FINANCIAL STABILITY AND FINANCIAL RESILIENCE: THEORETICAL DISTINCTIONS AND METHODOLOGICAL APPROACHES TO ASSESSMENT
Abstract
The article examines the theoretical and terminological foundations for distinguishing between the categories of “financial stability” and “financial resilience” in modern financial science. It is substantiated that the semantic proximity of these concepts causes them to be frequently equated in scientific discourse, but a content analysis indicates the need for a clear conceptual distinction between them. It is shown that financial stability mainly reflects the macroeconomic dimension of the functioning of the financial system and is associated with ensuring its ability to counter systemic risks, maintain the balance of financial flows, and preserve the confidence of economic agents. In contrast, financial resilience is interpreted as a characteristic of individual elements of the financial system – banks, enterprises, economic sectors, the budget system – and is determined by their ability to maintain an acceptable capital structure, meet their obligations, and adapt to changes in the external environment. Scientific approaches to interpreting financial stability have been systematized; in particular, catastrophic (as a desirable state of equilibrium) and apophatic (through opposition to crisis phenomena) approaches have been identified. It has been proven that the apophatic interpretation has higher applied potential, as it allows integrating corporate financial diagnostics tools into the financial stability assessment system. Special attention is paid to the analysis of the financial resilience of enterprises in static and dynamic dimensions. It is substantiated that a static model focused on achieving a benchmark financial structure has limited analytical value, while a dynamic approach that takes into account adaptability and self-recovery capacity more adequately reflects the nature of socio-economic systems. It is shown that the financial resilience of individual sectors is a structural prerequisite for ensuring the financial stability of the national economy. A conceptual approach is proposed, according to which financial stability is viewed as an integral systemic characteristic combining macro- and micro-level aspects, and financial resilience as its functional basis and instrument of assurance. The results obtained create a methodological basis for the further development of approaches to the comprehensive assessment of financial stability in conditions of growing uncertainty and systemic risks.
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