FLOW OF FUNDS ACCOUNT IN THE MACEDONIAN ECONOMY â€“ METHODOLOGY, TRENDS AND EFFECTS OF THE CRISIS
AbstractThe analyses of the macroeconomic developments mainly are based on the data from the basic macroeconomicÂ accounts â€“ national accounts, balance of payments, monetary survey, government statistics. Based upon theoreticalgrounds and international methodological principles and standards, an effort has been made for establishingÂ and developing a consistent framework for analyzing flow of funds in the Republic of Macedonia. TheÂ matrices has been constructed and a quantitative analysis has been conveyed on the flows of financial fundsamongst the sectors in the Macedonian economy for the period 2004-2013. Based on the constucted matrices,Â (1) the position of the each sector as a net debtor/creditor is assessed, (2) the sources for financing/investingof that position are analyzed, and (3) the flows of funds among the sectors are assessed. Special attention isÂ given to the effects of the crisis, therefore two sub-period are distinguished and separately analyzed: 2004-2008Â as a pre-crisis period and 2009-2013 as a post-crisis period. In these two sub-period the changes in the behaviorÂ of the main sectors of the Macedonian economy are analyzed in terms of their net lending/borrowing positionÂ and the sources of funding that position.
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