26 April, 2013, Skopje

2nd Research Conference "Policy Nexus and the Global Environment: A New Consensus Emerging from the Crisis?"

Program                                                                                          Print version of Program

Venue: Holiday Inn Hotel 
26 April 2013 (Friday)

9.00     Dimitar Bogov, Governor of the NBRM, Opening Speech

Session I: Effectiveness of Monetary Policy in the Midstream of Protracted Crisis: The Synergy of Conventional and Unconventional Monetary Approach
Moderator: Anita Angelovska Bezoska, Vice-Governor, NBRM 
9.15     Turalay Kenc, Deputy Governor, Central Bank of the Republic of Turkey - keynote speaker - Monetary Policy, Capital Flows and Reform of the International Monetary and Financial System (presentation PDF)
9.45     Giuseppe Ferrero, Bank of Italy - Unconventional Monetary Policy in Theory and Practice (presentation PDF)
10.05    Yasin Mimir, Central Bank of the Republic of Turkey - Required Reserves as a Credit Policy Tool (presentation PDF)

10.25    Discussion

10.45    Announcement of the Annual Award of the NBRM for the Best Paper of a Young Researcher

10.50    Coffee break

Session II: Monetary and Fiscal Policy Interaction, Has the Crisis Provided New Insights? 
Moderator: Maja Kadievska Vojnovic, Vice-Governor, NBRM
11.20    Michal Franta, Czech National Bank - Tracking Monetary-Fiscal Interactions Across Time and Space (presentation PDF)
11.40    Mirjana Miletic, National Bank of Serbia - Efficiency of the Fiscal and Monetary Stimulus: The Case of Serbia (presentation PDF)
12.00    Viktor Iliev, Bulgarian National Bank - Fiscal Policy and Economic Growth in Bulgaria (presentation PDF)
12.20    Mirna Dumicic, Alan Bobetko, Josip Funda, National Bank of Croatia - Fiscal Determinants of Government Borrowing Costs – Do We Have Only Ourselves to Blame? (presentation PDF)

12.40    Discussion

13.00    Lunch

Session III: Macroprudential Tools and Policies for Measuring and Mitigating Financial System Risk and Interaction with the Monetary Policy 
Moderator: Aneta Krstevska, Chief Economist, NBRM
14.15    Adam Geršl, Joint Vienna Institute - Credit Growth and Capital Buffers: Empirical Evidence from Central and Eastern European Countries (presentation PDF)
14.35    Julia Kiraly, Central Bank of Hungary - Foreign Currency Lending: The “Flow” and the “Stock” Problem (presentation PDF)
14.55    Matjaz Volk, Bank of Slovenia - Estimating Probability of Default and Comparing It to Credit Rating Classification by Banks (presentation PDF)
15.15    Discussion
15.30    Coffee break
15.45    Adrian Costeiu, National Bank of Romania - Bridging the Banking Sector with the Real Economy: A Financial Stability Perspective (presentation PDF)
16.05    Albulene Kastrati, Central Bank of the Republic of Kosovo - Indentifying Systemically Important Banks in Kosovo (presentation PDF)
16.25    Magdalena Petrovska, Elena Mucheva, National Bank of the Republic of Macedonia - Measures of Financial Stability in the Republic of Macedonia (presentation PDF)

16.45    Discussion

17.00    Wrap up and closing of the conference