; 4) small structural model that links GDP components to a small set of explanatory variables; 5) static factor model that … dismissed. The small structural model that explains every GDP component as a function of economic determinants comes third …, “reviving” the interest in these old-school models, at least for the case of Macedonia. …

the monetary policy autonomy, the so called impossible trinity. But given the high level of currency substitution and …The purpose of this paper is to present the role of the exchange rate stability in a small and open economy, where the … mind the possible implications on the economy and the financial system. Also, the experiences of the countries in …

The ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated … irrelevance of the Balassa-Samuelson effect for overall inflation via service prices in the CPI. Furthermore, we estimate variants … fairly robust in terms of sign and size. An increase/decrease in the productivity variables is associated with an …

practical application in Thirlwall’s economic growth model in the case of the Republic of Macedonia. The estimation is based on … the estimated income elasticity of import in the Thirlwall’s economic growth model shows that the growth rate of the …The purpose of this empirical research is estimation of the long-term price and income trade elasticities and their …

economic effects of FDI over the host country, having in mind their numerous direct and indirect effects. Besides the amount of … structural dimension. The main conclusion of the analysis is that the FDI inflows were important factor for GDP growth and export … findings regarding the type and sector distribution of the FDI inflows are very important for the policy makers and imply a …

to use it for macro-economic policy analyses at the Macedonian central bank, by means of keeping the statistical basis up …This report describes the macro-econometric model for the Republic of Macedonia MAKMODEL. It documents the main … features of this model that was built by research teams of the Macedonian and Dutch central bank during July 1999 - June 2001 …

benefits and costs of exchange rate targeting strategy in Macedonia are presented regarding the monetary policy (money supply … devided into six chapters. In the first introductory chapter the set up of the Macedonian monetary order is presented … factors. First, the monetary order in Macedonia was set up at the end of April 1992, when Macedonia came out from the Yugoslav …

The interest rate policy is one of the most significant instruments of the monetary policy. The experiences from the … conditions in the area of the interest policy means improvement of the fundamental economic performances that determine the … for dynamization of the economic development. The commercial banks in the Republic of Macedonia are independent in …

When in early seventies and, especially, early eighties, the system of fixed foreign exchange rates fell apart …, significant number of central banks in the world tended to place part of the foreign exchange reserves into fixed income … securities. The reason for this practice lies in the fact that after the USA Government had suspended dollar convertibility into …