FLOW OF FUNDS ACCOUNT IN THE MACEDONIAN ECONOMY – METHODOLOGY, TRENDS AND EFFECTS OF THE CRISIS

Gjorgji Gockov () and Sasho Kjosev
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Gjorgji Gockov: Assistant Professor, Faculty of Economics – Skopje

Journal Articles, 2014, 35-44

Abstract: The analyses of the macroeconomic developments mainly are based on the data from the basic macroeconomic accounts – national accounts, balance of payments, monetary survey, government statistics. Based upon theoretical grounds and international methodological principles and standards, an effort has been made for establishing and developing a consistent framework for analyzing flow of funds in the Republic of Macedonia. The matrices has been constructed and a quantitative analysis has been conveyed on the flows of financial funds amongst the sectors in the Macedonian economy for the period 2004-2013. Based on the constucted matrices, (1) the position of the each sector as a net debtor/creditor is assessed, (2) the sources for financing/investing of that position are analyzed, and (3) the flows of funds among the sectors are assessed. Special attention is given to the effects of the crisis, therefore two sub-period are distinguished and separately analyzed: 2004-2008 as a pre-crisis period and 2009-2013 as a post-crisis period. In these two sub-period the changes in the behavior of the main sectors of the Macedonian economy are analyzed in terms of their net lending/borrowing position and the sources of funding that position.

Keywords: national accounts; monetary survey; budget account; balance of payments; saving-investment gap; flow of funds account; crisis (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:cmk:journl:y:2014:p:35-44

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