Former Yugoslav Republic of Macedonia: Recent Economic Developments

International Monetary Fund

No 1995/050, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1990–95. The financial stabilization in 1994 was a result of three key policy changes. The National Bank abolished its system of passively rediscounting selective commercial bank credits and the emphasis of monetary policy was switched to inflation control. A broad range of fiscal measures ensured a decline in the public sector deficit from 11 percentage points of gross social product in 1993 to 3 percentage points in 1994. There was a 50 percent drop in measured industrial production between 1990 and 1994.

Keywords: ISCR; CR; FYRM authorities; U.S. dollar; central government; personal income; exchange rate; monetary policy; rate of inflation; loss-making enterprise; worker-managed firm; gross investment; enterprise sector; Imports; Exports; Employment; Pension spending; Monetary base; Eastern Europe (search for similar items in EconPapers)
Pages: 103
Date: 1995-06-08
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