National Bank of the Republic of Macedonia

7th Annual Research Conference

Around a Decade After the Crisis:

Heading to the New Global Cycle and Monetary Policy Normalization

12-13 April 2018, Hotel Inex Gorica, Ohrid, Republic of Macedonia 

Conference Program

11 April 2018 (Wednesday)

19.30 Welcome reception

12 April 2018 (Thursday)  

9.30-10.00  Registration

10.00-10.15  Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, Welcome speech

10.15  Session I: Real convergence and financial integration in Europe
 Chair: Aneta Krstevska, Chief economist, NBRM

10.15-10.35  Piotr Zuk, European Central Bank, Real convergence in central, eastern and south-eastern Europe

10.35-10.55  Aleksandar Stojkov, Law Faculty, Skopje, Global versus European drivers of foreign direct investment: Europe as a case study     (presentation PDF)

10.55-11.10 Vassilis Monastiriotis, European Institute, London School of Economics – Research on Southeast Europe, Discussant     (presentation PDF)

11.10-11.25 Discussion

11.25-11.30 Annual award of NBRM for a young researcher

11.30-11.50  Coffee break

11.50 Session II: Common shocks and macroeconomic resilience of the economies
 Chair: Ana Mitreska, Head of the Monetary Policy and Research Department, NBRM

11.50-12.10  Tomasz Kleszcz, Narodowy Bank Polski, Assessing the impact of the Fed's monetary policy normalization on emerging market economies using a term structure model and simple linear regressions     (presentation PDF)

12.10-12.30  Jan Brůha, Czech National Bank, An Empirical Analysis of Macroeconomic Resilience: The Case of the Great Recession in the European Union     (presentation PDF)

12.30-12.45  Gani Ramadani, Monetary policy and research department, NBRM, Discussant     (presentation PDF)

12.45-13.00  Discussion

13.00-13.45 Lunch

13.45  Session III: Financial Stability challenges and access to finance

 Chair: Sultanija Bojceva Terzijan, Head of the Statistics Department, NBRM

13.45-14.05 Elis Deriantino Naiborhu, Bank Indonesia, Banking risks, the bank lending channel, and the macro-prudential policy in Indonesia

14.05-14.25  Antje Hildebrandt, Oesterreichische Nationalbank, Access to finance in the CESEEE countries: Evidence from the OeNB Euro Survey     (presentation PDF)

14.25-14.40  Mirna Dumicic, European Central Bank, Discussant

14.40-14.55  Discussion

14.55-15.15 Coffee break

15.15 Session IV: Contemporary modeling of banking risks
 Chair: Milica Arnaudova Stojanovska, General Manager of Sector for banking supervision, banking regulation and financial stability, NBRM

15.15-15.35  Alessandra Marcelletti, School of European Political Economy, Rome, Optimal Bank Capital Requirements: An Asymmetric Information Perspective     (presentation PDF)

15.35-15.55 Aleksandar Petreski, Jönköping International Business School, Sweden, Spatial dimension of the credit risk: spatial filter approach     (presentation PDF)

15.55-16.10 Yannick Lucotte, University of Orléans, France, Discussant     (presentation PDF)

16.10-16.25 Discussion and closing of the first conference day

13 April 2018 (Friday)

9.30-10.00  Registration

10.15-10.35 Jan Smets, Governor, National Bank of Belgium, keynote lecture;

10.55-11.50 Governors’ Panel: Heading to the New Global Cycle and Monetary Policy Normalization
 Moderator: Peter Sanfey, Deputy Director for Country Economics and Policy, Economics, Policy and Governance Department, EBRD

 Dimitar Bogov, Governor, National Bank of the Republic of Macedonia

 Jan Smets, Governor, National Bank of Belgium

 Boris Vujcic, Governor, Croatian National Bank

 Gent Sejko, Governor, Bank of Albania

 Fehmi Memeti, Governor, Central Bank of the Republic of Kosovo

11.50-12.00  Questions from the audience

12.00-13.15 Lunch

13.15-14.30  High Level Policy Panel: Capital flows – prospects and risks for the region
 Moderator: Anita Angelovska Bezoska, Vice governor, NBRM

 Bas Bakker, IMF Regional Office, Central and Eastern Europe

 Thomas Richardson, Director, Joint Vienna Institute

 Bojan Markovic, Deputy Director, Sector Economics and Policy, EBRD

 Jozef Bradezko, Vice Governor, Bank of Slovenia

14.30-14.45  Questions from the audience

14.45  Closing of the conference

фотографии / photo