The main fields and approaches to studying macroprudential policy: literature review

Macroprudential policy comprising measures aimed at ensuring and maintaining the resilience of the financial system as a whole became widespread after the global financial crisis of 2007-2009. Macroprudential tools have been actively introduced at the same time as conceptual apparatus and theoretical frameworks underlying their use have been advancing. Based on the analysis of an array of research papers, the article systematizes the key areas of research on macroprudential policy and financial stability, provides the results of the scoping review of identified thematic blocks, reveals existing gaps and prospective fields for further research. The review concludes that the subject field in question is insufficiently studied both in terms of theoretical and empiric research; there is a lack of common approaches to defining foundational terms and concepts; the methodology of assessing the efficiency of macroprudential policy varies significantly which hinders making definite conclusions about its impact on the credit cycle dynamics.