The Consequences of the World Economic Crisis on the Macedonian Financial and Real Estate Sector

Stevanovsk, Marijan; Dejanovski, Aleksandar
February 2013
TEM Journal;Feb2013, Vol. 2 Issue 1, p21
Academic Journal
The world economy in recent years has suffered its biggest blow, even from the time of global depression, impact that severely damaged the developed and developing countries around the world. The world financial crisis, at first, has emerged in the U.S., as a mortgage crisis wherefrom, has spread to other parts of the world and in Macedonia, as well, evolving into severe economy crisis, reflected through drastic decline in GDPs worldwide, and occurrence of world recession. To analyze the impact of the global financial crisis, on the Macedonian banking sector, it is necessary, first to analyze the structure of the financial markets and intermediaries in the Republic of Macedonia, through the aspect ratios of good and bad loans, the ratio of financial intermediation, the linkage of the Macedonian banks with global investment banks, ratios of capital adequacy of the banks, the usage of structured credit financial instruments or derivatives and the development of secondary capital markets in the Republic of Macedonia. Finally, it is necessary to analyze the impact of the global economic crisis on the Macedonian real estate sector through the structure of foreign trade, the structure of Macedonian import and export, and the rates of unemployment and production. The basic purpose of this paper is to present and explain the impact of global financial and economic crisis on the Republic of Macedonia, and to suggest some alternative solutions to overcome the negative consequences.


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