilization
actions of monetary and financial authority.
6.
Balance of
Payment
F
6
(t) = U
PB
(t) + Z
PB
(t) – E
PB
(t),
where U
PB
(t)=
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
D
E
PB
-
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
S
PB
U
PB
(t)- internal potential of financial
destabilization of the Balance of Payment
which is equal to misbalance between
effective demand of country for currency
E
PB
D
and accepted supply of country for currency
))
(
),
(
)),
(
),
(
,
(
,
(
t
l
t
z
t
l
t
z
t
t
S
PB
;
Z
PB
(t) – currency losses in consequences of
exogenous shocks;
E
PB
(t) – compensation of currency losses in
consequences of stabilization acts of
monetary and financial authority.
- 237 -