38MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa, 2018, tom 62, 7, s. 38-47 [610357]

38MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa, 2018, tom 62, № 7, s. 38-47
i nadzora, a ee initsiatorami byli razvitye
strany, v naibolshey stepeni postradavshie
ot krizisa. Reforma napravlena prezhde vsego
na umenshenie sistemnyh riskov i obespeche –
nie finansovoy stabilnosti. Poetomu ona
vklyuchaet preimushchestvenno izmenenie takih
parametrov finansovogo regulirovaniya, kak
normativy dostatochnosti kapitala, likvid –
nosti, kreditnogo plecha (leveredzha), sistemy
risk-menedzhmenta, protsedury bankrotstva.
Otsenivaya itogi globalnoy reformy poch –
ti desyatiletie spustya, mozhno skazat, chto hotya
dostignuty opredelennye rezultaty po razra –
botke mezhdunarodnyh standartov finansovogo
regulirovaniya (Bazel-III, regulirovanie ope –
ratsiy s derivativami, a takzhe globalnyh i na –
tsionalnyh sistemno znachimyh bankov), mno –
gie zadachi eshche ne resheny (sm. podrobnee [2]).
Eto priznayut predstaviteli mezhdunarodnyh
struktur, vozglavlyayushchih etot protsess, – G20
i Soveta po finansovoy stabilnosti (SFS).
V preddverii sammita G20 v Gamburge v iyule
2017 g. generalnyy sekretar SFS S. Andresen
otmechal, chto globalnye finansovye reformy
dostigli namechennyh tseley po mnogim pun –
ktam. Po ego mneniyu, soprotivlyaemost MFS
sistemnym riskam v tselom ukrepilas. Krup –
nye sistemoobrazuyushchie banki ( too big to fail )
stali ustoychivee; infrastruktura finansovyh
rynkov, v chastnosti sdelok s derivativami,
stala nadezhnee. MFS demonstriruet rastushchuyu
sposobnost pogloshchat shoki, a ne multipli –
tsirovat ih, kak eto bylo ranshe. Struktura
istochnikov finansirovaniya (banki i rynki)
stala bolee sbalansirovannoy. Pri etom pro -K seredine vtorogo desyatiletiya XXI v.
svershivshimsya faktom stalo osoznanie togo,
chto mirovaya finansovaya sistema nuzhdaetsya ne
tolko v uzhestochenii regulirovaniya s tselyu
obespecheniya stabilnosti, no i v bolee glu –
bokoy transformatsii s tem, chtoby imet voz –
mozhnost finansirovat inklyuzivnyy i eko –
logicheski ustoychivyy ekonomicheskiy rost.
Etomu sposobstvovali takie faktory, kak pro –
dolzhayushcheesya sokrashchenie prirodnogo kapita –
la, vozrastanie riskov, svyazannyh s izmeneni –
em klimata i ushcherba ot stihiynyh bedstviy,
rost sotsialnogo neravenstva, poyavlenie na
mirovoy arene novyh igrokov v litse bystro –
rastushchih razvivayushchihsya stran, prezhde vsego
Kitaya i Indii, i, nakonets, v nemaloy stepeni
neudovletvorennost bolshinstva zaintere –
sovannyh storon rezultatami postkrizisnoy
reformy regulirovaniya globalnyh finansov.
FINANSOVOE REGULIROVANIE:
DOSTIZhENIYa I NEREShENNYE ZADAChI
Globalnyy finansovyy krizis 2008–
2009 gg., kotoryy imel pagubnye posledstviya
kak dlya samoy mezhdunarodnoy finansovoy si –
stemy (MFS), tak i dlya vsey mirovoy ekono –
miki, obuslovil vseobshchee priznanie neobho –
dimosti reformirovaniya MFS. Na sammitah
G20 v 2009–2010 gg. byli namecheny i sogla –
sovany osnovnye napravleniya globalnoy re –
formy finansovogo regulirovaniya (GRFR)
(sm. podrobnee [1]). Sleduet otmetit, chto ona
nosila vnutrisistemnyy harakter, kasayas
glavnym obrazom finansovogo regulirovaniya REFORMA GLOBALNYH FINANSOV
V KONTEKSTE USTOYChIVOGO RAZVITIYa
© 2018 g. L. Hudyakova
HUDYaKOVA Lyudmila Semenovna, kandidat ekonomicheskih nauk,
IMEMO im. E.A. Primakova RAN, RF, 117997 Moskva, ul. Profsoyuznaya, 23 ([anonimizat]).
Statya postupila v redaktsiyu 20.02.2018.
Rassmatrivayutsya predposylki i osnovnye napravleniya reformirovaniya globalnyh finan –
sov s uchetom printsipov ustoychivogo razvitiya. Pokazano, chto v poslednie gody osnovnye
gruppy aktorov: pravitelstva i finansovye regulyatory, mezhdunarodnye organizatsii i,
chto osobenno vazhno, chastnye finansovye instituty – aktivizirovali usiliya po sozdaniyu
ustoychivoy finansovoy sistemy. Vazhneyshee napravlenie transformatsii – “ekologizatsiya”
mezhdunarodnoy finansovoy sistemy, kotoraya pozvolyaet ispolzovat preimushchestva tehnolo –
giy “dvoynogo dividenda”. Analiziruyutsya konkretnye shagi i programmy deystviy po sozda –
niyu ustoychivoy finansovoy sistemy, predlagaemye mezhdunarodnymi organizatsiyami.
Klyuchevye slova : globalnaya finansovaya reforma, ustoychivoe razvitie, “zelenoe” finansiro –
vanie, YuNEP, mezhdunarodnye organizatsii, inklyuzivnye finansy, finansovye instituty.
DOI:10.20542/0131-2227-2018-62-7-38-47MIR V NAChALE TYSYaChELETIYa

39
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 REFORMA GLOBALNYH FINANSOV V KONTEKSTE USTOYChIVOGO RAZVITIYa
rasschityvaemyy kak otnoshenie summy finan –
sovyh aktivov k VVP. Po otsenke Globalnogo
instituta Makkinsi ( McKinsey Global Institute ),
po miru v tselom etot indikator stal bystro
rasti v predkrizisnyy period, uvelichivshis
s 263% v 1990 g. do 355% v 2008-m, v krizis
upal do 307%, zatem vnov vernulsya k dokri –
zisnomu urovnyu. Pri etom otnoshenie ob –
ema vseh transgranichnyh investitsiy k VVP v
2016 g., nesmotrya na sokrashchenie obemov kre –
ditovaniya, takzhe fakticheski vernulos k do –
krizisnoy velichine [6, 7].
Nalichie dostatochnyh finansovyh resursov
vo mnogom sposobstvovalo dlitelnomu eko –
nomicheskomu rostu v predkrizisnyy period,
odnako odnovremenno nakaplivalis protivo –
rechiya, kotorye priveli k vzryvu. V etoy svyazi
interesny rezultaty issledovaniy ekspertov
MVF, kotorye na osnove ekonometricheskih
modeley s ispolzovaniem razrabotannogo imi
kompleksnogo indeksa1 prishli k vyvodu, chto
svyaz mezhdu urovnem finansovogo razvitiya i
ekonomicheskim rostom otlichaetsya neliney –
nostyu (graficheski imeet kolokoloobraznyy
vid). Raschety, baziruyushchiesya na dannyh po
128 stranam za period 1990–2013 gg., pozvoli –
li sdelat vyvod o tom, chto finansializatsiya
sposobstvuet ekonomicheskomu rostu tolko
do opredelennogo momenta. Na bolee vysokih
urovnyah finansovogo razvitiya ee pozitivnyy
effekt oslabevaet, a zatem on prevrashchaetsya v
negativnyy [8, r. 15].
Osnovnye argumenty sleduyushchie. Vo-pervyh,
pri slishkom vysokih urovnyah finansializa –
tsii vozrastaet chastota tsiklov “bum–obval”.
Vo-vtoryh, pri chrezmernom roste finansovyy
sektor obeskrovlivaet realnyy sektor, otvle –
kaya na sebya v silu vysokih zarplat znachitel –
nuyu chast naibolee talantlivogo chelovecheskogo
kapitala, a takzhe poluchaya rentnyy dohod za schet
drugih otrasley, chto vedet k nespravedlivomu
pereraspredeleniyu resursov. Pri etom avtory
ogovarivayutsya, chto nelzya opredelit edinyy
dlya vseh stran normativ “neobhodimogo urovnya
razvitiya finansovoy sistemy i sootnosheniya
instituty/rynok”, poskolku on zavisit ot na –
tsionalnyh osobennostey finansovyh i eko –
nomicheskih sistem [8, p. 16].
V doklade OESR “Kak vosstanovit zdo –
rovyy finansovyy sektor, podderzhivayushchiy
dolgosrochnyy inklyuzivnyy rost” soderzhatsya
shozhie vyvody. V chastnosti otmechaetsya, chto
ekspansiya finansov vedet k rostu neravenstva
v dohodah [9]. Takim obrazom, v mezhdunarod –
1 Indeks finansovogo razvitiya ( financial development
index, FD ) vklyuchaet statistiku po finansovym insti –
tutam ( FI) i finansovym rynkam ( FM) i izmeryaet ih
po trem parametram: finansovaya glubina, dostup k fi –
nansovym resursam, effektivnost.dolzhilos kreditovanie realnoy ekonomiki
po otnositelno nizkim stavkam [3].
Vmeste s tem S. Andresen byl vynuzhden
priznat, chto po ryadu napravleniy implemen –
tatsiya prinyatyh resheniy ne zakonchena. Eto ka –
saetsya v pervuyu ochered sfery regulirovaniya
operatsiy s derivativami, sohraneniya nechest –
noy praktiki v sfere finansov, transgranich –
noy protsedury bankrotstva krupnyh transna –
tsionalnyh bankov, kontrolya za operatsiyami
tenevoy bankovskoy sistemy, kotorye na ne –
kotoryh rynkah prodolzhayut rasti bystrymi
tempami, v tom chisle za schet innovatsiy i ar –
bitrazha [3]. Dobavim, chto v rezultate novyh
trebovaniy k dostatochnosti kapitala proizo –
shlo sokrashchenie bankovskogo kreditovaniya i
bankovskih aktivov v tselom, osobenno zaru –
bezhnyh. Odnovremenno vyrosli obemy ope –
ratsiy finansovyh institutov, nahodyashchihsya
vne nadzora regulyatorov, pri sohranenii vy –
sokogo leveredzha (kreditnogo plecha), chto chre –
vato novymi finansovymi krizisami.
V ramkah osushchestvleniya monitoringa i
kontrolya za hodom reform, v tom chisle vy –
yavleniya neprednamerennyh negativnyh po –
sledstviy, SFS v kontakte so standartousta –
navlivayushchimi organizatsiyami s 2016 g. nachal
razrabatyvat Ramochnyy dokument dlya kache –
stvennoy i kolichestvennoy otsenki postimple –
mentatsionnyh effektov globalnoy finan –
sovoy reformy pod egidoy G20 [4]. Dokument
predusmatrivaet analiz posledstviy reformy
po shirokomu krugu voprosov, vklyuchaya sotsi –
alnye vygody i izderzhki. I eto nesluchayno.
Sohranenie otnositelno nizkih tempov mi –
rovogo ekonomicheskogo rosta i narastanie glo –
balnyh disbalansov v postkrizisnyy period,
v tom chisle obostrenie ekologicheskih problem
i usilenie sotsialnogo neravenstva, zastavlya –
yut vse bolshee chislo uchastnikov GRFR obsuzh –
dat voprosy pereformatirovaniya samogo pod –
hoda k reforme globalnyh finansov.
Kak izvestno, nekotorye ekonomisty
uzhe srazu posle krizisa ukazyvali na neob –
hodimost bolee glubokogo pereosmysleniya
roli finansovogo sektora v ekonomike. Tak,
Dzh. Stiglits podcherkival, chto nuzhno ne pro –
sto pogasit voznikshie ochagi pozhara, a po –
smotret v koren problemy, a imenno – gi –
pertrofirovannogo razvitiya finansovogo
sektora po sravneniyu s realnym [5]. Dannyy
protsess poluchil nazvanie “finansializatsiya”
(financialization ) ekonomiki, chemu vo mnogom
sposobstvovala bazirovavshayasya na liberal –
noy doktrine politika deregulirovaniya kontsa
XX – nachala XXI v.
V kachestve glavnogo indikatora urovnya fi –
nansializatsii chashche vsego ispolzuetsya po –
kazatel finansovoy glubiny ( financial depth ),

40
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 HUDYaKOVA
nansovye posredniki nesut otvetstvennost
za svoyu deyatelnost pered vsemi steykhol –
derami, v tom chisle klientami, kreditorami,
vkladchikami, a ne tolko pered aktsionera –
mi, kak eto predusmatrivaetsya teoreticheskim
meynstrimom. Dannaya pozitsiya imeet ratsi –
onalnoe zerno i chastichno primenyaetsya na
praktike. Sleduet, odnako, ponimat, chto
finansovye instituty ne mogut deystvovat
v kachestve blagotvoritelnyh organizatsiy,
inache oni perestanut vypolnyat svoyu glavnuyu
funktsiyu mobilizatsii i effektivnogo pere –
raspredeleniya finansovyh resursov.
Vozmozhno poetomu v sovmestnom dokla –
de Programmy OON po okruzhayushchey srede
(YuNEP) i nezavisimogo Tsentra mezhduna –
rodnogo upravleniya innovatsiyami [10] pred –
lagaetsya priderzhivatsya “zolotoy serediny”,
opirayas v kachestve teoreticheskoy bazy na
dvuhpolyusnuyu model organizatsii finanso –
voy sistemy, kotoraya, s odnoy storony, pozvo –
lyaet finansovym posrednikam v svoey povsed –
nevnoy praktike stremitsya k obespecheniyu
effektivnosti i maksimizatsii pribyli, a s
drugoy, razdelyaya idei sozdaniya vseobshchego bla –
ga, v dolgosrochnoy perspektive uchityvat tseli
sotsialnoy i ekologicheskoy ustoychivosti.
SOPRYaZhENIE FINANSOVOY REFORMY
S TsELYaMI USTOYChIVOGO RAZVITIYa
Rasprostraneniyu idei pereformatirova –
niya globalnoy finansovoy sistemy vo mno –
gom sposobstvovalo aktivnoe prodvizhenie v
mire v poslednie gody ideologii ustoychivogo
razvitiya (sm. podrobnee [12]). Prichem vse bo –
lee aktivnuyu rol v etom protsesse stali igrat
bystro rastushchie gosudarstva (Kitay, Indiya,
YuAR, Indoneziya i drugie), dlya kotoryh on va –
zhen po tselomu ryadu prichin. V ih chisle stremle –
nie utverdit printsipy bulshego ravnopraviya
i spravedlivosti v MFS2, sozdat svoyu nishu v
ramkah realizatsii globalnoy finansovoy re –
formy, reshit natsionalnye sotsialno-eko –
nomicheskie i ekologicheskie problemy.
V 2014 g. v ramkah OON byli odobreny Tseli
ustoychivogo razvitiya (TsUR) do 2030 g., v 2015 g.
zaklyucheno Parizhskoe soglashenie po klimatu.
S 2014 g. YuNEP nachala mezhdunarodnuyu is –
sledovatelskuyu programmu UNEP Inquiry into
a Design of a Sustainable Financial System , v ko –
toroy prinyali uchastie eksperty bolshinstva
mezhdunarodnyh organizatsiy, a takzhe chastnyh
issledovatelskih tsentrov. Osnovnymi re –
zultatami provedennoy raboty stali doklad
“Neobhodimaya finansovaya sistema. Razvitie
2 Do nedavnego vremeni razvivayushchiesya strany pro –
dvigali eti printsipy glavnym obrazom cherez uchastie
v reformirovanii MVF i Vsemirnogo banka.nyh ekspertnyh krugah ukreplyaetsya mnenie,
chto reforma globalnyh finansov dolzhna v
bolshey stepeni, chem seychas, uchityvat inte –
resy obshchestva.
Naryadu s prikladnymi issledovaniyami v
etoy oblasti predprinimayutsya popytki soz –
dat teoreticheskuyu bazu dlya novyh podhodov
[10]. Do sih por v uchebnikah po mezhdunarod –
noy teorii finansov osnovopolagayushchey osta –
etsya neoklassicheskaya teoriya, soglasno kotoroy
nailuchshey operatsionnoy strategiey finan –
sovogo agenta yavlyaetsya ta, kotoraya obespechi –
vaet emu maksimalnyy dohod s uchetom riska.
Odnako krizis prodemonstriroval, chto hotya
mnogie deystviya bankov i drugih finansovyh
institutov v tot period byli ratsionalny s
ih individualnoy tochki zreniya, oni nanesli
vred obshchestvu v tselom. Eto svidetelstvuet o
tom, chto sushchestvuet konflikt interesov mezhdu
dostizheniem chisto finansovyh i nefinanso –
vyh tseley (vygod).
V ramkah provodimoy globalnoy finanso –
voy reformy sdelana popytka preodolet eto
protivorechie za schet usileniya libo uluchshe –
niya regulirovaniya deyatelnosti finansovyh
institutov i finansovyh rynkov. Osnovopo –
lagayushchaya ideya reformy: riski dolzhny nesti
finansovye posredniki i aktsionery, a ne na –
logoplatelshchiki, kak eto proizoshlo vo vremya
krizisa 2008–2009 gg. Ryad polozheniy reformy
napravlen na to, chtoby usilit sotsialnuyu ot –
vetstvennost finansovyh institutov, napri –
mer, pri vyplate voznagrazhdeniy svoim mened –
zheram. Odnako tselyu finansovyh posrednikov
po-prezhnemu ostaetsya maksimizatsiya sobstven –
noy pribyli v kratkosrochnoy perspektive,
hotya gosudarstvo i nadzornye organy pytayutsya
bolee zhestko sledit za tem, chtoby pri etom
soblyudalis obshchestvennye interesy.
Kak otmechalos vyshe, effektivnost fi –
nansovoy reformy po mnogim pokazatelyam ne –
vysoka, v tom chisle i v rezultate lobbizma
mogushchestvennyh globalnyh bankov i inyh
finansovyh institutov. Yarkiy tomu primer –
zatyanuvshayasya implementatsiya “pravila Volke –
ra” v SShA (sm. podrobnee [11]). Krome togo,
nadzornym organam chasto byvaet slozhno us –
ledit za vsemi finansovymi innovatsiyami v
chastnom sektore, gde kontsentriruyutsya naibo –
lee kreativnye kadry, poluchayushchie ochen vy –
sokie zarplaty. V kachestve alternativy uzhe –
stocheniyu regulirovaniya i nadzora nekotorye
eksperty predlagayut pobuzhdat finansovye
instituty brat na sebya bolshe sotsialnoy
otvetstvennosti.
Takie predlozheniya baziruyutsya na filo –
sofii sotsialnoy otvetstvennosti biznesa.
Naibolee populyarnoy v etoy oblasti yavlyaetsya
teoriya steykholderov, soglasno kotoroy fi –

41
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 REFORMA GLOBALNYH FINANSOV V KONTEKSTE USTOYChIVOGO RAZVITIYa
niya strahovyh kompaniy ( Sustainable Insurance
Forum , Principles for Sustainable Insurance ), v tsen –
tre vnimaniya kotoryh nahoditsya otsenka in –
vestitsionnyh riskov, svyazannyh s izmeneni –
em klimata; set mezhdunarodnyh investorov,
realizuyushchih v svoey deyatelnosti printsipy
ustoychivogo razvitiya na osnove dobrovol –
nyh dogovorennostey ( Principles for Responsible
Investment ).
Zdes hotelos by podcherknut osobuyu vazh –
nost mezhdunarodnogo haraktera vseh perechis –
lennyh alyansov, poskolku pri deystvuyushchey
sisteme tsenoobrazovaniya na “zelenye” finan –
sovye produkty ekologicheski otvetstvennoe
povedenie otdelnyh igrokov mozhet snizhat
ih konkurentosposobnost po sravneniyu s
ostalnymi uchastnikami rynka. Imenno po –
etomu dlya sohraneniya ravnogo konkurentnogo
polya neobhodima garmonizatsiya ekologicheskih
standartov v otdelnyh stranah i na mirovyh
finansovyh rynkah. Naryadu s etim nuzhny
takie izmeneniya v samoy sisteme tsenoobra –
zovaniya na finansovye produkty, kotorye
pozvolyali by uchityvat ih sootvetstvie eko –
logicheskim trebovaniyam.
Vazhneyshim faktorom formirovaniya eko –
logicheski ustoychivoy finansovoy sistemy yav –
lyaetsya nalichie politicheskoy voli regulyatorov
kak na natsionalnom, tak i na mezhdunarodnom
urovne, v tom chisle dlya sozdaniya neobhodi –
myh stimulov i garantiy dlya chastnogo sektora.
Primery aktivnoy natsionalnoy politiki
dayut takie strany, kak Germaniya, Velikobri –
taniya, Shveytsariya, Frantsiya i dazhe SShA, gde,
nesmotrya na izmenenie pozitsiy federalnoy
vlasti i vyhod strany iz Parizhskogo sogla –
sheniya po klimatu 2015 g., na urovne shtatov i
kompaniy printsipy ekologicheski otvetstven –
nogo investirovaniya i razvitiya “zelenyh”
finansov prodolzhayut deystvovat.
Otdelnogo vnimaniya zasluzhivaet pozitsiya
takih bystrorastushchih gosudarstv, kak Kitay,
Indiya, Braziliya, Singapur i ryad drugih. Dlya
nih ekologicheski i sotsialno otvetstvennaya
finansovaya politika vazhna ne tolko dlya re –
sheniya vnutrennih problem, no i dlya usileniya
ih roli v reformirovanii MFS.
Osoboe mesto zanimaet Kitay, kotoryy ne
tolko sdelal “zelenye” finansy chastyu svo –
ey natsionalnoy strategii, razrabotal soot –
vetstvuyushchuyu normativnuyu bazu, no i ispol –
zoval svoe predsedatelstvo v G20 v 2016 g.
dlya sozdaniya Rabochey gruppy po “zelenomu”
finansirovaniyu ( Green Finance Study Group ,
GFSG ). Rabota mezhdunarodnyh organizatsiy
po prodvizheniyu ustoychivogo finansirovaniya
osushchestvlyalas i ranshe (Finansovaya initsi –
ativa YuNEP, SFS, OESR, MVF, Vsemirnyy
bank i dr.). Odnako vklyuchenie etogo voprosa finansovoy sistemy s uchetom ustoychivogo raz –
vitiya” [13] i ego obnovlennyy variant “Neob –
hodimaya finansovaya sistema. Ot potentsiala k
realnym izmeneniyam” (2016 g.) [14].
Dannye issledovaniya pozvolyayut vydelit
neskolko etapov v razvitii ustoychivogo fi –
nansirovaniya. Pervyy etap – nachalo i sere –
dina dvuhtysyachnyh godov, kogda postepenno
rasshiryalos primenenie ekologicheski otvet –
stvennogo finansirovaniya s uchetom riskov, v
tom chisle dlya sohraneniya reputatsionnogo ka –
pitala. Proishodilo vnedrenie dobrovolnyh
Printsipov ucheta ekologicheskih, sotsialnyh,
upravlencheskih faktorov ( Ecological–Social–
Governance , ESG) v praktiku finansovogo
risk-menedzhmenta.
Vtoroy etap (s 2012 g.) – aktivnoe razvitie
finansovyh produktov i uslug, a takzhe spetsi –
alnyh institutov, kotorye po svoemu mandatu
yavlyayutsya ekologicheski otvetstvennymi. K ih
chislu mozhno otnesti “zelenye” investitsii,
obligatsii, kredity, klimaticheskie fondy,
“zelenye” investitsionnye banki.
Na tekushchem tretem etape (s 2015 g.) na –
chalas institutsionalizatsiya protsessa, v ram –
kah kotorogo vsya deyatelnost finansovyh
institutov dolzhna vystraivatsya tak, chtoby
sootvetstvovat printsipam i tselyam ustoychi –
vogo razvitiya. Poslednee trebuet obnovleniya
instrumentariya finansovogo menedzhmenta
i organizatsionnoy strategii, sushchestvennyh
izmeneniy v finansovoy kulture. Vazhnost
takogo podhoda priznaetsya ne tolko s tochki
zreniya dostizheniya tseley ustoychivogo raz –
vitiya, no i obespecheniya stabilnosti MFS.
Vazhneyshee proyavlenie etogo – vozrastanie
roli “zelenogo” finansirovaniya, v tom chisle
rost rynka “zelenyh” obligatsiy, “zelenogo”
kreditovaniya i “zelenyh” investitsionnyh
proektov (sm. podrobnee [15]).
Mozhno govorit o povyshenii aktivno –
sti vseh osnovnyh aktorov rassmatrivaemogo
protsessa: chastnyh finansovyh institutov i
rynkov; natsionalnyh reguliruyushchih orga –
nov; mezhdunarodnyh organizatsiy. Osobenno
vpechatlyaet stremitelnyy rost neformal –
nyh chastnyh alyansov i initsiativ. V ih chis –
le mozhno nazvat sleduyushchie: Set v podderzh –
ku ustoychivogo bankinga ( Sustainable Banking
Network ), sozdannaya v 2012 g. i obedinyayushchaya
bankovskih regulyatorov i bankovskie assotsi –
atsii chastnyh finansovyh institutov; Ini –
tsiativa po sozdaniyu ustoychivyh fondovyh
birzh ( Sustainable Stosk Exchange Initiative ), ko-
toraya naschityvaet uzhe bolee 60 chlenov; Ob –
edinenie mezhdunarodnyh finansovyh tsentrov
v podderzhku razvitiya ustoychivyh finansov
(Financial Centres for Sustainability ), 17 uchastni –
kov na konets 2017 g.; mezhdunarodnye obedine –

42
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 HUDYaKOVA
sistem, a v konechnom schete – i natsionalnyh
ekonomik, to est rech idet ob ispolzovanii
tehnologiy “dvoynogo dividenda”.
Vmeste s tem ochevidno, chto pri vseh po –
lozhitelnyh sdvigah protsess nahoditsya na
nachalnom etape. Imenno poetomu neobhodi –
my spetsialnye regulyatornye mery, sposob –
nye dvigat ego vpered. V etoy svyazi eksperty
mezhdunarodnyh organizatsiy predlagayut raz –
lichnye shagi i kompleksy meropriyatiy po
sozdaniyu ustoychivoy finansovoy sistemy.
NA PUTI K USTOYChIVOY
FINANSOVOY SISTEME:
PROGRAMMA DEYSTVIY
Koordinatorom i glavnym razrabotchikom
neobhodimyh mer po sozdaniyu ustoychivoy
finansovoy sistemy3 vystupaet YuNEP. V ee
programme deystviy predlagaetsya sleduyushchee
[14, rr. 62-65]:
1. Vklyuchit Tseli ustoychivogo razvitiya do
2030 g. v strategii reformirovaniya natsional –
nyh finansovyh sistem. Pri etom vazhno uchi –
tyvat natsionalnye osobennosti i deystvu –
yushchie praktiki finansovogo regulirovaniya;
razvivat osnovnye instrumenty “zelenogo”
finansirovaniya, obespechivaya sotrudnichestvo
gosudarstvennyh i chastnyh finansov, a takzhe
grazhdanskogo obshchestva. V nastoyashchee vremya, po
otsenke ekspertov, okolo 10 stran imeyut natsi –
onalnye strategii po razvitiyu ustoychivyh
finansov, k 2020 g. ih kolichestvo mozhet do –
stignut 50.
2. Ispolzovat novye finansovye teh –
nologii dlya finansirovaniya ustoychivogo
razvitiya, vklyuchaya integrirovanie ego tseley
v deyatelnost finansovyh innovatorov i v
tsifrovye finansy, v tom chisle za schet novyh
regulyativnyh mer i politik.
3. Aktivno ispolzovat potentsial go –
sudarstvennyh finansov po trem osnovnym
napravleniyam: byudzhetnoe finansirovanie
i subsidirovanie; pomoshch v sozdanii novyh
ekologicheski otvetstvennyh finansovyh in –
stitutov i rynkov, a takzhe prodvizhenie soot –
vetstvuyushchih pravil regulirovaniya i praktik.
4. Stimulirovat sozdanie obshchestvennogo
mneniya i blagopriyatnogo klimata v otnoshenii
ustoychivyh finansov v srede vseh osnovnyh
aktorov: natsionalnyh i mezhdunarodnyh regu –
lyatorov, chastnyh finansovyh institutov, po –
3 Ustoychivaya finansovaya sistema – eto sistema, ko –
toraya, po opredeleniyu YuNEP, sozdaet, otsenivaet i
napravlyaet finansovye resursy takim obrazom, chtoby
formirovat realnye aktivy i udovletvoryat dolgo –
srochnye zaprosy inklyuzivnoy, ekologicheski ustoy –
chivoy ekonomiki [13, p. 13].v finansovyy trek G20 obespechit koordina –
tsiyu ekspertnoy deyatelnosti vseh organiza –
tsiy, vklyuchaya standartoustanavlivayushchie, iz
edinogo tsentra. Na sammite G20 v Gamburge v
2017 g. podcherkivalos, chto eto pozvolit iz –
bezhat dublirovaniya i poluchit sinergetiche –
skiy effekt.
Primechatelno, chto vsled za G20 na svoem
sammite v 2017 g. (Italiya) G7 vpervye pri –
zvala strany-uchastnitsy sposobstvovat uveli –
cheniyu roli MFS v obespechenii perehoda k
ustoychivomu razvitiyu [16]. V kachestve vklada
G7 byli predstavleny na obsuzhdenie dva do –
klada, podgotovlennye Finansovoy initsiati –
voy YuNEP – “O roli finansovyh tsentrov v
perehode k ustoychivomu razvitiyu” [17] i «Obe –
spechenie “zelenogo” finansirovaniya dlya ma –
lyh i srednih predpriyatiy» [18].
Mnogie mezhdunarodnye finansovye tsen –
try (Frankfurt-na-Mayne, London, Parizh,
Lyuksemburg, Kasablanka, Gonkong i drugie)
v poslednie gody vystupali s initsiativami
po razvitiyu ustoychivogo finansirovaniya. Po
mneniyu ekspertov YuNEP, neobhodimo tsele –
napravlenno rasshiryat chislo takih initsia –
tiv, chemu dolzhna sposobstvovat politicheskaya
volya natsionalnyh organov vlasti.
Finansovye tsentry, gde sosredotocheny
spros i predlozhenie kapitalov, pomimo ef –
fekta klastera, territorialno obedinyayu –
shchego razlichnye sektory i instituty, mogut
ispolzovat preimushchestva diversifitsiro –
vannogo rynka “zelenyh” finansovyh instru –
mentov. Vsled za “zelenymi” obligatsiyami mog
by poluchit razvitie rynok “zelenyh” aktsiy,
bankovskih kreditov, derivativov, rynki stra –
hovaniya, novyh finansovyh tehnologiy. Dlya
etogo finansovye tsentry dolzhny vklyuchit
tseli ustoychivogo razvitiya v svoi strategiche –
skie plany, uchityvaya zadachi kak natsional –
nogo ekonomicheskogo rosta, tak i mezhduna –
rodnogo sotrudnichestva. Imenno “ozelenenie”
mezhdunarodnyh finansovyh tsentrov mozhet,
po mneniyu ekspertov, sozdat neobhodimyy
karkas dlya perehoda k globalnoy ekologiche –
ski ustoychivoy finansovoy sisteme [17].
Rabota vseh rassmotrennyh vyshe mezhduna –
rodnyh organizatsiy i neformalnyh forumov
napravlena na to, chtoby ustranit rynochnye
i sotsialno-ekonomicheskie slabosti MFS,
v tom chisle s uchetom rastushchih obshchestvennyh
ozhidaniy, sdelat ee bolee stabilnoy, usi –
lit svyaz s finansirovaniem potrebnostey
realnoy ekonomiki, vklyuchaya perehod k niz –
kouglerodnoy modeli razvitiya. Ekologicheski
ustoychivoe finansirovanie vse chashche rassma –
trivaetsya v kachestve faktora povysheniya kon –
kurentosposobnosti kak otdelnyh finansovyh
institutov, tak i natsionalnyh finansovyh

43
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 REFORMA GLOBALNYH FINANSOV V KONTEKSTE USTOYChIVOGO RAZVITIYa
Znachitelnye potentsialnye vozmozhno –
sti dlya sinergii sushchestvuyut i pri realiza –
tsii “Standartov korporativnogo upravleniya
dlya bankovskogo sektora”, chto takzhe nahodit –
sya v kompetentsii Bazelskogo komiteta. Eti
standarty predusmatrivayut eticheskuyu model
povedeniya bankov, hotya napryamuyu voprosy so –
tsialnoy i ekologicheskoy otvetstvennosti ne
zatragivayut. V ramkah globalnoy finansovoy
reformy SFS razrabotal “Standarty zdoro –
voy praktiki voznagrazhdeniya v finansovom
sektore”, kotorye byli detalizirovany v pe –
rechne meropriyatiy v ramkah Bazelskogo ko –
miteta i Mezhdunarodnoy komissii po tsennym
bumagam ( IOSCO ).
V “Printsipah korporativnogo upravle –
niya”, soglasovannyh v ramkah G20/OESR,
imeyutsya neposredstvennye otsylki k priro –
doohrannoy deyatelnosti, soblyudeniyu prav
cheloveka i eticheskim normam, v chastnosti
roli steykholderov, raskrytiyu informatsii i
otvetstvennosti sovetov direktorov. SFS, so
svoey storony, prizvan osushchestvlyat monito –
ring vypolneniya etih standartov otdelnymi
stranami.
Mezhdunarodnaya komissiya po rynkam tsen –
nyh bumag v svoih tselyah i printsipah regu –
lirovaniya formalno ne upominaet voprosy
ekologicheskoy i sotsialnoy otvetstvenno –
sti, odnako de-fakto oni nachinayut vliyat na
upravlenie riskami, raskrytie informatsii i
sertifikatsiyu tsennyh bumag, v chastnosti na
rynke “zelenyh” obligatsiy. Osoboe znachenie
eto imeet dlya reytingovyh agentstv, reguliro –
vanie deyatelnosti kotoryh takzhe nahoditsya v
kompetentsii IOSCO .
Analogichnaya situatsiya slozhilas v Mezhdu –
narodnoy organizatsii po strahovomu nadzo –
ru (IAIS), kotoraya otvechaet za regulirovanie
deyatelnosti ne tolko strahovyh kompaniy,
no i institutsionalnyh investorov. Straho –
vye kompanii, kotorye osobenno podverzheny
ekologicheskim riskam, v tom chisle klima –
ticheskim, i nesut v etoy svyazi znachitelnye
ubytki, kak i institutsionalnye investory,
vyrazhayut svoyu zainteresovannost v razra –
botke standartnyh metodik vyyavleniya, otsen –
ki i upravleniya etimi riskami. Poslednee v
svoyu ochered trebuet raskrytiya sootvetstvuyu –
shchey finansovoy informatsii, chto neobhodimo
kak dlya emitentov tsennyh bumag – zaemshchikov
resursov dlya “zelenyh” proektov, tak i dlya
finansovyh posrednikov, a takzhe dlya finan –
sovyh regulyatorov, prizvannyh otsenivat eko –
logicheskie riski.
V etih tselyah spetsialno sozdannaya v 2012 g.
rabochaya gruppa SFS po raskrytiyu klima –
ticheskoy informatsii ( Task-Force on Climate-
related Financial Disclosure , TCFD ) sovmestno s trebiteley finansovyh uslug s tem, chtoby obe –
spechit sdvig v ih mirovozzrenii i povedenii.
5. Vklyuchat printsipy ustoychivogo raz –
vitiya v uzhe deystvuyushchie metody i standarty
globalnoy finansovoy reformy. Dlya etogo ne –
obhodimo sotrudnichestvo prezhde vsego so stan –
dartoustanavlivayushchimi organizatsiyami i SFS,
a takzhe sopryazhenie s uzhe deystvuyushchimi meto –
dologiyami otsenki sistemnyh riskov, v pervuyu
ochered v ramkah Programmy otsenki finanso –
vogo sektora ( FSAP) MVF i Vsemirnogo banka.
Osobo sleduet vydelit takoy vazhnyy mo –
ment, kak neobhodimost pereraspredeleniya
potokov kapitalov v polzu razvitiya sektorov
i otrasley, druzhestvennyh dlya okruzhayushchey
sredy. Etomu dolzhny sposobstvovat izmene –
niya v natsionalnyh i mezhdunarodnyh regulya –
tornyh standartah.
Mozhno nazvat pyat osnovnyh “tochek vho –
da” dlya inkorporirovaniya printsipov ustoy –
chivogo razvitiya v GRFR: 1) upravlenie sistem –
nymi riskami, v tom chisle cherez razrabotku
rannego preduprezhdeniya riskov, svyazannyh s
izmeneniem klimata, i sotsialnyh riskov;
2) korporativnoe upravlenie vo vseh finanso –
vyh uchrezhdeniyah; 3) transparentnost i ras –
krytie informatsii, vklyuchaya otsenki vozmozh –
nyh sotsialnyh i ekologicheskih posledstviy
finansovyh operatsiy; 4) risk-menedzhment s
uchetom vozmozhnogo materialnogo ushcherba ot
stihiynyh bedstviy i ekologicheskih riskov;
5) transformatsiya finansovoy kultury i ko –
deksov povedeniya finansovyh institutov.
Proanaliziruem mezhdunarodnye standar –
ty finansovogo regulirovaniya, realizuemye v
ramkah provodimoy reformy, s tochki zreniya
ih vzaimodeystviya s printsipami ustoychivogo
razvitiya. Vazhneyshim dostizheniem global –
noy finansovoy reformy priznaetsya vnedre –
nie v natsionalnuyu praktiku vsemi stranami
G20 i mnogimi drugimi stranami Soglasheniya
Bazel-III, predusmatrivayushchego povyshenie
koeffitsienta dostatochnosti kapitala, vvede –
nie novyh normativov likvidnosti i finan –
sovogo leveredzha, a takzhe antitsiklicheskih
komponentov v raschet bankovskogo kapitala.
V deystvuyushchem soglashenii Bazel-III
lish kosvenno govoritsya o vozmozhnyh ekolo –
gicheskih riskah, kotorye nuzhno uchityvat v
operatsionnoy deyatelnosti. Ne sluchayno mno –
gie eksperty, v tom chisle iz YuNEP, a tak –
zhe finansovyy regulyator Brazilii ( BACEN )
predlagayut razrabotat metodiku vzveshivaniya
aktivov s uchetom ekologicheskih riskov i vklyu –
chat ih v raschet koeffitsientov dostatochnosti
kapitala [13, r. 19]. Eto moglo by povysit
zainteresovannost bankov v provedenii eko –
logicheski otvetstvennoy kreditnoy politiki.

44
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 HUDYaKOVA
Tselyu Dorozhnoy karty yavlyaetsya oprede –
lenie glavnyh zadach i vozmozhnoy programmy
deystviy dlya ih dostizheniya. V kachestve stra –
tegicheskoy tseli provozglashaetsya sozdanie fi –
nansovoy sistemy, sposobnoy obespechit dol –
gosrochnye potrebnosti v kapitale so storony
inklyuzivnoy, ekologicheski ustoychivoy eko –
nomiki. Pri etom podcherkivaetsya nevozmozh –
nost razrabotat i predlozhit edinstvennyy,
strogo opredelennyy put dlya dostizheniya etoy
tseli. Poetomu predlagaetsya opisat osnovnye
harakteristiki zhelaemoy sistemy i otslezhi –
vat progress v ih dostizhenii [21].
S tochki zreniya deyatelnosti gosudarstva i
regulyativnyh organov ustoychivaya finansovaya
sistema dolzhna vklyuchat sleduyushchie harakte –
ristiki:
1) sootvetstvie provodimoy finansovoy
politiki (mezhdunarodnoy, regionalnoy, na –
tsionalnoy, mestnoy) dolgosrochnym tselyam
ustoychivogo razvitiya;
2) obespechenie ustoychivosti finansovoy
sistemy k ekologicheskim riskam, vklyuchaya
klimaticheskie, za schet provedeniya sootvet –
stvuyushchih mer;
3) obespechenie effektivnogo ispolzova –
niya byudzhetnyh sredstv dlya stimulirovaniya
“zelenogo” finansirovaniya.
V sfere kompetentsii chastnyh finansovyh
institutov i rynkov podrazumevaetsya sleduyu –
shchee:
1) prinyatie delovoy kultury, garantiru –
yushchey, chto finansovaya sistema vospriimchiva
i pooshchryaema za priverzhennost printsipam
ustoychivogo razvitiya;
2) sohranenie rynochnoy tselostnosti bla –
godarya effektivnomu raskrytiyu informatsii
i otchetnosti s uchetom ekologicheskih riskov;
3) obespechenie sootvetstviya biznes-mode –
ley i innovatsionnyh finansovyh instrumen –
tov tselyam ustoychivosti;
4) prinyatie upravlencheskih resheniy s uche –
tom dolgosrochnyh ekologicheskih riskov i voz –
mozhnostey.
Glavnoe otlichie Dorozhnoy karty ot pre –
dydushchih dokladov mezhdunarodnyh organiza –
tsiy i predlozheniy ekspertov sostoit v tom,
chto v ney ukazany konkretnye sroki realiza –
tsii predlagaemyh resheniy. Pri etom nuzhno
ponimat, chto odobrenie Dorozhnoy karty ne
oznachaet prinyatiya kakih-libo obyazatelstv so
storony stran-uchastnits. Eto, skoree, zayavle –
nie o namereniyah, kotorye budut vypolnyat –
sya na dobrovolnoy osnove. Tem ne menee ono
svidetelstvuet o nalichii konsensusa sredi
vseh zainteresovannyh storon o neobhodimo -GFSG , sozdannoy v ramkah G20, razrabotala
rekomendatsii kasatelno vklyucheniya ekologi –
cheskoy informatsii v obshchiy paket standart –
noy publichnoy otchetnosti dlya finansovyh i
nefinansovyh kompaniy. On byl odobren na
sammite G20 v Gamburge v kachestve dobrovol –
nyh standartov i vklyuchen v Plan deystviy
na 2018 g. Soglasno rekomendatsiyam infor –
matsiya dolzhna ohvatyvat upravlenie ekolo –
gicheskimi riskami, ih uchet v strategicheskom
i finansovom planirovanii, metody ih ko –
lichestvennoy otsenki, a takzhe razrabotku stse –
nariev povedeniya pri razlichnyh urovnyah ri –
ska. Mezhdunarodnym reytingovym agentstvam
rekomendovano uchityvat takuyu informatsiyu
pri sostavlenii kreditnyh reytingov. Krup –
neyshie agentstva, v chastnosti Standard&Poors ,
uzhe zayavili o svoey gotovnosti sledovat etim
rekomendatsiyam [19].
Sleduet otmetit takzhe, chto vse standar –
toustanavlivayushchie organizatsii i SFS yav –
lyayutsya partnerami v ramkah Partnerstva po
razvitiyu inklyuzivnyh finansov, sozdannogo
v 2010 g. pod egidoy G20 (G20 Global Partnership
for Financial Inclusion ).
Dvizhenie za inklyuzivnye finansy polu –
chilo novyy impuls v svyazi s prinyatiem TsUR.
V ramkah etoy povestki inklyuzivnye finan –
sy kak universalnaya kategoriya predpolaga –
yut obespechenie finansovymi uslugami vseh
stran, razvityh i razvivayushchihsya, vseh sotsi –
alnyh grupp i ekonomicheskih sektorov. Na
sammite G20 v Gamburge stranami-chlenami byl
odobren obnovlennyy Plan deystviy po pro –
dvizheniyu printsipov inklyuzivnyh finansov
(FIAP), predydushchie prinimalis v 2010 g. i
2015 g. Eksperty rassmatrivayut inklyuzivnye
finansy kak vazhnuyu sostavnuyu chast razvi –
tiya finansovogo sektora naryadu s obespeche –
niem finansovoy stabilnosti, tselostnosti
finansovogo rynka i zashchity interesov po –
trebiteley finansovyh uslug [20].
Takim obrazom, mozhno zaklyuchit, chto v
deystvuyushchih regulyativnyh standartah imeetsya
opredelennyy potentsial dlya vnedreniya prin –
tsipov ustoychivogo razvitiya. Pravda, poka ego
nedostatochno, chtoby dannye printsipy stali
imperativom dlya finansovyh institutov pri
prinyatii upravlencheskih resheniy.
V kachestve sleduyushchego osobenno vazhnogo
etapa mezhdunarodnye organizatsii rassmatri –
vayut prodvizhenie Dorozhnoy karty po sozda –
niyu ustoychivoy finansovoy sistemy (tabl.).
Ona byla podgotovlena YuNEP i Vsemirnym
bankom, vpervye predstavlena na vesenney ses –
sii MVF/VB v aprele 2017 g., a okonchatelno
odobrena v noyabre 2017 g. na 23-y sessii Kon –
ferentsii stran – uchastnits Konventsii OON
po izmeneniyu klimata ( SOR-23 ).

45
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 REFORMA GLOBALNYH FINANSOV V KONTEKSTE USTOYChIVOGO RAZVITIYa
chastnymi finansovymi institutami. Obespe –
chenie rastushchego vklada so storony posled –
nih – vazhneyshaya zadacha tekushchego perioda i na
perspektivu. Glavnoe napravlenie – ekologiza –
tsiya globalnyh finansov, maksimalno shiro –
koe ispolzovanie tehnologiy “dvoynogo divi –
denda”, pozvolyayushchih naryadu s ekologicheskimi
poluchat i ekonomicheskie vygody. Sotsial –
nyy aspekt ustoychivogo razvitiya mozhet byt
realizovan blagodarya uchetu sootvetstvuyushchih
printsipov v strategii i menedzhmente chastnyh
finansovyh institutov, a takzhe dalneyshemu
razvitiyu platform inklyuzivnyh finansov.
Arhitektory ustoychivoy finansovoy si –
stemy stremyatsya v svoih programmah ispol –
zovat vse novoe, chto est v sovremennyh fi –
nansah: dostizheniya tsifrovyh tehnologiy,
novye napravleniya finansirovaniya malyh i
srednih predpriyatiy, sozdanie na baze mezhdu –
narodnyh finansovyh tsentrov klasterov “ze -sti obedineniya dvuh povestok dnya: reformy
globalnyh finansov i prodvizheniya tseley
ustoychivogo razvitiya.
* * *
Podvedem nekotorye itogi. Sopryazhenie
prirodnogo, chelovecheskogo i finansovogo ka –
pitala stanovitsya novoy paradigmoy XXI v.
Realizatsiya prinyatyh Tseley ustoychivogo raz –
vitiya do 2030 g., a takzhe Parizhskogo sogla –
sheniya po klimatu 2015 g. trebuet gigantskih
finansovyh resursov.
Dlya etogo nuzhno transformirovat MFS v
mehanizm, sposobnyy finansirovat perehod
k ustoychivomu razvitiyu. Neobhodimye mery
razrabatyvayutsya tremya gruppami aktorov: pra –
vitelstvami i finansovymi regulyatorami na
natsionalnom urovne, v ramkah mezhdunarodnyh
organizatsiy i inyh mezhdunarodnyh platform, Tablitsa. Dorozhnaya karta po sozdaniyu ustoychivoy finansovoy sistemy
Sfery i napravleniyaKratkosrochnye mery
(12 mes.)Dolgosrochnye mery
(24–36 mes.)
1. Finansovye produkty,
raskrytie informatsii,
tehnologii1.1. Razrabotat i vnedrit metodologiyu
identifikatsii “zelenyh aktivov”
1.12. Sposobstvovat vklyucheniyu rynoch –
noy informatsii po faktoru ustoychivosti
v sistemu finansovoy otchetnosti.
1.13. Podderzhivat implementatsiyu reko –
mendatsiy TCFD v pilotnyh proektah po
otdelnym stranam.
1.14. Sposobstvovat razvitiyu issledova –
niy v oblasti otsenki riskov po “zele –
nym” aktivam.
1.15. Sozdat neformalnye platformy
dlya vzaimodeystviya vedushchih innovatsion –
nyh kompaniy i finansovyh institutov
po sopryazheniyu finansovyh innovatsiy s
ustoychivym razvitiem
2. Biznes-modeli i chast –
nye initsiativy2.2.1. Ispolzuya deystvuyushchie obedine –
niya i initsiativy, razvivat vozmozhnosti
finansovyh institutov po vnedreniyu
printsipov ustoychivosti v svoi strategii
i ezhednevnuyu praktiku
2.2.2. Razrabotat ramochnye dokumenty
dlya razvitiya institutsionalnyh initsia –
tiv mezhdunarodnogo finansovogo soobshche –
stva v sfere ustoychivogo razvitiya
3. Natsionalnaya gosu –
darstvennaya politika i
natsionalnye dorozhnye
karty3.11. Inventarizatsiya deystvuyushchih si –
stem, vyyavlenie nedostatkov i razrabotka
natsionalnyh dorozhnyh kart3.2.1. Vklyuchenie tseley ustoychivogo razvi –
tiya v razrabotku natsionalnoy byudzhetnoy
politiki (nalogi i subsidii), v tom chis –
le po subsidiyam na iskopaemoe toplivo
4. Mezhdunarodnaya koordi –
natsiya4.1.1.Zapustit protsess konsultatsiy s
uchastiem vseh aktorov s tem, chtoby v teche –
nie 24 mesyatsev podgotovit svod global –
nyh printsipov dlya razvitiya ustoychivyh
finansov4.2.1. Prodvigat vnedrenie printsipov
ustoychivosti v nadzor i kooperatsiyu v
ramkah globalnyh finansov
5. Izmerenie rezultatov 5.2.1. Sozdat sistemu kolichestvennoy
otsenki dlya ustoychivyh finansov. Pro –
dvigat vklyuchenie informatsii po
ustoychivosti v sovokupnye bazy dannyh,
predostavlyaemye regulyatoram i mezhduna –
rodnym organizatsiyam
Istochnik: sostavleno avtorom po [21].

46
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 HUDYaKOVA
blagopriyatnogo investitsionnogo klimata v
mirovoy ekonomike.
V to zhe vremya analiz svidetelstvuet, chto
realnye dostizheniya po transformatsii glo –
balnyh finansov s uchetom printsipov ustoy –
chivogo razvitiya poka neveliki. Etomu meshayut
kak obektivnye barery na makro- i mikro –
urovne, tak i subektivnye faktory. Rol
politicheskoy voli kak dvigatelya globalnyh
reform trudno pereotsenit. Tem ne menee,
kak predstavlyaetsya, v dolgosrochnoy perspek –
tive trend k ekologizatsii MFS, nesmotrya na
svoyu nelineynost, budet imet neobratimyy
harakter. lenogo” finansirovaniya, vklyuchayushchih raz –
lichnye “zelenye” instrumenty. Osobennost
poslednih let – aktivnaya rol v etom protsesse
bystrorastushchih stran, prezhde vsego Kitaya i
Indii, kotorye stremyatsya nayti svoyu nishu
v globalnoy finansovoy reforme i povysit
v ney svoyu rol. Drugaya vazhnaya harakteristi –
ka – rost chisla mezhdunarodnyh platform i
alyansov po “zelenomu” finansirovaniyu s
uchastiem chastnyh i gosudarstvennyh institu –
tov, deyatelnost kotoryh dolzhna obespechit
prodvizhenie printsipov ustoychivogo razvi –
tiya v mezhdunarodnom soobshchestve, izmenenie
psihologii rynochnyh agentov, sozdanie bolee
SPISOK LITERATURY / REFERENCES
1. Hudyakova L.S. Globalnoe finansovoe regulirovanie v postkrizisnyy period. Novye podhody k glo –
balnomu finansovomu regulirovaniyu. Pod red. L.S. Hudyakovoy. Moskva, IMEMO RAN, 2015, ss. 6-28.
[Khudyakova L.S. Global’noe finansovoe regulirovanie v postkrizisnyi period [Global financial regulation in
post-crisis period]. Novye podkhody k global’nomu finansovomu regulirovaniyu [New approaches to global financial
regulation]. Khudyakova L.S., ed. Moscow, IMEMO, 2015, pp. 6-28.]
2. Hudyakova L.S., Kulakova V.K., Sidorova E.A., Nozdrev S.V. Globalnaya reforma regulirovaniya finan –
sovogo sektora: pervye itogi i novye vyzovy. Dengi i kredit , 2016, № 5, ss. 28-38. [Khudyakova L.S.,
Kulakova V.K., Sidorova E.A., Nozdrev S.V. Global’naya reforma regulirovaniya finansovogo sektora: pervye
itogi i novye vyzovy [Global regulatory reform of financial sector: first results and new challenges]. Den’gi i kredit ,
2016, № 5, pp. 28-38.]
3. Eurofi – Perspectives on Global Financial Regulation. Remarks by Svein Andresen, Secretary General, Financial
Stability Board. April 6, 2017. 4 p. Available at: http://www.fsb.org/wp-content/uploads/Eurofi-Perspectives-on-
Global-Financial-Regulation.pdf (accessed 24.01.2018).
4. Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms.
Consultation Document on Main Elements . April 11, 2017. 15 p. Available at: http://www.fsb.org/wp-content/
uploads/Framework-for-the-post-implementation-evaluation-of-the-G20-financial-regulatory-reforms.pdf
(accessed 24.01.2018)
5. Stiglitz J. Freefall: America, Free Markets, and the Sinking of the World Economy . New York, W.W. Norton &
Company. 2010. 361 p.
6. Lund S., Daruvala T., Dobbs R., H ärle Ph., Kwek Ju-H., Falcun R. Financial Globalization: Retreat or Reset?
Global Capital Markets 2013. McKinsey Global Institute. March 2013. 92 p. Available at: https://www.mckinsey.
com/~/media/McKinsey/Global%20Themes/Global%20Capital%20Markets/Financial%20globalization/MGI_
Financial_globalization_Full_report_Mar2013.ashx (accessed 24.01.2018).
7. Lund S., Windhagen E., Manyika J., H ärle Ph., Woetzel J., Goldshtein D. The New Dynamics of Financial
Globalization. McKinsey Global Institute. August 2017. 108 p. Available at: https://www.mckinsey.com/~/media/
McKinsey/Industries/Financial%20Services/Our%20Insights/The%20new%20dynamics%20of%20financial%20
globalization/Financial%20globalization_Full%20Report_August_29_2017%20(1).ashx (accessed 24.01.2018).
8. Sahay R., Čihák M., N’Diaye P., Barajas A., Bi R., Ayala D., Gao Yu., Kyobe A., Nguyen L., Saborowski
Ch., Svirydzenka K., Yousefi S.R. Rethinking Financial Deepening: Stability and Growth in Emerging Markets.
Washington, IMF, 2015. 41 p. Available at: https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
(accessed 24.01.2018).
9. How to Restore a Healthy Financial Sector that Supports Long-Lasting, Inclusive Growth? OECD Economics
Department Policy Note no. 27 . June 2015. 7 p. Available at: https://www.oecd.org/eco/How-to-restore-a-healthy-
financial-sector-that-supports-long-lasting-inclusive-growth.pdf (accessed 24.01.2018).
10. Towards a Theory of Sustainable Finance. Inquiry Working Paper . UNEP, October 2015. 19 p. Available at:
http://unepinquiry.org/wp-content/uploads/2015/10/Towards_a_Theory_of_Sustainable_Finance.pdf (accessed
24.01.2018).
11. Kulakova V.K. Finansovoe regulirovanie v SShA pri novom prezidente D. Trampe. Dengi i kredit ,
2017, № 10, ss. 57-63. [Kulakova V.K. Finansovoe regulirovanie v SShA pri novom prezidente D. Trampe
[Financial regulation in the US under new president D. Trump]. Den’gi i kredit , 2017, № 10, pp. 57-63.]
12. Bobylev S.N. Ustoychivoe razvitie: paradigma dlya budushchego. Mirovaya ekonomika i mezhdunarodnye ot –
nosheniya, 2017, tom 61, № 3, ss. 107-113. [Bobylev S.N. Ustoichivoe razvitie: paradigma dlya budushchego
[Sustainable development: a paradigm for future]. Mirovaya ekonomika i mezhdunarodnye otnosheniya , 2017, vol.
61, no. 3, pp. 107-113.]
13. The Financial System We Need. Aligning the Financial System with Sustainable Development. The UNEP Inquiry
Report . October 2015, 112 p. Available at: https://wedocs.unep.org/bitstream/handle/20.500.11822/9862/-

47
MIROVAYa EKONOMIKA I MEZhDUNARODNYE OTNOShENIYa 2018 tom 62 № 7 REFORMA GLOBALNYH FINANSOV V KONTEKSTE USTOYChIVOGO RAZVITIYa
The_Financial_System_We_Need_Aligning_the_Financial_System_with_Sustainable_Development-2015The_
Financial_System_We_Need_EN.pdf.pdf?sequence=15&isAllowed=y (accessed 26.01.2018).
14. The Financial System We Need: From Momentum to Transformation . UNEP. October 2016, 96 p. Available at:
http://unepinquiry.org/wp-content/uploads/2016/09/The_Financial_System_We_Need_From_Momentum_to_
Transformation.pdf (accessed 26.01.2018).
15. Hudyakova L.S. Mezhdunarodnoe sotrudnichestvo v razvitii “zelenogo” finansirovaniya. Dengi i kredit,
2017, № 7, ss. 10-18. [Khudyakova L.S. Mezhdunarodnoe sotrudnichestvo v razvitii “zelenogo” finansirovaniya
[International cooperation in development of “green” financing]. Den’gi i kredit, 2017, no. 7, pp. 10-18.]
16. G7 Throws Weight behind Sustainable Finance Movement. Press Release . UNEP. June 12, 2017. Available at:
http://web.unep.rg/newscentre/g7-throws-weight-behind-sustainable-finance-movement (accessed 26.01.2018).
17. Financial Centres for Sustainability. Reviewing G7 Financial Centres in Mobilizing Green and Sustainable Finance.
UNEP Inquiry. June 2017. 40 p. Available at: http://unepinquiry.org/wp-content/uploads/2017/06/Financial_
Centres_for_Sustainability.pdf (accessed 26.01.2018).
18. McDaniels J., Robins N. Mobilizing Sustainable Finance for Small and Medium Sized Enterprises. Reviewing Ex –
perience and Identifying Options in the G7. UNEP Inquiry . June 2017. 44 p. Available at: http://unepinquiry.org/
wp-content/uploads/2017/06/Mobilizing_Sustainable_Finance_for_Small_and_Medium_Sized_Enterprises.pdf
(accessed 26.01.2018).
19. Wilkins M. How the Recommendations of the Task Force on Climate-Related Financial Disclosures May Figure
into Our Ratings. S&P Global Ratings . August 16, 2017. Available at: https://www.spglobal.com/our-insights/
How-The-Recommendations-Of-The-Task-Force-On-Climate-Related-Financial-Disclosures-May-Figure-
Into-Our-Ratings.html (accessed 26.01.2018)
20. 2017 Financial Inclusion Action Plan (FIAP). GPFI, July 2017. 31 p. Available at: https://www.gpfi.org/sites/
default/files/documents/2017%20G20%20Financial%20Inclusion%20Action%20Plan%20final.pdf (accessed
26.01.2018).
21. Roadmap for a Sustainable Financial System. A UN Environment – World Bank Group Initiative . UNEP Inquiry.
November 2017. 102 p. Available at: http://unepinquiry.org/wp-content/uploads/2017/11/Roadmap_for_a_
Sustainable_Financial_System.pdf (accessed 26.01.2018).
REFORM OF GLOBAL FINANCE IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
(World Economy and International Relations, 2018, vol. 62, no. 7, pp. 38-47)
Received 20.02.2018.
Lyudmila S. KHUDYAKOVA (l.khudyakova@imemo.ru),
Primakov National Research Institute of World Economy and International Relations, Russian Academy
of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation.
Adjusting the global financial system in order to support sustainable development of the world economy
becomes an imperative of the XXI century. The article analyses the main drivers and obstacles to this
process as well as action programs aimed at achieving this goal. Three main groups of actors are considered:
national governments and financial regulators, international organizations and private financial institutions.
The rapid growth of the number of informal international alliances and initiatives supporting sustainable
banking, investments and insurance is really impressive. The author points out that the main direction
of transformation of the global financial system is “to go green”. Within this general trend the principle
of “double dividend” can be applied and the economic gains can be achieved together with ecological
ones. Achievement of social goals can be ensured by further development of the financial inclusion and
improvement of the financial management and standards. Financial innovations, including digital finance,
increase of SMEA financing, development of green finance clusters with diversified green instruments inside
the international financial centers are considered among the main accelerators of such transformation.
A very important feature of the recent years is constantly increasing participation of the rapidly growing
developing countries, especially China, in the green finance initiatives. This country is not just seeking to
solve its national ecological and social problems. Basically, it is interested in creating and occupying its
own niche in the changing global financial system with the purpose to make it more connected with the
real economy, more equal and fair. The author concludes that strong governance is critical for ensuring
the real progress in green and sustainable finance. The Roadmap, prepared by UNEP/World Bank in
2017, contains not only the list of necessary next steps but their timing. This document may be helpful for
all countries, including Russia, and for their cooperation, aiming to align financial system to sustainable
development for future prosperity.
Keywords: global financial reform, sustainable development, green finance, UNEP, international
organizations, financial inclusion, financial institutions.
About author:
Lyudmila S. KHUDYAKOVA, Cand. Sci. (Econ.), Head of Department.
DOI: 10.20542/0131-2227-2018-62-7-38-47