Flow of funds account in the Macedonian economy – methodology, trends and effects of the crisis
Journal
CEA Journal of Economics
Date Issued
2014
Author(s)
Abstract
The analyses of the macroeconomic developments mainly are based on the data from the basic macroeconomic accounts – national accounts, balance of payments, monetary survey, government statistics. Based upon theoretical grounds and international methodological principles and standards, an effort has been made for establishing and developing a consistent framework for analyzing flow of funds in the Republic of Macedonia. The matrices has been constructed and a quantitative analysis has been conveyed on the flows of financial funds amongst the sectors in the Macedonian economy for the period 2004-2013. Based on the constucted matrices, (1) the position of the each sector as a net debtor/creditor is assessed, (2) the sources for financing/investing of that position are analyzed, and (3) the flows of funds among the sectors are assessed. Special attention is given to the effects of the crisis, therefore two sub-period are distinguished and separately analyzed: 2004-2008 as a pre-crisis period and 2009-2013 as a post-crisis period. In these two sub-period the changes in the behavior of the main sectors of the Macedonian economy are analyzed in terms of their net lending/borrowing position
and the sources of funding that position.
and the sources of funding that position.
Subjects