Macroprudential Regulation of Credit Booms and Busts : The Experience of the National Bank of the Republic of Macedonia

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 ge...

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Bibliographic Details
Main Authors:	Celeska, Frosina, Gligorova, Viktorija, Krstevska, Aneta
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	AMOUNT OF CAPITAL AMOUNT OF CREDIT AMOUNT OF LOANS ASSETS RATIO AUCTION AUCTIONS AUTO LOANS BALANCE OF PAYMENTS BALANCE SHEET BALANCE SHEETS BANK SUPERVISION BANKING SECTOR BANKING SERVICES BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY PROCEDURES BONDS BROKERAGE BROKERAGE HOUSES BROKERS BUSINESS PRACTICES CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOW CAPITAL MARKET CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CAPITAL SHARE CENTRAL BANK CENTRAL BANK BILLS CENTRAL BANKS COLLATERAL COMMON SHARES COMPULSORY DEPOSIT CONSOLIDATION CONSUMER LOANS CONSUMER PRICE INDEX CONTINGENCY PLAN CREDIT CARDS CREDIT EXPANSION CREDIT EXPOSURE CREDIT EXPOSURES CREDIT GROWTH CREDIT GROWTHS CREDIT HISTORY CREDIT PRODUCTS CREDIT QUALITY CREDIT RISK CREDIT RISK MANAGEMENT CREDITWORTHINESS CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT INSTRUMENTS DEBTORS DEPOSIT DEPOSIT INTEREST DEPOSIT INTEREST RATES DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DOMESTIC BANKING DOMESTIC BANKS DOMESTIC CURRENCY DOMESTIC ECONOMY DOMESTIC MARKET ECONOMIC CRISIS EMERGING MARKETS EQUITY CAPITAL EQUITY FUND EQUITY FUNDS EXCESS LIQUIDITY EXCHANGE RATE EXPORT MARKET EXPORT PERFORMANCES EXPORTERS EXPOSURES EXTERNAL BORROWING FACTORING FINANCIAL ASSETS FINANCIAL COMPANIES FINANCIAL CRISIS FINANCIAL DEEPENING FINANCIAL INSTITUTIONS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN FINANCIAL INSTITUTIONS FOREIGN INFLOWS FOREIGN INSTITUTIONAL INVESTORS FOREIGN INVESTORS FOREIGN MARKET FOREIGN OWNERS FOREIGN OWNERSHIP FUND MANAGEMENT GOVERNMENT BORROWING GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HOME COUNTRY HOUSING HOUSING LOANS INCOME INFLATION INFLATION EXPECTATIONS INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST RATE INTEREST RATE CHANGE INTEREST RATE SPREAD INTERNAL AUDIT INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CAPITAL MARKET INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL STANDARDS INVESTMENT FUND INVESTMENT FUNDS ISSUANCE LEGISLATION LENDING INSTITUTIONS LENDING INTEREST RATE LENDING INTEREST RATES LEVEL OF RISK LIBERALIZATION LIQUID ASSETS LIQUIDATIONS LIQUIDITY LIQUIDITY POSITION LIQUIDITY RATIO LIQUIDITY RATIOS LIQUIDITY RISK LOAN LOAN OBLIGATIONS LOANS TO ENTERPRISES MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET PARTICIPANTS MARKET TURNOVER MATURITIES MATURITY MINIMUM CAPITAL ADEQUACY RATIO MONETARY POLICY NATIONAL BANK NET SALES NEW PRODUCTS NONPERFORMING LOANS NPL OWNERSHIP STRUCTURE PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSION SYSTEM REFORM POLICY RESPONSE PORTFOLIO PORTFOLIO INVESTMENTS PORTFOLIO QUALITY POST-CRISIS PERIOD POST-CRISIS PERIODS POTENTIAL INVESTORS PRICE STABILITY PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE EQUITY PROPENSITY TO SAVE REAL ESTATE REAL SECTOR REGULATORY TREATMENT RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETAINED EARNINGS RETURN RISK MANAGEMENT RISK REDUCTION RISK WEIGHT RISK WEIGHTS SAVINGS SECURITIES SHAREHOLDERS SMALL ECONOMIES SOLVENCY STOCK EXCHANGE STRATEGIC INVESTORS SUBSIDIARIES SUBSIDIARY SUPERVISORY AUTHORITY SUPPLY OF CREDITS SYSTEMIC RISK TIER 1 CAPITAL TRADE DEFICIT TRADING TRANSACTION TRANSITION ECONOMIES TRANSPORT TURNOVER UNSECURED CLAIMS WITHDRAWAL WORLD ECONOMY
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822101635 http://hdl.handle.net/10986/3532

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Summary:	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.

Macroprudential Regulation of Credit Booms and Busts : The Experience of the National Bank of the Republic of Macedonia

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