Redefinition of Macroeconomic and Macroprudential policy and BASEL III Concept

Vrateovska Nikolovska, Dance and Mojsoska, Snezana and Rogleva, Aleksandra (2015) Redefinition of Macroeconomic and Macroprudential policy and BASEL III Concept. Proceedings of International Scientific Conference - Researching Security: Approaches, concepts and policies, 5. ISSN ISBN: 978-608-4532-77-4

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Abstract

As an essential tool proceeding the objective function in the
period before the global economic crisis (2008), the focus of central banks and
monetary policy has been to provide price stability over the policy interest
rate. This led to emphasizing the role of the credit channel on monetary policy
impact of the economy through the quantity of reserves and return-bank credit
to the real sector. The exception to this rule was the policy of double pillar of
the ECB, which paid special attention to the amount of credit in the economy.
The regulation and supervision that were focused on individual financial
institutions and markets as well as measuring their impact on the funding
stability, were largely ignored. Given the enthusiasm for financial
deregulation, the usage of prudential regulation for counter cyclical purposes
was considered improper interference in the functioning of credit markets.
Simultaneously, with the positions of sharp political limitations, the power of
the impact on fiscal policy was substantially underestimated. The global
economic crisis has imposed the need of reshaping the macroeconomic policy.
According to the determined objectives of macro-prudential regulators,
macroprudential elements which are infiltrated in BASEL 3 concept are
necessary to be fully implemented by the end of 2019. This paper, through the
methods of induction and deduction, historical analysis and the comparative
method, provides an overview of the latest developments in macroeconomic
and redefined macroprudential policy, offers proposed measures and tools for
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operating the criteria of Basel 3, and illustrates the case of Republic of
Macedonia in compliance with the aspect of the banking sector with the new
capital standards of Basel 3.

Item Type: Article
Subjects: Social Sciences > Law
Divisions: Faculty of Law
Depositing User: Aleksandra Rogleva
Date Deposited: 10 Feb 2021 08:39
Last Modified: 10 Feb 2021 08:39
URI: https://eprints.ugd.edu.mk/id/eprint/27495

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