Institucinių sektorių skolų poveikio šalies finansiniam stabilumui vertinimas Europos Sąjungos valstybėse

Abstract

The scientific problem solved in the dissertation is the following: what impact does the institutional sector debts make on the financial stability of the country and how to assess that impact. It is aimed to conduct the complex assessment of the impact of the institutional sector debts on the country‘s financial stability in the European Union, while analyzing theoretical principles of the impact of institutional sector debt on the country‘s financial stability and the methods for assessing financial stability, developing the research methods and conducting empirical analyses. Different approaches to the theoretical principles of country‘s financial stability are presented, and the concept of country‘s financial stability is introduced. Micro and macro approaches to the country’s financial stability were distinguished and compared. It has been concluded that the relationship between the institutional sectors and the country’s financial stability is unevenly investigated, with little attention being paid to the institutional sector of the enterprises. For this reason, the need was identified for a comprehensive analysis of the impact of all institutional sectors on the country’s financial stability, with an equal emphasis on all sectors and highlighting differences in their impact. Summarizing the scientific literature, a set of indicators has been singled out, which adequately reflects the state of country‘s financial stability while conducting macro-prudential research at European Union level. Having analyzed the theoretical assumptions of the impact of the institutional sectors on the country‘s financial stability and based on the results of the analysis of the models of the country’s financial stability assessment, the model of the impact of institutional sectors on the country’s financial stability assessment was proposed. The resulting model is complex, as it includes all institutional sectors and a selected set of financial stability indicators. It has been found that financial system malfunctions may be caused by over-borrowing in any institutional sector. Problems in one institutional sector may shift to other sectors. The financial crisis can be caused by over-indebtedness in one sector, while over-borrowing in the other sector can deepen and extend the same crisis. Through a complex analysis, the differences in the impact of each institutional sector on the country’s financial stability were distinguished and the need to monitor the debts of all institutional sectors at the same time to maintain the country’s financial stability was singled out.