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РEУVEБNРИTSКА
Economic and financial
cycles in the light of the
empirical research
Review of the Fifth International Research Conference of the NBRM
Aneta Krstevska For already five years, the Na-
tional Bank of the Republic of
Chief Economist, NBRM Macedonia holds the regular
Annual Research Conference,
as a recognizable event which
gathers researchers, economic analysts
and experts from the central banks and
the wider region, international financial
institutions, academic and research insti-
tutions from this country and abroad. The
main goal is to perceive the latest trends in
the field of empirical research, as well as to of the policies, and 14 research materials
initiate a discussion about the main chal-
lenges in leading macroeconomic policies
and movements in banking. Consequently,
the conference is imagined as a combina-
tion of empirical research and a discussion
about the policies, the purpose of which
is translation of the conclusions from
the empirical research into useful advice
about the holders of the policies. The event
is also an exceptional opportunity for the
national scientific and professional public
aimed at familiarization and exchange of
experiences in the field of application of
modern research methods and prepara-
tion of exceptionally thorough economic
analyses within the wider central banking
circles. The National Bank of the Republic
of Macedonia makes enormous efforts for
the conceptualization and organization of
40 May 2016
this event, hoping for multiple positive ef-
fects for all institutions – participants.
This year the Research conference of
the NBRM was dedicated to: the spillover
effects of the economic and the financial
cycle: reassessment of the national and the
cross-border channels, and the responses
to the policies. The first panel of the con-
ference, apart from the main lecture, usu-
ally includes a discussion on the challenges
were presented in the next five sessions.
The economic and the financial cycles,
their relatedness, the level of synchroni-
zation and the mutual effects, for a long
time attract the attention of the econo-
mists worldwide, and perhaps this is more
expressed in the past years marked by the
Global Crisis. In this regard, the discussion
within the first panel referred to a conclu-
sion that what further remains in the fo-
cus of interest of policy holders includes
the following: the effects of the non-stan-
dard measures of the monetary authorities
in the world, the changes of the regulatory
demands and their effects on the banking
operations, the conditions in the Eurozone
and the possible spillover effects, as well as
the challenges in the domain of the finan-
cial stability in the countries in the region
and beyond.