The study explores the corporate sector debt in the Macedonian economy. It starts by a narrative scrutiny of its evolution using micro and macro data, and proceeds with a further analysis of its main components. The simple data inspection provides no evidence that corporate sector in Macedonia...

There are relatively few studies that use micro data to shed light on the relationship between finance and economic growth - the few that exists show that there is a positive relationship between debt and future productivity growth. Meanwhile, several new macro-econometric studies have shown...