This paper focuses on investigating the determinants of lending rates and interest rate spreads in Macedonia. In order … panel estimation techniques on a sample of commercial banks in Macedonia. Our results indicate that lending rates are mostly … to quantify the effect of various factors on lending rates and interest rate spreads during the 2001-2009 period, we use …

economy being in medium-term equilibrium. Results suggest that the slowdown reflects both return of the credit activity to its …What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to … fundamental value, and return of the fundamental values to their equilibrium levels, after years of excessiveness during the pre …

indicator of monetary policy stance in Macedonia. It employs the approach introduced by Bernanke and Mihov (1998) of isolating … structural model. We use the model to extract unanticipated policy stance, as an alternative view on the monetary policy. … monetary policy shocks from the whole set of monetary policy instruments that otherwise react to real developments. The …

employment, we will be able to calculate the true rate of unemployment in Macedonia. The findings suggest that unrecorded … economic activity in Macedonia has declined sizeably, from 34 percent of official GDP in the late 1990's, to 10 percent in 2010 …. Accordingly, the true rate of unemployment was likely to be around 20-22% in 2013, which is some 7-8 percentage points below the …

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 … of different economic activity indicators to changes in the monetary policy instruments. Our findings suggest that the …

In the analysis of public and external debt sustainability the National Bank of the Republic of Macedonia is actively … the IMF's DSA framework, in the case of Macedonia. This paper uses simple framework, based on methodology used in Adler … the case of current account there is negative effect in the beginning of the period of applied shocks, but positive in the …

This paper presents the main findings of a survey on wage and price formation of firms in Macedonia conducted in the … tenure rather than inflation; iii) time concentration of wage and price changes is significantly lower in Macedonia than in … vi) in case of adverse shocks firms tend to adjust costs and prices rather than margins and output. …

Additional protection of the stability of the banking system and deposited funds in the banks and savings houses is … case of a risky event, and 3/ they contribute to a larger extent in improving the establishing and maintaining public … introduce explicit deposit insurance schemes. In the Republic of Macedonia there is a Savings Insurance Fund, as an explicit …