Former Yugoslav Republic Of Macedonia

Former Yugoslav Republic of Macedonia PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : un
Pages : 25
View: 3404

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Book Description:
This Selected Issues paper quantifies the short- and medium-term growth effects of major ongoing highway and railway projects in the Former Yugoslav Republic of Macedonia. A standard neoclassical growth model is augmented with public capital to capture both demand and supply-side effects of public infrastructure investments. The calibrated model suggests that the four ongoing highway and railway investments of 2–3 percent of GDP annually for 2014–18 are likely to raise the growth rate of real GDP by 0.5 percentage points on average for each year in 2014–20. Enhancing public investment efficiency can increase growth effects up to 0.8 percentage points.


Former Yugoslav Republic Of Macedonia

Former Yugoslav Republic of Macedonia PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
Category : Business & Economics
Languages : un
Pages : 34
View: 7545

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Book Description:
This Selected Issues Paper assesses Macedonia’s public debt markets and presents recommendations for their further development. Macedonia’s domestic debt market is in the early stages of development and is small by regional standards. The paper also analyzes the main causes of euroization in Macedonia. It discusses the nature of monetary policy in Macedonia where despite an exchange rate peg owing to imperfect capital mobility, there exists some degree of autonomy in the conduct of monetary policy in the short term.


Former Yugoslav Republic Of Macedonia

Former Yugoslav Republic of Macedonia PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
Category : Business & Economics
Languages : un
Pages : 61
View: 3005

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Book Description:
This Selected Issues paper and Statistical Appendix sheds light on the Former Yugoslav Republic (FYR) of Macedonia’s low growth and high unemployment during the 1990s by analyzing enterprise level data. The paper provides some background information on FYR Macedonia’s enterprise sector. It presents an assessment of enterprise sector developments during the 1990s, including the extent of firm entrance and exit. The paper also describes the results of an econometric study that examines the factors that have facilitated restructuring in surviving firms since FYR Macedonia’s independence in September 1991.


Former Yugoslav Republic Of Macedonia

Former Yugoslav Republic of Macedonia PDF
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : un
Pages : 36
View: 2742

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Book Description:
The Macedonian labor market exhibits a high unemployment rate, yet does not demonstrate obvious and large enough constraints on the demand or supply side. Considerable achievements can be made by maintaining macroeconomic stability, attracting FDI, and closing the educational gaps. The second paper assesses ways in which the Macedonian financial sector could better contribute to growth and real convergence, taking stock of where the sector stands and its recent developments. Streamlining bankruptcy procedures, improving collateral and systematic collection and publication of real estate sales data, and revisiting the interest rate cap may serve to moderately boost credit supply.


Former Yugoslav Republic Of Macedonia Selected Issues For The 2009 Article Iv Consultation

Former Yugoslav Republic of Macedonia  Selected Issues for the 2009 Article IV Consultation PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
Category :
Languages : un
Pages : 29
View: 1643

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Book Description:
This Selected Issues paper assesses the desired level of foreign exchange reserves in the Former Yugoslav Republic of Macedonia, given its commitment to maintain the exchange rate peg. A variety of methods including popular rules of thumb, comparisons with other emerging countries, and model-based estimates suggest a target range of €1.5-2 billion for reserves. The paper also looks at reserve levels that would be implied by popular rules of thumb and at benchmarks suggested by other emerging market countries.


Former Yugoslav Republic Of Macedonia

Former Yugoslav Republic of Macedonia PDF
Author: International Monetary Fund
Publisher: International Monetary Fund
Category : Business & Economics
Languages : un
Pages : 57
View: 6994

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Book Description:
This 2011 Article IV Consultation highlights that Macedonia is poised to achieve low but positive growth under the baseline scenario of a shallow recession in the euro area. Under a downside scenario, growth would be weaker, and external financing pressures could arise. In the near term, the government would need to reduce expenditure growth to meet the 2012 deficit target. A key longer-term challenge would be to reconcile the competing objectives of higher public investment and increases in pensions and public wages while preserving low public debt and low taxes.