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Article

Контрциклический буфер капитала банков: есть ли основания для применения в России?

Recently, the concept (концепция) of the countercyclical regulation in the financial sector has become key for the implementation of macroprudential policies in many countries, while a countercyclical capital buffer of banks is becoming a primary tool of regulation. The purpose of this research is to study the appropriateness and specifics of the countercyclical capital buffer application in the Russian banking sector on the basis of the analysis of the credit aggregates’ dynamics for the period 2004-2016 and in the medium term. The study conducted by means of the filtration method demonstrated that the most effective indicator of excessive lending inthe Russian economy was Credit-to-GDP, which gap dynamics witnessed a need for a possible activation of the capital buffer in 2007 and 2013. At the same time, the size of the buffer appeared to be insignificant, together with the activation period being short, which suggests the replacement of the buffer with alternative regulative tools. The minimum capital adequacy, taking into account the buffer, was not critical for the banking sector, however, some of the largest banks were vulnerable to the increased capital requirements. The results of this research might apply both to the implementation of macroprudential policy, and to the strategic management of capital adequacy in banks.