The capital market in the Republic of Macedonia – financial markets and institutions performing the mobilization of financial savings and its allocation in long-term production investments. Here, above all, it is thought of the market of bank loans and the market of long-term securities. In the initial years of the transition to the Republic of Macedonia, the short-term banking lending was expressed predominantly, which does not offer financial support for long-term production investments. But 2006, long-term loans have already exceeded half of the total gross loans, reaching a share of 59%. In addition to the long-term loans, the price is important for companies and households can provide bank loans. The price of bank lending is expressed through the amount of interest rates on loans and through the interest rate spread, which is the difference between interest rates on loans and interest rates on deposits. In the transition period, in the Republic of Macedonia, interest rates on loans were held at a high level, which made loans expensive for companies. For example, the average interest rate on short-term loans, 1998, amounted to 21.05%, 2002. 17.71%, and 2004 12.5%; The average interest rate for loans from all maturities 2006 descended to 10.9%. Also, the interest rate spread was maintained at a relatively high level, which indicates small in scope and expensive intermediation of financial savings from household sector towards the sector of firms. For example, 1998, the short-term interest rate span was 8.6 percentage points, 2002. 8.5 percentage points, and 2004 6.0 percentage points; The interest rate spread for all maturities, 2006, amounted to 6.5 percentage points. All this led to a situation where the amount of gross loans in the Republic of Macedonia, 2006, represents only 29.6% of GDP, while the same indicator of the EU is 125.9%. As factors that maintained interest rates on low-level loans, the Republic of Macedonia can be listed: the burden of nonperforming loans, insufficient competition in the banking sector and insufficient operational efficiency of banks. Here, as a macroeconomic factor, the restrictive character of monetary policy should be added to a large part of the transition period. The long-term securities market (HV) consists of two basic segments: the primary market, which covers new emissions of HV; And secondary market, on which trading with previously issued HV. The main feature of the primary market in the Republic of Macedonia is the predominance of the so-called. Emissions for known buyers, ie private placements; On the other hand, there is almost a complete absence of classical initial public offers (INNITIAL PUBLIC OFF EFFERS), in which one investment bank would be a mediator and possibly an acceptance of the risk of emissions of the HV. In the period 2000-2006, the Securities and Exchange Commission of the Republic of Macedonia has approved a total of 156 new emissions of the HV, totaling Denar 33,945 million (in this total amount, the emissions of the privatization of ESM, 2005, participates with as much as 24.6%). Another feature of the primary market is the minority of corporate bonds, so that the stock emissions are completely dominated. The secondary market of long-term HV in the Republic of Macedonia is embodied in the Macedonian Stock Exchange AD Skopje. But with the start of issuing the so-called. Continuous government bonds, in the Republic of Macedonia, the so-called. Overner’s market, organized by the National Bank of the Republic of Macedonia, constitute financial institutions that can directly trade with government bonds without mediation on the stock market. Otherwise, the secondary stock market of the HV in the Republic of Macedonia in 2005. There is market capitalization (market value of listed HV) of about 11.4% of GDP, while the volume of stock trading (ie, the turnover) reaches about 18.3% of GDP (according to the data in the EBRD transition from the 2006 d.). At the end of 2006, the official MBHV market, listed shares of 43 companies, with market capitalization of 86.5 billion denars and 7 emissions of government bonds (one issue for old foreign currency savings and 6 denationalization emissions), with market Capitalization of 22.4 billion denars. In the structure of the total trading market during 2006, about 72.7% was trading with shares of joint stock companies, about 7.2% was trading with government bonds, and the rest of about 20.1% were transactions related With the sale of the actions that the state had in a large number of joint stock companies as unprotected stakes. From the modest beginnings made in 1996, with realized turnover of only 670 thousand euros, the Macedonian secondary market of HV experiences a gradual growth of trade activity, so in the record 2006. He realizes a turnover of 176.9 million euros. Always developed the institutions on the Market of the HV: the Commission for HV of the Republic of Macedonia, the Macedonian Stock Exchange for HV AD Skopje and the Central Depository of HV AD Skopje. The future development of the Macedonian HV market will depend on the growth of the needs for long-term financing of enterprises and from the international connection of the Macedonian market and its integration into the international capital market. Lit.: EBRD, TRANSITION REPORT 2006: FINANCN INTANSITION, Skopje, 2006; Securities and Exchange Commission of the Republic of Macedonia, a report on the work of the Securities and Exchange Commission of the Republic of Macedonia in 2006, Skopje, 2007; The Securities and Exchange Commission of the Republic of Macedonia, the securities market in the Republic of Macedonia: Today and tomorrow, Skopje, 2006; Macedonian Stock Exchange of Securities AD Skopje, 10 years Macedonian Stock Exchange, Skopje, 2006; NBRM, report on the banking system and bank supervision of the Republic of Macedonia in 2006, Skopje, 2007; NBRM, Annual Report 2005, Skopje, 2006; C. Filipovski, financial sector and economic development in the Republic of Macedonia, the challenges of the Macedonian economy, MANU, Skopje, 2004, 357-379; C. Filipovski, the capital market and the development of the financial sector in the process of economic transition, doctoral dissertation, Skopje, 2002; //hinj.Morg.mk//, Annual Newsletter of the Macedonian Stock Exchange 2006. V. F.
Original article in Macedonian language Cyrillic alphabet
Кириличен напис ПАЗАРОТ НА КАПИТАЛ ВО РМ