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What Drives Bank Lending in Domestic and Foreign Currency Loans in a Small Open Transition Economy with Fixed Exchange Rate? The Case of Macedonia

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  • Jane Bogoev

    (Research Department, National Bank of the Republic of Macedonia and Staffordshire University, F. Ruzvelt 4/23, Skopje 1000, Macedonia.)

Abstract

This paper investigates two different bank loan supply functions and their determinants according to the currency of bank loans in the Republic of Macedonia. There is robust statistical evidence in favour of the existence of a bank lending channel through foreign currency loans and the foreign reference interest rate. This suggests that the impact of domestic monetary policy over the bank lending channel is limited. The most significant bank-specific characteristic for the foreign currency loan supply function is bank size, whereas for the domestic currency loans no bank-specific variable plays a significant role.

Suggested Citation

  • Jane Bogoev, 2011. "What Drives Bank Lending in Domestic and Foreign Currency Loans in a Small Open Transition Economy with Fixed Exchange Rate? The Case of Macedonia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 53(2), pages 307-331, June.
    • Handle: RePEc:pal:compes:v:53:y:2011:i:2:p:307-331
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    Cited by:

    1. Dejan Kovacevic, 2015. "Empirical Evidence for the Bank Lending Channel in Bosnia and Herzegovina: Does Lending Differ Between Large and Small Banks?," IHEID Working Papers 10-2015, Economics Section, The Graduate Institute of International Studies.
    2. Goran Petrevski & Jane Bogoev & Dragan Tevdovski, 2015. "The transmission of foreign shocks to South Eastern European economies," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 42(4), pages 747-767, November.
    3. Petrevski, Goran & Exterkate, Peter & Tevdovski, Dragan & Bogoev, Jane, 2015. "The transmission of foreign shocks to South Eastern European economies: A Bayesian VAR approach," Economic Systems, Elsevier, vol. 39(4), pages 632-643.

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