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РУEБVРEИNКTАS
The countries of mented by the high level of non-performing At the same time, the relation between
the region further loans in several countries, may cause unfa- the measures of the monetary policy and
remain faced with vorable implications on the credit growth the financial stability was determined, and
a sequence of through an increase of the risk aversion it was indicated that it has a different in-
challenges in the among banks. Consequently a need is im- tensity depending on the level of financial
field of financial posed of gradual deleveraging aimed at stability. It is interesting to point out that
stability, whereby a reduction of the imbalances and creation the materials of this session which treated
need is imposed of of prerequisites for faster recovery from the financial stability, and the financial
further measures the Global Crisis. In this context, a ques- variables in general, referred to a similar
which will take tion is imposed about the sustainability of conclusion that the attention dedicated to
into account the the debt per individual borrowers (Martinis the financial variables is greater in condi-
balance between the and Ljubaj, 2016), that is, detailed analysis tions of financial volatility.
individual and the aimed at determination where restructur-
system risk, that is, ing of the debt of the companies should ***
a balance between be stimulated, at rated capacity for their
stability and growth gradual deleveraging, against the cases Generally speaking, the Fifth research
where debt is assessed as unsustainable in conference of the NBRM offered a lot of
the long run. In terms of the indebtedness interesting materials and a useful discus-
of the population, particularly through sion both for the foreign, as well as for
long-term housing loans, the fluctuations the national scientific-professional public.
of the prices of real estate are very impor- Shortly speaking, the basic messages for
tant in terms of the financial position and the policy holders based on the research
the possibility for covering the risks by the materials presented at the conference in-
debtors. In terms of the real estate markets clude the following:
in the countries of Southeast Europe, in
addition to the improvement of the access - The holders of the macroeconomic
to financing, measures are required in the policies must take account of the macro-
direction of strengthening of the regula- financial relations;
tions in this market segment.
- The relatedness between the eco-
The sixth session was a connection of nomic and the financial cycles is different
a part of the previous several sessions, in different countries, and at the same
that is, it was aimed at indicating the re- time the effects of the global cycles are im-
lations between the financial stability, the portant for the small and open economies,
monetary policy and the expectations. The whereby the holders of the policies should
empirical research in this part shows that perceive both the aspects of synchroniza-
the trust of the consumers and their ex- tion, as well as the aspects of non-synchro-
pectations are largely affected by macro- nization between the cycles;
economic and financial variables, however
also by the internal-political conditions in - The holders of the monetary pol-
a country. icy need further in-depth analysis of the
macro-economic impacts of the monetary
In modern conditions, the central measures – standard and non-standard,
banks pay a lot of attention to the aggre- used in the crisis and post-crisis period;
gate indices of financial stability. One of
the presentations (Petreski and Mucheva - The countries of the region further
– Mihajlovska, 2016) treated precisely this remain faced with a sequence of challenges
problematic, pointing out the need of re- in the field of financial stability, whereby a
viewing several approaches aimed at se- need is imposed of further measures which
lection of an optimal aggregate indicator. will take into account the balance between
In addition, these indices can further be the individual and the system risk, that is,
used in different models. In this regard, a balance between stability and growth.
it was shown that the indices of financial
stability can be used as an early warning At the same time the conference im-
indicator of materialization of credit risk. posed many new research issues, which is
probably a challenge for a meeting in the
future.
May 2016 43
