A milestone for any private company is the issuance of publicly traded stocks. While the motivations and mechanism of the initial public offer are straightforward, the dynamics of the IPO activity is quite complex. Both the number of initial public offerings and the total capital raised in these...

The financial crisis was the negative, cumulative effect of several interconnected factors, of economic, financial and institutional nature. Interdependence of economies and global financial systems have led to the chaing propagation of the crisis effects, due to the globalization of the...

Asset-liability management (ALM) is a term whose meaning has evolved. It is used in slightly different ways in different contexts. ALM was pioneered by financial institutions, but corporations now also apply ALM techniques. In banking, asset and liability management is the practice of managing...

Financial institutions, like any other company for that matter, have as a main objective the diversification and expansion of revenue and profit sources. To this purpose they have expanded ever more their activity across national borders. But, as it is well known, especially if we relate to the...

Credit risk is defined as that risk of financial loss caused by failure by the counterparty. According to statistics, for financial institutions, credit risk is much important than market risk, reduced diversification of the credit risk is the main cause of bank failures. Just recently, the...

Derivatives are an important part of the process of financial innovation that swept global markets. The growth of derivatives has so many implications on the economy in general and for the environment in which the monetary policy operates. This paper examines the impact that presence of...

Strategic goal of Republic of Macedonia (RM) is membership in EU. That road is apparently long. There are lots of reasons. Among them is the need for adjustment of particular instruments of the macroeconomic policy of RM. The main instruments of macroeconomic policy in every country are fiscal...

Before the beginning of the world economic crisis, countries from Eastern and Central Europe (CEE) had tremendously high rates of economic growth. Their growth was stimulated mostly with foreign investments and huge amounts of loans that came from the Western countries. However, as a result of...