Vrateovska Nikolovska, Dance and Mojsoska, Snezana and Rogleva, Aleksandra (2015) Redefinition of Macroeconomic and Macroprudential policy and BASEL III Concept. In: International Scientific Conference Researching Security - Approaches, Concepts and Policies, 02-03 June 2015, Ohrid, Republic of Macedonia.
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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 paied
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 countercyclical 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, macro-prudential elements which are infiltrated in BASEL 3 concept, it
is necessary that they are fully implemented by the end of 2019. This paper, through the methods of
induction and deduction, historical analysis and comparative method, provides an overview of the
latest developments in macroeconomic and redefined macroprudentail policy, offers proposed
measures and tools for operating the criteria of Basel 3, and illustrating the case of Republic of
Macedonia in compliance of the aspect of the banking sector with the new capital standards of Basel
3.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | Social Sciences > Law |
| Divisions: | Faculty of Law |
| Depositing User: | Aleksandra Rogleva |
| Date Deposited: | 01 Feb 2021 11:12 |
| Last Modified: | 01 Feb 2021 11:12 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/27409 |
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