Showing 1 - 10 of 260
This paper focuses on investigating the determinants of lending rates and interest rate spreads in Macedonia. In order to quantify the effect of various factors on lending rates and interest rate spreads during the 2001-2009 period, we use panel estimation techniques on a sample of commercial...
Persistent link: https://www.econbiz.de/10011623362
Most of the emerging European countries, including Republic of Macedonia, are faced with greater or smaller current account deficits, which raise the concern about their sustainability in the long run. This working paper examines the sustainability of the Macedonian current account deficit using...
Persistent link: https://www.econbiz.de/10011623376
Surplus liquidity in the banking system changes the monetary transmission mechanism, reducing the effectiveness of the traditional instrument, the interest rate. In this paper we examine the real effects of several monetary-policy instruments in Macedonia, an economy characterized by surplus...
Persistent link: https://www.econbiz.de/10011623487
This paper analyses the effects of loan supply, as well as aggregate demand, aggregate supply and monetary policy shocks between 1998 and 2014 in Macedonia using a structural Vector Auto Regression with sign restrictions and Bayesian estimation. The main results indicate that loan supply shocks...
Persistent link: https://www.econbiz.de/10011623896
The paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and...
Persistent link: https://www.econbiz.de/10014409791
Developing countries fortunate enough to experience capital inflows haveseen rising levels of investment and enhanced economic growth. Capitalinflows have a negative side, however, in that they tend to appreciatethe domestic currency, making exports less competitive, and to encourageinflation....
Persistent link: https://www.econbiz.de/10014402762
This paper estimates a model of financial markets in Colombia to examine: 1) the authorities’ control over domestic interest rates and the money stock; and 2) the effects of the crawling peg exchange rate policy on exchange rate expectations and domestic interest rates. The authorities...
Persistent link: https://www.econbiz.de/10014395788
The worldwide financial crisis revealed that some of the basic consensuses concerning the macroeconomic policy framework and the roles of the central banks were no longer tenable. This prompted rethinking of central bank objectives, strategies and policy instruments, with particular focus on the...
Persistent link: https://www.econbiz.de/10012211862
This paper applies a SVAR model which combines different monetary policy instruments to construct an alternative indicator of monetary policy stance in Macedonia. It employs the approach introduced by Bernanke and Mihov (1998) of isolating monetary policy shocks from the whole set of monetary...
Persistent link: https://www.econbiz.de/10011623473
Persistent link: https://www.econbiz.de/10000671075