{
  "title": "Former Yugoslav Republic of Macedonia: Selected Issues",
  "publication": "IMF Staff Country Reports, June 8, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-25968",
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  "summary": "This Selected Issues Paper assesses Macedonia’s public debt markets and presents recommendations for their further development. Macedonia’s domestic debt market is in the early stages of development and is small by regional standards.",
  "sections": [
    {
      "heading": "Public debt markets and market development",
      "content": "- Assessment: Macedonia’s domestic debt market is in the early stages of development and is small by regional standards.\n- Focus: The paper presents recommendations for further development of public debt markets.\n- Subject tags relevant to this theme: Domestic debt, Government debt management, Public debt, Public financial management (PFM), debt market, market development."
    },
    {
      "heading": "Euroization: causes and analysis",
      "content": "- Analysis: The paper analyzes the main causes of euroization in Macedonia.\n- Keywords related to this theme: Currencies, FX lending, FX-indexed loan, Foreign exchange, depreciation volatility, FX."
    },
    {
      "heading": "Monetary policy and exchange rate arrangements",
      "content": "- Discussion: Monetary policy in Macedonia is considered in the context of an exchange rate peg.\n- Key point: Despite an exchange rate peg owing to imperfect capital mobility, there exists some degree of autonomy in the conduct of monetary policy in the short term.\n- Related subjects and keywords: Central bank policy rate, monetary policy stance, NBRM interest rate policy, policy rate, Exchange rate arrangements.\n\n---\n\n Content in this bundle\n\n- Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 12/134; May 16, 2012\n  - Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 12/134; May 16, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 12/134; May 16, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 8, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475504156.002",
    "Assessment: Macedonia’s domestic debt market is in the early stages of development and is small by regional standards.",
    "Focus: The paper presents recommendations for further development of public debt markets.",
    "Subject tags relevant to this theme: Domestic debt, Government debt management, Public debt, Public financial management (PFM), debt market, market development.",
    "Analysis: The paper analyzes the main causes of euroization in Macedonia.",
    "Keywords related to this theme: Currencies, FX lending, FX-indexed loan, Foreign exchange, depreciation volatility, FX.",
    "Discussion: Monetary policy in Macedonia is considered in the context of an exchange rate peg.",
    "Key point: Despite an exchange rate peg owing to imperfect capital mobility, there exists some degree of autonomy in the conduct of monetary policy in the short term.",
    "Related subjects and keywords: Central bank policy rate, monetary policy stance, NBRM interest rate policy, policy rate, Exchange rate arrangements.",
    "**Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 12/134; May 16, 2012**"
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