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    <link>https://hdl.handle.net/10419/173681</link>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/336455" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/336492" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/336454" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/274118" />
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    <dc:date>2026-04-29T18:54:20Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/336455">
    <title>Monetary versus capital-based macroprudential transmission: Efficiency and effectiveness. Evidence from Central and South-Eastern European banking sectors</title>
    <link>https://hdl.handle.net/10419/336455</link>
    <description>Title: Monetary versus capital-based macroprudential transmission: Efficiency and effectiveness. Evidence from Central and South-Eastern European banking sectors
Authors: Eliskovski, Milan; Popovska-Kamnar, Neda
Abstract: This study has a twofold objective. The first one is an assessment of the efficiency of monetary and capital-based macroprudential policy, defined as imposing less interest costs to loan borrowers (nonfinancial corporations and households). The second objective of this paper is the assessment of the effectiveness of both policies defined as the degree to which each respective policy achieves the smoothing of the credit cycle to mentioned sectors. The sample used in this analysis consists of eight countries from Central and South-Eastern Europe: Croatia, the Czech Republic, Hungary, North Macedonia, Poland, Romania, Serbia and Turkiye. The data are organized as unbalanced panel on aggregate level i.e. referring to the banking sectors and overall economies, covering for the period from 2006q2 to 2019q3. The panel estimations were done by employing fixed effects OLS-SUR-PCSE approach and PMG cointegration to assess the long-term and short-term effects for the period from 2006q2 to 2017q4. Restrictiveness of both policies decreases the cycle of the loans to GDP to nonfinancial companies and households, in accordance with the theory. Concerning the interest rates to non-financial corporations and households, the monetary policy affects them positively to both sectors, while the capital-based macroprudential policy affects divergently as it increases the households' interest rates and decreases the non-financial companies' interest rates. Thus, the capital-based macroprudential policy yields lower interest costs to non-financial companies and restricts the lending i.e. it achieves the restrictive lending goal by implying lower interest costs.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/336492">
    <title>Assessment of the fundamental value of residential properties in the Macedonian real estate market with a macroprudential approach</title>
    <link>https://hdl.handle.net/10419/336492</link>
    <description>Title: Assessment of the fundamental value of residential properties in the Macedonian real estate market with a macroprudential approach
Authors: Simeonovski, Kiril; Ramadani, Gani; Unevska Andonova, Danica
Abstract: In this analysis, an indicator to assess residential property prices in the Macedonian real estate market was developed by applying a macroprudential approach to analysing borrowing capacity. The indicator of household borrowing capacity is calculated as the ratio of the market value to the fundamental value of real estate, whereby a higher actual market price indicates that real estate prices are overvalued and therefore less affordable, while a higher fundamental price indicates that prices are undervalued and therefore more affordable. The analysis of the Macedonian real estate market for the period from Q1 2012 to Q4 2023 concludes that residential property prices, according to both forms of the borrowing capacity (static and dynamic), were overvalued during almost the entire analysed period. The analysis reveals that lowering the regulatory threshold of the DSTI indicator, which central banks use as an instrument to prevent excessive household indebtedness, would reduce the fundamental value of residential properties and thus make them less affordable. Nevertheless, given that this represents only one possible analytical approach, the results should be interpreted with caution and within the context of a broader analysis of the Macedonian real estate market.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/336454">
    <title>The impact of remittances on economic growth in the region of Central and Southeastern Europe</title>
    <link>https://hdl.handle.net/10419/336454</link>
    <description>Title: The impact of remittances on economic growth in the region of Central and Southeastern Europe
Authors: Miteski, Mite
Abstract: The countries of Central and Southeastern Europe (CSEE) are significant net recipients of remittances, primarily due to the intensive emigration trends that occurred after they transitioned to market economies. The fact that these countries are among the highest recipients of private remittances in Europe, suggests that such financial inflows could potentially have a significant influence on fostering their economic growth. Hence, the main aim of our research is to empirically investigate the relationship between economic growth and remittances in a selected group of twelve CSEE countries. The empirical research was conducted using static unobserved effects panel data models. Specifically, we estimated fixed and random effects models within the Cobb-Douglas framework that incorporate remittances as the primary variable of interest, in addition to the standard determinants of economic growth. For this purpose, we used an unbalanced panel data set obtained from the World Bank World Development Indicators database with an annual frequency spanning over the 2002-2022 period. The empirical findings provide evidence that remittances indeed exert a positive and significant direct effect on economic growth in the analyzed group of countries, along with some of the other standard growth factors, such as physical and human capital. Given this conclusion, policymakers should implement appropriate strategies to maximize their impact.</description>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/274118">
    <title>Evaluating monetary policy effectiveness in North Macedonia: Evidence from a Bayesian FAVAR Framework</title>
    <link>https://hdl.handle.net/10419/274118</link>
    <description>Title: Evaluating monetary policy effectiveness in North Macedonia: Evidence from a Bayesian FAVAR Framework
Authors: Petrovska, Magdalena; Tonovska, Jasna; Nikolov, Miso; Sulejmani, Artan
Abstract: This paper has adopted a Bayesian FAVAR approach to examine the monetary transmission mechanism in North Macedonia. The model is based on a broad data set that encompasses 140 monthly time series spanning between January 2010 and January 2019. In particular, the impact of policy on bank portfolio variables, and the impact of policy on economic activity variables have been evaluated. Our findings show that monetary tightening, causes a fall in output, inflation rate, employment, bank lending, the stock of government securities held by banks, and equity prices. On the other hand, it increases shortterm money market rates, lending rates, deposits, and only in the immediate aftermath of the key policy rate rise, the share of non-performing loans in the loan portfolio. The study is expected to provide useful input to monetary policy implementation in North Macedonia. The study as well enriches the literature in this domain by discussing the challenges facing monetary authorities of small open economies with fixed exchange rate regimes in understanding how their policy instruments work through the economy</description>
    <dc:date>2023-01-01T00:00:00Z</dc:date>
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