Page 41 - Ekonomija i Biznis_May 2016.indd

In the focus
The second session was dedicated to
the empirical analyses in the domain of
the economic and the financial cycles and
their spillover effects. The analyses in this
segment referred to the importance of the
financial movements for the overall mac-
roeconomic realizations, as well as a need
of appropriate policies and measures di-
rected towards limitation of excessive am-
plitudes in the expansive and contraction
stage of the financial cycles. In addition,
the small and open economies need to
monitor the global cycles considering the
possible spillover effects both through the
economic, as well as through the financial
relatedness.
The empirical findings (Miteski and
Georgievska, 2016) refer that the real and
financial cycles are more significantly
synchronized in only a small number of
countries from Central and Southeast Eu-
rope. In addition, only a small number of
countries of this group have a coordinated
economic cycle with the Eurozone which
is probably in favor of the reduction of the
consequences of the Global Crisis and the
crisis in the Eurozone. On the other hand,
the financial cycles showed increased com-
pliance with the movements in the Euro-
zone, which may refer to stronger impacts
through the presence of foreign capital
РУБРИКА
from EU in the banking systems of these
countries.
The third session was dedicated to the
importance of the economic and the fi-
nancial cycles in terms of conducting
the monetary policy. In the period of the
Global crisis, the central banks pay a lot of
attention to the effects of the application
of non-standard measures in the conduct-
ing of monetary policy not only in terms of
monetary variables, but also the variables
from the real and the financial sector. In
addition, it is perceived that different mon-
etary instruments and strategies may have
a different effect on the volatility of credit
growth, which refers to a need of prudence
in terms of their choice. Another interest-
ing fact and a very important realization
in this domain is that the economic activ-
ity may react differently to the monetary
measures depending on the stage of the
economic and the financial cycle (Kilinc
and Tunc, 2016), whereby the effectiveness
of the monetary policy may be different.
The fourth session included the issues
related to the spillover effects of the global
cycles on the domestic economy. Some of
the basic channels of transmission of these
effects include the capital flows, which
may affect the ability of banks regarding
the volume of credit offer. Still the analy-
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