разработка агрегированного индекса финансовой стабильности

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7
Национальный банк Республики Беларусь
Т.В. Цукарев
Д.А. Дмитриев

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E-mail : tsukarev@nbrb.by, d.dmitriev@nbrb.by
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(Gower, 2002, [30]).
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5
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7
2,5%.
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-4
-2
0
2
4
6
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
14
25-
10-
5 5
. ' " , ;. &
* , '
' " 6%
(Cruz-Rodriguez, 2011, [29]).
+
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(Demirguc-Kunt, 2005, [25]).
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: 1) '* ! *
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10%
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2004–2012 .
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6
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, .
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,
" .
" .,)
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III2011
-
& -+ , -
-
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; ,
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;
! .
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.
.
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III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013

15
/ .,) +0D
, ! '*
" :
1) ! " 20% (
! 3.2 3.3);
2) / " 30%
( ! 3.4 3.5).
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!"# $ ". + " " ! ! 7 .
< 3.3 . ! " !
' , % ( * )
!"# $ ". + " " ! ! 7 .
0
25 000
50 000
75 000
100 000
125 000
150 000
175 000
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
0.70
0.80
0.90
1.00
1.10
1.20
1.30
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013

16
< 3.4 0 + , , .
!"# $ ". + " " ! ! 7 .
< 3.5 . + , , % (
* )
!"# $ ". + " " ! ! 7 .
/ , * -
! , 3.1.
' 3.1 & !
A
'
:
1. 7 ' )r; " 6%
10- " '-
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,
:
1. ? ! " 20%
2. ) " 30%
!"# $ ". + .
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. @ , " ' , -
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0
1
2
3
4
5 IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
-40
-20
0
20
40
60
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013

7 3.6 "
+ , ( "
! ! ,
! ! .
: I 2009 .
+
II
( '
:
2011 . / ,
2011 .
< 3.6 &
!"# $ ". +
> 3. G'4 ( < '"1"., (
= 15$".?"3 A ,(1K#"$ ; , A
! " !
"
2013 .).
?
"
(Financial Development Index,
Vulnerability Index, —
Index, — FSI),
Index, — WECI).
. , "
, ! "
*
',
0 1. 9 " 1
, , "
*
0
1
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I2007
)
17
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1 — , " 0 —
! , '*
. ) '
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, ( "
2011 .
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IV 2008 . – IV 2009
I 2009
+
+ ,
.
( ' -" '"$> 15$ ! 3/' 4-'5 & 15< , $-
AFSI. . " ( 40 )
! . .
(IV
"
'" :
dex, — FDI),
FVI), "
" (World
'
"
, " "
( ) .
" !
" 0 — . b "
'* :
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III2011
'
)
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2011 .) -
-
. III–IV
009 . II–IV -
, .
15< , $- =1; $ 1 <
) * -
-
V 2004 . – II
,
-
(Financial
(Financial Soundness
rld Economic Climate
-
! !
"
.
" ' -
!
" " '
"
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
,

18
)(/)( minmaxmin
xxxxx t
Em
t = , (3.1)
Em
tx — " t;
tx — ! " t; min
x — -
" ; max
x — -
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7 ! , " ! AFSI -
15 " ! ( 3.2, 5).
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C (
@ -
(FDI)
0 ! , %
9 -
' , % .
+ .
+ ( D,&) !
! ' " )r;
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@ ! + ,
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(WECI)
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19
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20
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1 2
+
, %
+
+ ! -
! , ! -
'* ! " . .
'" -
, -
"
) ! -
! , %
+
. -
', -
e
,
' , ! . &
-
"
V
7
* / +
(M2*)
+
0 ! -
! !, !
, %
–
? !
! ! .
V ! !
!, ! , -
-
@ " -
(CESifo)
+
! ! !
! !
"
D !
, %
–
. ., % +
!"# $ ;: 1. 9 «+» «–» " '
' "
.
2. + .
/ ! '" '* . 7
'* ! , '-
* -
.
C ' " "
+= xk , (3.2)
x – " ; –
( 6 7).
0 " k
. O - -
" , " " 1, " — 0. . -
" ' " -
! ( 1- 2- ).
7 ! -
. " -
" '* . " !
( 2.1): - !, , -

" (Q —
" ,
" !
. [ "
.
> 5. &' "$ " !"2/' #$-A
" !
9
" ! ! .
. " !
" '
:
FDIAFSI 267,0=
< 3.7 ;
!"# $ ". + " .
m "
, " "
0.3
0.4
0.5
0.6
0.7
0.8
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
AFSI
21
— 1- ); - !,
, — (S — 2
( 2.1)
8. 0 ,
, ! " "
,
/' #$-A ( ! < '$-A $="(& , (FDI, FVI
'* " !
4/)(
4
1=
=
j
FDI
jIFDI ,
4/)(
4
1=
=
j
FVI
jIFVI ,
4/)(
4
1=
=
j
FSI
jIFSI ,
3/)(
3
1=
=
j
WECI
jIWECI .
"
.
! ! "
' ', "
.
WECIFSIFVII 2,0267,0267,0 +++ .
+
.
AFSI 3
" !
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II2011
&
2- ). ) -
-
(2.3)
-
VI, FSI WECI). 0
! !:
(3.3)
(3.4)
(3.5)
(3.6)
! -
" " AFSI
!
AFSI -
(3.7)
+ ,
.7. m " -
" -
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013

22
! ! ! (I
2009 . II–IV 2011 .).
> 6. G "="1"$ " 4/=/0". '"$="$> , "!"$$ 3 ;= 3 "3 , $$ 3 $="(& , & 15-
</; &( 15<;0/K & "=$KK. " , AFSI
" * /. r (Variable Index Dynamic Average — VIDYA)
* .. & (Adaptive Moving Average — AMA).
D " " * VIDYA " -
* " '* , -
.
* * " AFSI
'* :
)1(1 SCEMASCAFSIEMA AFSI
tt
AFSI
t += , (3.8)
AFSI
tEMA — " * AFSI ;t
tAFSI — " ;t
SC — " , )1(/2 n , n — '* -
.AFSI
V VIDYA, " " -
Chande Momentum Oscillator (CMO), -
! * ! *
( QZG). ; ' "
" '* * .
/ , VIDYA
)1(1 t
AFSI
ttt
AFSI
t CMOSCVIDYACMOSCAFSIVIDYA += , (3.9)
AFSI
tVIDYA — * AFSI ;t
tAFSI — " ;t
SC — " ;EMA tCMO — -
r .t
? CMO " '* :
= =
= =
+
= 1
0
1
0
1
0
1
0
n
i
n
i
it
n
it
p
n
i
n
i
it
n
it
p
t
AFSIAFSI
AFSIAFSI
CMO , (3.10)
tCMO — - r ;t t
p
AFSI —
* AFSI ;t t
n
AFSI — * AFSI -
.t

23
. , " " VIDYA "
, -
, " " .
) * AMA '" " ! ! -
" !, -
. ['
'* — * " -
. V -
, -
. ) , " !
.
" , ,
" '* (& -
, 2001, [31]).
/ , * .. & AFSI "
* '* :
)1( 2
1
2
t
AFSI
ttt
AFSI
t SSCAMASSCAFSIAMA += , (3.11)
AFSI
tAMA — " * AFSI ;t
tAFSI — " ;t
tSSC — " .t
& tSSC " , '* ' :
slowslowfast
tt SCSCSCERSSC += )( , (3.12)
tSSC — " AFSI
tAMA ;t
tER — " ;t fast
SC — " -
EMA '* ;n
slow
SC — -
" EMA '* .n
0 ! tER "
=
= 1
0
1
n
i
itit
ntt
t
AFSIAFSI
AFSIAFSI
ER ,
(3.13)
tER — ,t " !
0 1; tAFSI — "
.t
> 7. H"</15' '- "' & "(' ,$ 3 3$ < AFSI. ) " -
* , " ( -
* ), " " ! -

24
AFSI. & 3.8, *
* , , -
! 2009 2011 . " * '
AFSI III 2008 ., . . I -
2009 . " * ' AFSI I
2011 ., . . , II IV
2011 . @ * ! -
( 3.8), ( -
* ) * .
< 3.8 AFSI *
!"# $ ". + " .
@ AFSI, * * " -
! , ,
.
. AFSI II 2013 ., ,
. – ' 2013 . -
" ' * 13% 0,6407 ( 3.8). -
" AFSI -
' I 2013 . ? AFSI – '
2013 . (FVI), "
(FSI) (FDI) ( 3.9). FVI AFSI
5,01%. ' " " FVI e (
@.6 " 17,9% ( * ), " 4,3
-0.150
-0.125
-0.100
-0.075
-0.050
-0.025
0.000
0.025
0.050
0.075
0.100
0.125
0.150
0.175
0.200
0.225
0.250
0.275
0.300
0.325
0.350
0.375
0.400
0.425
0.450
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
‡ Avr[AMA;VIDYA] AFSI Avr[AMA;VIDYA]

25
, " * ) " -
* ! + , II 2013 . ' "
I 2013 . FSI AFSI 4,84%. ?
" FSI " II 2013 .
FDI " AFSI 2,03% e -
( D,&) ! !
' " )r; II 2013 . '
* 6,7 .
< 3.9 " ! ! AFSI
!"# $ ". + " .
/ ,
! " , !
! , (
) * ! * ! "
. 8 " AFSI -
! "
, " – . ; -
AFSI -
'
" ! .
. ! , " ! ' -
' '* ! ! ( ! " "
" ), " , -
. .
-
, , " '*
.
7 ' ' -
" . :
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
‰FDI ‰FVI ‰FSI ‰WECI ‰AFSI

26
– ! , '* !
, ! '" ;
– ;
– ( '" ) " ! !
" .
D #
, ! ! " -
, '* "
* ,
+ , .
. AFSI * " *
" -
+ , " . AFSI -
'" !
. 7 -
" ! ! !
" * -
.
AFSI '* ! , " -
* ,
* ! , !
. . AFSI
'"
' " ! -
! .
7 " IV 2004 . !
+ , : I 2009 . II–IV 2011 . .
( " -
* ) *
( " ,
– ). 7 '
AFSI " , ! * -
.
) , " " " -
* * ! + -
, ,
.

27
C :
1. 0 , ).D. 7 ! -
/ ).D. 0 , .. . / , ;.;. . ,
;.v. & . – D.: @b.., 2006. – 305 .
2. & , .. . & « » / .. . & // , . .
. – 2007. – Š 1. – ). 25–37.
3. . " . + ' – ,
& , )r;: D F, 2007. [b ]. —
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4. Gersl, A. Financial Stability Indicators: Advantages and Disadvantages of their Use in the As-
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8. O , ;. ) - : ! -
' / ;. O // , . . – 2009. – Š 25. – ). 38–42.
9. & , 0.b. D '* !
, / 0.b. & // + " @ @.D. – 2011. –
WP/11/01. – 18 .
10. ) , D. ? '* '
, / D. ) , ;. D ' // , . . – 2012. – Š 31. – ).16–22.
11. , D.7. , : -
! / D.7. // b . ' . – 2013. – Š 5. – ). 36–44.
12. Albulescu, C.T. Forecasting the Romanian Financial System Stability Using a Stochastic Simu-
lation Model / C.T. Albulescu // Romanian Journal of Economic Forecasting. – 2010. – Š 1. –
P. 81–98.
13. b - / . . ;.;. [ ;. . V -
. – 3- . – D.: ; , , , 2007. – 878 .
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Working Paper. – 1996. – Š 5681. – 48 p.
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G.L. Kaminsky, C.M. Reinhart // The American Economic Review. – 1999. – Vol. 89. –
P. 473–500.
16. Diaz-Alejandro, C.F. Good-Bye Financial Repression, Hello Financial Crash / C.F. Diaz-
Alejandro // Journal of Development Economics. – 1985. – Š 19 (1–2). – P. 1–24.

28
17. Kaminsky, G. Currency and Banking Crises: The Early Warnings of Distress / G. Kaminsky //
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. D ' , O. . // , . . – 2007. – Š 4. – ). 30–36.
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29
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Economic Activity. – 1995. – June. – P. 219–270.
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C.W. Calomiris, G. Gorton // in R. Glenn Hubbard, ed.; Financial markets and financial cri-
ses. –– Chicago: University of Chicago Press, 1991. – P. 109–173.

30
( " 1
. " D F
=
[ &' ' #$ &'5 ( ' 1 :
- ? ,
- ? ,
- ? ! " !
#"&', (' , ,:
- ? !
- ?
4-15 "$' 4"15$ &'5:
- 7
- 7
- ? !
- ? ! ! !
] (, =$ &'5:
- ? ! ( ! )
- ? ! "
^/,&', '"15$ &'5 ( -$ #$ !/ &(/:
- ? " '
<
- ?
- ? ! !
- ? "
- ?
- ?
- ? ! ! !
- ? ! !
- ) "
- )
- ? ( !)
- ? ' !
- ? ' !
- ? " "
!
- ?
- ? ( .)
" !
- ?
- 7
- ? !
- ? " '
- ?
# $
- ? ! ! .
- ? ! ! "
!
%
- ) !
- & " ! ( ! !,
" ! , , ' ! !)
% #
- 6
- ? '
- ? " '
%&' #$ (: D F, 2007, [3, c. 2].

31
( " 2
& ! O6,
( J
+ , " -
" ! -
. ! , ! -
(38 )
,
(18 )
. " (18 -
)
.
. " ' ;
(7 )
.
. -
(25 )
) " ! (18 )
. , "-
(VaR) . (14 )
. "
. ,
! ! . (8 )
K
.
. !
" , ! !
. (15 )
.
. ! , -
(5 )
6 "
. ., ,
. (10 )
(L « " »)
.
0 ! * e
, !
(3 )
%&' #$ (: Mörttinen, 2005, [5].

32
( " 3
. " " ! " 8
, " !
m. & &. + ! (Kaminsky, 1999, [15])
C
( &
(
# =
&
D D2 >0,86 >0,90 & , ' -
-
!
(McKinnon, 1996, [32])
? -
.
>0,90 >0,95
+
>0,88 >0,80
, -
'
, " "
(Galbis, 1993, [33]). &
. + -
-
/
" . 0
'
-
.
,
-
?
-
>0,80 >0,87
@
D1
>0,94 >0,91
/ -
(Krugman, 1979,
[34])
? D2 (
! )r;) -
' (
! )r;)
>0,87 >0,90
?
(Calvo,
1996, [35])
0 " -
!
<0,10 <0,16
?
-
, '
(Goldfajn, 1997, [36])
$
_"(/0 . &#"'
b <0,10 <0,10 . -
'
' . & ,
,
-
! -
, -
' " -
. -
, -
-
! (Dornbusch, 1995,
[37])
8 <0,16 <0,19
+
<0,10 <0,10
8
7 , ! ,
. . < " , " " ! " ! " .

33
( " " 3
C
( &
(
# =
@ >0,90 >0,80
/ "
, ! -
" ! " -
. ,
*
( -
)
( )
' 15$-. &#"'
' <0,15 <0,28
+ -
-
-
<0,89 <0,81
%
<0,11 <0,14 + -
' -
[38]
6 <0,11 <0,10
&
0 / . >0,86 >0,86
) , -
'* -
[34]
%&' #$ (: Kaminsky, 1999, [15].

34
( " 4
? ! -
— m. &
C Noise-to-
signal ratio
C Noise-to-
signal ratio
` (1- < !&', , $ . 41"!- ( ' 15$ 3 &#"'
M2 / 0 0,5 ' 0,7
/ . 0,6 D2 / ' 0,7
- 0,8 + ! ! -
( )
0,5
a 4"3 $ 4 $( D
()r;)
0,5
0 1,0 ?
( )
0,5
Z $"' $ ; 1 ' ( ? 0,9
«@ » D1 0,8 0 0,6
41"!- '"(/0"3 &#"' b( $ ! #"&( . &'
b 0,6 . 0,5
@ 1,6 0,5
8 0,8 ) / ) 1,9
+ 0,3 6 0,3
%&' #$ (: Kaminsky, 1999, [17].

35
( " 5
) , " , -
" ! , ! * ! AFSI (IV 2004 . – II 2013 .)
( µ min max U
0 ! -
, %
16,80 7,59 28,89 6,82
9
' , % .
0,24 0,11 0,43 0,10
+ . 21184,34 15243,46 25528,84 3193,23
+ (
D,&) ! !
' " )r;
16,09 4,82 43,89 10,88
@ ! + , 104,81 100,03 128,30 6,62
)" * ! + , , % . -7,62 -22,87 11,93 7,33
& , -
' / 0 ( " )
'
335,19 198,32 564,26 115,93
D + ,
( D F) / @ + -
, (3 .)
0,46 0,18 0,78 0,19
+ , % 1,59 1,30 1,93 0,17
) ! ! , % 26,30 19,21 35,13 4,12
V 7
* -
/ + (M2*)
-0,46 -4,86 5,15 1,97
0 ! ! !, -
! , %
3,53 1,57 5,17 1,15
@ " (CESifo) 5,24 2,80 6,40 0,83
D ! , % 3,77 1,34 6,72 1,01
. ., % 3,09 -2,89 5,23 2,16
!"# $ ". + " .

36
( " 6
+ " ! , ! * ! AFSI,
" " (IV 2004 . – II 2013 .)
( PP ADF
0 !
, %
-5,835* -5,752*
9 -
' , % .
-1,833*** -2,330**
+ . -2,510** -2,671*
+ ( D,&)
! !
' " )r;
-3,442* -5,395*
@ ! + , -7,056* -4,777*
)" * ! + , , % . -12,442* -9,302*
& , -
' / 0 ( " )
'
-3,130* -3,213*
D + , (
D F) / @ + , -
(3 .)
-4,935* -4,997*
+ , % -3,771* -3,771*
) ! ! , % -4,355* -4,357*
V 7
* / +
(M2*)
-7,779* -5,280*
0 ! ! !, !
, %
-3,860* -3,885*
@ " (CESifo) -3,911* -3,996*
D ! , % -2,694* -4,247*
. ., % -2,865* -3,505*
!"# $ ;: 1. PP – F – . ; ADF – 0 – F .
2. * – " 1%; ** – " 5%; *** – "
10%.
3. + " .

37
( " 7
) " , " -
" ! , ! * ! AFSI (IV 2004 . – II 2013 .)
( x k
0 ! -
, %
0,0273 0,1999 -0,1726
9 -
' , % .
0,0373 0,0618 -0,0244
+ . 0,0176 0,0218 -0,0042
+ (
D,&) ! !
' " )r;
0,0615 0,2433 0,3048
@ ! + , 0,0012 0,0513 0,0525
)" * ! + , , % . -1,2833 6,4361 -7,7194
& , -
' / 0 ( " ) -
'
0,0230 0,0912 0,1143
D + ,
( D F) / @ + -
, (3 .)
0,0810 0,2923 -0,2113
+ , % 0,0074 0,0519 -0,0446
) ! ! , % 0,0112 0,0733 -0,0621
V 7 -
* -
/ + (M2*)
-0,1753 3,4326 -3,6078
0 ! ! !, -
! , %
0,0077 0,1716 0,1793
@ " (CESifo) -0,0022 0,1104 -0,1126
D ! , % 0,0255 0,2410 0,2665
. ., % 0,2046 1,3871 -1,1826
!"# $ ". + " .

38
( " 8
& " ! " ! ,
! * ! AFSI (IV 2004 . – II 2013 ., n )
(
A &
A B (II) C (I) D
0 ! -
, %
2 2 2 21
9
' , % .
2 0 2 23
+ . 3 0 1 23
+ ( D,&)
! ! ' -
" )r;
4 0 0 23
@ ! + , 3 0 1 23
)" * ! + , , % . 3 1 1 22
& ,
' / 0 ( " ) '
4 2 0 21
D + , ( -
D F) / @ + , (3
.)
4 1 0 22
+ , % 4 0 0 23
) ! ! , % 1 1 3 22
V 7
* / + -
(M2*)
4 0 0 23
0 ! ! !, !
, %
4 1 0 22
@ " (CESifo) 2 0 2 23
D ! , % 4 0 0 23
. ., % 1 0 3 23
!"# $ ". + " .

39
( " 9
0 FDI, FVI, FSI, WECI
!"# $ ". + " .
0.00
0.25
0.50
0.75
1.00 IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
FDI
0.00
0.25
0.50
0.75
1.00
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
FVI
0.00
0.25
0.50
0.75
1.00
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
FSI
0.00
0.25
0.50
0.75
1.00
IV.2004
I.2005
II.2005
III.2005
IV.2005
I.2006
II.2006
III.2006
IV.2006
I.2007
II.2007
III.2007
IV.2007
I.2008
II.2008
III.2008
IV.2008
I.2009
II.2009
III.2009
IV.2009
I.2010
II.2010
III.2010
IV.2010
I.2011
II.2011
III.2011
IV.2011
I.2012
II.2012
III.2012
IV.2012
I.2013
II.2013
WECI

Íîìåð ïîäãîòîâëåí
Óïðàâëåíèåì èññëåäîâàíèé Ãëàâíîãî óïðàâëåíèÿ ìîíåòàðíîé ïîëèòèêè è ýêîíîìè÷åñêîãî àíàëèçà
Íàöèîíàëüíîãî áàíêà Ðåñïóáëèêè Áåëàðóñü
Óïðàâëåíèåì èíôîðìàöèè è îáùåñòâåííûõ ñâÿçåé Íàöèîíàëüíîãî áàíêà Ðåñïóáëèêè Áåëàðóñü
Ðåäàêöèîííî-èçäàòåëüñêèé ñîâåò
Ï.À. Ìàìàíîâè÷, êàíäèäàò ýêîíîìè÷åñêèõ íàóê
(ïðåäñåäàòåëü ñîâåòà, ãëàâíûé ðåäàêòîð)
À.Î. Òèõîíîâ, äîêòîð ýêîíîìè÷åñêèõ íàóê
(çàìåñòèòåëü ïðåäñåäàòåëÿ ñîâåòà)
À.Ì. Òèìîøåíêî
À.Ô. Ãàëîâ, êàíäèäàò ýêîíîìè÷åñêèõ íàóê
À.Å. Äàéíåêî, äîêòîð ýêîíîìè÷åñêèõ íàóê
Ñ.Â. Äóáêîâ
Ñ.Â. Êàëå÷èö
Ì.Ì. Êîâàëåâ, äîêòîð ôèçèêî-ìàòåìàòè÷åñêèõ íàóê
Â.Í. Êîìêîâ, äîêòîð ýêîíîìè÷åñêèõ íàóê
È.Â. Íîâèêîâà, äîêòîð ýêîíîìè÷åñêèõ íàóê
Ñ.Â. Ñàëàê
Â.È. Òàðàñîâ, äîêòîð ýêîíîìè÷åñêèõ íàóê
Þ.Ì. ßñèíñêèé, äîêòîð ýêîíîìè÷åñêèõ íàóê
Ãëàâíûé ðåäàêòîð
Ïåòð Àëåêñååâè÷ Ìàìàíîâè÷
Çàì. ãëàâíîãî ðåäàêòîðà
À.Ì. Òèìîøåíêî
Àäðåñ ðåäàêöèè
220008, ã. Ìèíñê, ïðîñï. Íåçàâèñèìîñòè, 20
Òåë.: (017) 219-23-84, 219-23-87, 220-21-84
Òåë./ôàêñ 327-17-01
e-mail: bvb@nbrb.by
www.nbrb.by/bv/
Æóðíàë çàðåãèñòðèðîâàí Ìèíèñòåðñòâîì èíôîðìàöèè Ðåñïóáëèêè Áåëàðóñü 20.03.2009
Ñâèäåòåëüñòâî î ðåãèñòðàöèè № 175
Ïåðåïå÷àòêà ìàòåðèàëîâ – ñîãëàñíî Çàêîíó Ðåñïóáëèêè Áåëàðóñü
«Îá àâòîðñêîì ïðàâå è ñìåæíûõ ïðàâàõ»
Æóðíàë âíåñåí â Ïåðå÷åíü íàó÷íûõ èçäàíèé Ðåñïóáëèêè Áåëàðóñü
äëÿ îïóáëèêîâàíèÿ ðåçóëüòàòîâ äèññåðòàöèîííûõ èññëåäîâàíèé ïî ýêîíîìè÷åñêèì íàóêàì
Òî÷êà çðåíèÿ ðåäàêöèè íå âñåãäà ñîâïàäàåò ñ ìíåíèåì àâòîðîâ
Ó÷ðåäèòåëü — Íàöèîíàëüíûé áàíê Ðåñïóáëèêè Áåëàðóñü
© Áàíêàўñêi âåñíiê, 2014

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