panel estimation techniques on a sample of commercial banks in Macedonia. Our results indicate that lending rates are mostly … influenced by bank size and market share, and to a somewhat lesser extent by deposit rates and non-performing loans. In addition …. Furthermore, bank size and market share, as well as the differential between domestic and foreign rates, are the most important …

This paper describes the Macedonian Policy Analysis Model (MAKPAM), which is used at the National Bank of the Republic …

framework and the roles of the central banks were no longer tenable. This prompted rethinking of central bank objectives …’ bearing on the roles and responsibilities of the National Bank of the Republic of North Macedonia. In the last decade, legal … of the central bank, to enhance financial stability coordination among regulatory agencies, as well as to improve micro …

estimation. The main results indicate that loan supply shocks have no significant effect on loan volumes and lending rates, as … inflation, while the central bank reacts strongly to adverse shocks hitting the economy. Baseline results are fairly robust to …. Policy rates in the recent years mostly reflect subdued lending activity and aggregate supply factors, which the central bank …