of the study on emerging countries could help policy-makers design more appropriate policies for those countries. In this …. In a highly integrated and globalized world, the study of co-movement, or integration, is important because the results … study, we are trying to answer how much of economic volatility in Macedonia can be explained by shocks originating in the …

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 …

, the current account is viewed as the outcome of variations in macroeconomic "structural" determinants that influence the … sustainability of the Macedonian current account deficit using the structural model of the current account. According to this model … variables that had an effect on the Macedonian current account in the period 1998-2009, and that the sustainable level of the …

revisions of GDP growth rates in Macedonia. Accordingly, we use various statistical tools for testing the "news" and "noise … empirical approaches in general provide mixed results about the predictability of GDP revisions, although the empirical evidence …This paper investigates the existence of any systematic relationship between preliminary estimates and subsequent …

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. …