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Macroprudential regulation of credit booms and busts : the experience of the National Bank of the Republic of Macedonia

Author

Listed:
  • Celeska, Frosina
  • Gligorova, Viktorija
  • Krstevska, Aneta

Abstract

This paper provides an overview of the macroprudential measures undertaken by the National Bank of the Republic of Macedonia to prevent further deterioration of the systemic risk and to promote resilience of the banking system. The measures were generally aimed at addressing the time dimension of the systemic risk and were intended to protect the banking system against the increase of credit risk arising from the credit boom. The paper also outlines the future challenges facing financial regulation and supervision, as well as the most important quantitative and qualitative impacts of the utilized macroprudential measures.

Suggested Citation

  • Celeska, Frosina & Gligorova, Viktorija & Krstevska, Aneta, 2011. "Macroprudential regulation of credit booms and busts : the experience of the National Bank of the Republic of Macedonia," Policy Research Working Paper Series 5770, The World Bank.
    • Handle: RePEc:wbk:wbrwps:5770
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    Citations

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    Cited by:

    1. Jérôme Vandenbussche & Piyabha Kongsamut & Dilyana Dimova, 2018. "Macroprudential Policy Effectiveness: Lessons from Southeastern Europe," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 1(9), pages 60-102, May.
    2. Saibal Ghosh, 2015. "Macroprudential regulation and bank behaviour: theory and evidence from a quasi-natural experiment," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 8(1-2), pages 138-159, July.
    3. Dilyana Dimova & Ms. Piyabha Kongsamut & Mr. Jerome Vandenbussche, 2016. "Macroprudential Policies in Southeastern Europe," IMF Working Papers 2016/029, International Monetary Fund.
    4. Jérôme Vandenbussche & Ursula Vogel & Enrica Detragiache, 2015. "Macroprudential Policies and Housing Prices: A New Database and Empirical Evidence for Central, Eastern, and Southeastern Europe," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S1), pages 343-377, March.
    5. IRC Expert Group of the ESCB, 2012. "Financial stability challenges for EU acceding and candidate countries: making financial systems more resilient in a challenging environment," Occasional Paper Series 136, European Central Bank.
    6. Beck, Roland & Langfield, Sam & Ĉervená, Marianna & Cocozza, Emidio & Francart, Alexandre & Pulst, Daniela & Ostrovskis, Gundars & Manolov, Stoyan & Evdjic, Stefanie & Jimborean, Ramona & Hake, Mariya, 2012. "Financial stability challenges for EU acceding and candidate countries: making financial systems more resilient in a challenging environment," Occasional Paper Series 136, European Central Bank.
    7. Elena Naumovska & Mihail Petkovski & Iskra Stanceva - Gigov, 2015. "Estimation Of The "Normal" Credit Growth In The Republic Of Macedonia With Regards To The Economic Fundamentals," Journal Articles, Center For Economic Analyses, pages 47-56, June.
    8. Aleksandra Iwulska & Naotaka Sugawara & Juan Zalduendo, 2012. "Financial Integration in Emerging Europe: an Enviable Development Opportunity with Tail Risks," CASE Network Studies and Analyses 438, CASE-Center for Social and Economic Research.

    More about this item

    Keywords

    Debt Markets; Banks&Banking Reform; Emerging Markets; Currencies and Exchange Rates; Bankruptcy and Resolution of Financial Distress;
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