CONTEMPORARY APPROACHES IN THE ANALYSIS OF ECONOMIC PERFORMANCES
MONETARY-FISCAL MIX POLICIES IN THE REPUBLIC OF MACEDONIA: ECONOMIC GROWTH AND STABILITY
Blagoj Gorgievski, Magdalena Stankovska
Abstract: The paper gives an overview over issues concerning of financial and monetary policy mix objectives. Historically, financial stability has figured highly among central banks’ objectives, with policy measures ranging from interest rate stabilization to serving as a lender of the last resort. With the ascent of macroeconomics, these traditional tasks of central banks have been displaced by macroeconomic objectives, price stability, full employment, growth. The financial crisis has shifted the focus back to financial stability concerns. The paper first surveys the issues of financial-stability concerns in central banking and monetary-fiscal policy mix. Then it discusses two major challenges in the Republic of Macedonia: (i) monetary and fiscal policies through growth and stability issue(ii) monetary and fiscal policy coordination; assessment of the synchronization and consistency of the policy mix to the macroeconomic;coordination between the institutions in charge of monetary and fiscal policies.
Keywords: Financial stability, fiscal policy, monetary policy, systemic risk, central banking
Published: p. 175-183
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