Diana Boshkovska
Institute of Economics-Skopje, University “Ss. Cyril and Methodius”, Republic of Macedonia
​​DOI: https://doi.org/10.31410/EMAN.2018.197

2nd International Scientific Conference – EMAN 2018 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 22, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-11-0


The Republic of Macedonia is faced with a new political crisis in the past period, which has deepened in the period 2014-2015. The subject of paper is the impact of this political crisis on the situation and the trends on the securities market in the Republic of Macedonia, presented through the Macedonian Stock Exchange. The Macedonian Stock Exchange, although it exists over 20 years, still has a minor role in the financial system in the Republic of Macedonia, unlike the banking sector, whose share is about 90%. In order to assess the impact of the political crisis on the stock exchange, several indicators are analyzed: the scope of the primary issue of securities, stock turnover, market capitalization, market indices – MBI 10 and OMB, as well as the share of foreign capital on the stock exchange. The analysis uses data from official documents of the Macedonian Stock Exchange and the National Bank of the Republic of Macedonia for the period 2010-2017. From the research conducted in the paper, it is perceived that the political crisis generally has no negative consequences on the situation on the Macedonian Stock Exchange. Strictly speaking, its impact is of a short-term nature, which means that there is a downward trend only in the year when the crisis deepens, but from the next period there is already a stabilization of the situation and a positive trend of movement in most analyzed indicators.

Key words

political crisis, capital market, Macedonian stock exchange, Republic of Macedonia


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