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The article examines the theoretical foundations and economic content of collateral, based on the purpose of collateral in credit relations, the macroeconomic functions of collateral and the role of collateral value in ensuring financial stability.The role of collateral in the financial system is examined through the prism of the impact of changes in its value on banking risks, including the systemic risk of banks, financial and monetary stability, and monetary transmission.It is substantiated that the sharp increase in interest rates has led to an increase in the cost of financing economic projects, deterioration of economic dynamics and changes in market conditions, including the real estate market.The value of real estate pledged as collateral decreased as a result of market conditions.Mortgage lending became less accessible, which caused a number of problems in the construction industry and related markets.These processes have significantly increased banks' credit risk, market risk, and liquidity risk, which has led to a corresponding negative chain reaction in financial and monetary stability.It is noted that the residential and commercial real estate markets and related credit markets are important for monetary policy and expand the possibilities of monetary transmission channels, and therefore can expand the tools of monetary influence on macroeconomic stability.After all, for most households, housing is the largest component of their wealth and potentially affects consumption.Moreover, investments in commercial and residential real estate are among the most volatile elements of aggregate demand.Nevertheless, the role of real estate in the economy is still neglected in monetary policy research, although after the lessons of the global financial crisis, this is no less relevant in the current crisis.
Nadiіa Barida (Mon,) studied this question.