Celeska, FrosinaGligorova, ViktorijaKrstevska, Aneta2012-03-192012-03-192011-08-01https://hdl.handle.net/10986/3532This 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.CC BY 3.0 IGOAMOUNT OF CAPITALAMOUNT OF CREDITAMOUNT OF LOANSASSETS RATIOAUCTIONAUCTIONSAUTO LOANSBALANCE OF PAYMENTSBALANCE SHEETBALANCE SHEETSBANK SUPERVISIONBANKING SECTORBANKING SERVICESBANKING SYSTEMBANKING SYSTEMSBANKRUPTCYBANKRUPTCY PROCEDURESBONDSBROKERAGEBROKERAGE HOUSESBROKERSBUSINESS PRACTICESCAPITAL ACCOUNTCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL INFLOWCAPITAL MARKETCAPITAL REQUIREMENTCAPITAL REQUIREMENTSCAPITAL SHARECENTRAL BANKCENTRAL BANK BILLSCENTRAL BANKSCOLLATERALCOMMON SHARESCOMPULSORY DEPOSITCONSOLIDATIONCONSUMER LOANSCONSUMER PRICE INDEXCONTINGENCY PLANCREDIT CARDSCREDIT EXPANSIONCREDIT EXPOSURECREDIT EXPOSURESCREDIT GROWTHCREDIT GROWTHSCREDIT HISTORYCREDIT PRODUCTSCREDIT QUALITYCREDIT RISKCREDIT RISK MANAGEMENTCREDITWORTHINESSCURRENT ACCOUNT DEFICITDEBTDEBT CRISISDEBT INSTRUMENTSDEBTORSDEPOSITDEPOSIT INTERESTDEPOSIT INTEREST RATESDEPOSITORYDEPOSITORY INSTITUTIONSDEPOSITSDOMESTIC BANKINGDOMESTIC BANKSDOMESTIC CURRENCYDOMESTIC ECONOMYDOMESTIC MARKETECONOMIC CRISISEMERGING MARKETSEQUITY CAPITALEQUITY FUNDEQUITY FUNDSEXCESS LIQUIDITYEXCHANGE RATEEXPORT MARKETEXPORT PERFORMANCESEXPORTERSEXPOSURESEXTERNAL BORROWINGFACTORINGFINANCIAL ASSETSFINANCIAL COMPANIESFINANCIAL CRISISFINANCIAL DEEPENINGFINANCIAL INSTITUTIONSFINANCIAL REGULATIONFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL STABILITYFINANCIAL SUPPORTFINANCIAL SYSTEMFOREIGN BANKFOREIGN BANKSFOREIGN CAPITALFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE RESERVESFOREIGN FINANCIAL INSTITUTIONSFOREIGN INFLOWSFOREIGN INSTITUTIONAL INVESTORSFOREIGN INVESTORSFOREIGN MARKETFOREIGN OWNERSFOREIGN OWNERSHIPFUND MANAGEMENTGOVERNMENT BORROWINGGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTGROWTH RATEGROWTH RATESHOME COUNTRYHOUSINGHOUSING LOANSINCOMEINFLATIONINFLATION EXPECTATIONSINFLATIONARY PRESSURESINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINTEREST RATEINTEREST RATE CHANGEINTEREST RATE SPREADINTERNAL AUDITINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL FLOWSINTERNATIONAL CAPITAL MARKETINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL STANDARDSINVESTMENT FUNDINVESTMENT FUNDSISSUANCELEGISLATIONLENDING INSTITUTIONSLENDING INTEREST RATELENDING INTEREST RATESLEVEL OF RISKLIBERALIZATIONLIQUID ASSETSLIQUIDATIONSLIQUIDITYLIQUIDITY POSITIONLIQUIDITY RATIOLIQUIDITY RATIOSLIQUIDITY RISKLOANLOAN OBLIGATIONSLOANS TO ENTERPRISESMACROECONOMIC ENVIRONMENTMACROECONOMIC STABILITYMARKET CAPITALIZATIONMARKET PARTICIPANTSMARKET TURNOVERMATURITIESMATURITYMINIMUM CAPITAL ADEQUACY RATIOMONETARY POLICYNATIONAL BANKNET SALESNEW PRODUCTSNONPERFORMING LOANSNPLOWNERSHIP STRUCTUREPENSIONPENSION FUNDPENSION FUNDSPENSION SYSTEMPENSION SYSTEM REFORMPOLICY RESPONSEPORTFOLIOPORTFOLIO INVESTMENTSPORTFOLIO QUALITYPOST-CRISIS PERIODPOST-CRISIS PERIODSPOTENTIAL INVESTORSPRICE STABILITYPRIVATE CAPITALPRIVATE CAPITAL INFLOWSPRIVATE EQUITYPROPENSITY TO SAVEREAL ESTATEREAL SECTORREGULATORY TREATMENTRESERVERESERVE REQUIREMENTRESERVE REQUIREMENTSRESERVESRETAINED EARNINGSRETURNRISK MANAGEMENTRISK REDUCTIONRISK WEIGHTRISK WEIGHTSSAVINGSSECURITIESSHAREHOLDERSSMALL ECONOMIESSOLVENCYSTOCK EXCHANGESTRATEGIC INVESTORSSUBSIDIARIESSUBSIDIARYSUPERVISORY AUTHORITYSUPPLY OF CREDITSSYSTEMIC RISKTIER 1 CAPITALTRADE DEFICITTRADINGTRANSACTIONTRANSITION ECONOMIESTRANSPORTTURNOVERUNSECURED CLAIMSWITHDRAWALWORLD ECONOMYWorld Bank10.1596/1813-9450-5770