Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/262236 
Year of Publication: 
2021
Citation: 
[Title:] Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Zagreb, Croatia, 9-10 September 2021 [Publisher:] IRENET - Society for Advancing Innovation and Research in Economy [Place:] Zagreb [Year:] 2021 [Pages:] 75-85
Publisher: 
IRENET - Society for Advancing Innovation and Research in Economy, Zagreb
Abstract: 
This study aims to analyse how the monetary policies of the Republic of North Macedonia and the Republic of Albania, as one of the two critical macroeconomic policies, have reacted in response to COVID-19 for the year 2020. Last year, the year 2020, the pandemic caused these two countries to react through monetary policy. This research examines how central banks of both countries have changed traditional monetary policy tools for tackling the pandemic, starting with open market operations, required reserve ratio, the overnight loans interest rate, and the available deposits interest rate. The research continues with analyzing whether they were used and what non-traditional tools were applied in that period. The study analysis concludes which monetary policies have been pursued in the Republic of North Macedonia and the Republic of Albania, whether there have been non-traditional tools and how the scope for interbank interest rate volatility has changed. Our study revealed that both countries had pursued an expansive monetary policy, there were also non-traditional tools, and the scope for interbank interest rate volatility has shifted towards narrowing.
Subjects: 
monetary policy
central bank
traditional tools
non-traditional tools
interbank interest rate
JEL: 
E49
E58
E59
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Conference Paper

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