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Trust crisis in the financial sector of economy and macroeconomic sustainability: structural equation modeling

Title:  Trust crisis in the financial sector of economy and macroeconomic sustainability: structural equation modeling
Authors:  Brychko, Maryna
Litovtseva, Veronika
Kravchenko, Oksana
Affiliation:  Education and Research Institute for Business Technologies «UAB» 57 Petropavlivska str., 40000, Sumy, Ukraine e-mail: m.brychko@uabs.sumdu.edu.ua
Bibliographic description:  Brychko, M., Litovtseva, V. & Kravchenko, O. (2019) Kryza doviry do finansovoho sektoru ekonomiky ta makroekonomichna stabilnist: strukturne modeliuvannia zviazkiv [Trust crisis in the financial sector of economy and macroeconomic sustainability: structural equation modeling]. Sotsialno-ekonomichni problemy i derzhava [Socio-Economic Problems and the State] (electronic journal), Vol. 21, no. 2, pp. 4-15. Available at: http://sepd.tntu.edu.ua/images/stories/pdf/2019/19bmmsmz.pdf
Issue Date:  dec-2019
Submitted date:  sep-2019
Publisher:  Ternopil Ivan Puluj National Technical University

DOI:


https://doi.org/10.33108/sepd2019.02.004


UDC:  336.71
JEL:  E320
E710
G41
O160
Keywords:  trust crisis in the financial sector of economy
transmission mechanism
financial intermediation
structural modeling
macroeconomic stability
Pages:  4-15
First page:  4
Last page:  15
Abstract: 

A scientific and methodological approach to modelling of the interdependence between trust crisis in financial sector, development of financial intermediation, transmission mechanism of monetary policy and macroeconomic stability has been developed. It involves formation of four groups of indicators that characterize each of the researched sectors, the development and analysis of relevant structural equations and allows to evaluate nature and level of the researched sectors interconnection for any country. The causal links between the main parameters of macroeconomic stability, the confidence crisis, financial intermediation and the transmission mechanism of monetary policy are modeled within seven stages. It has been empirically confirmed that exacerbation of trust crisis in the financial sector without use of regulatory measures is detrimental to both long-term macroeconomic stability and prospects for economic growth. The simulation results confirmed the hypothesis that the aggravation of trust crisis in the financial sector of the economy while controlling the development of financial intermediation, leads to the sustainable economic growth of the country. As a result of the study it was confirmed the negative impact of the crisis of confidence in the financial sector on gross domestic product, country's balance of payments and sales of industrial products. Positive and stabilizing impacts of the transmission mechanism and the development of financial intermediation on the destructive effects of the confidence crisis was revealed. It was found that in order to overcome the erosion of trust crisis in the financial sector on macroeconomic stability there can be applied interest, credit and currency channels of the transmission mechanism of the country monetary policy.

Keywords: trust crisis in the financial sector of economy, transmission mechanism, financial intermediation, macroeconomic stability, structural modeling.
URI:  http://elartu.tntu.edu.ua/handle/lib/30942
ISSN:  2223-3822
Copyright owner:  Scientific Journal "Socio-Economic Problems and the State"
URL-releated material:  http://sepd.tntu.edu.ua/images/stories/pdf/2019/19bmmsmz.pdf
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Issue type:  Article
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Scientific Journal "Socio-Economic Problems and the State", Vol.21, No.2

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