By David Romer

David Romer's complicated Macroeconomics, 4e, keeps its culture because the normal textual content and the place to begin for graduate macroeconomic classes and is helping lay the foundation for college students to start doing examine in macroeconomics and financial economics. Formal versions are used to offer and examine key principles and matters. The theoretical research is supplemented by means of examples of correct empirical paintings, illustrating the ways in which theories could be utilized and proven. This well-respected and famous textual content is exclusive available on the market.

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26 Arnaud Mehl and Adalbert Winkler Kosovo’s financial sector had a history similar to Montenegro’s until 1989, when the autonomous provincial status of Kosovo was discontinued. The situation deteriorated steadily in the 1990s, leading to the final collapse of the financial sector during the 1999 war (World Bank, 2001b). In January 2000 the opening of Micro-Enterprise Bank (MEB), a foreign-owned institution, marked a new start. By the end of 2001, the Bank and Payment Authority of Kosovo had issued full licences to seven commercial banks, most of them local.

Moreover, the 1999–2001 period is one of relative expansion, so that portfolios have yet to pass the stress test of an economic downturn, while budget constraints enforced by the banking system seem to have hardened somewhat in most countries. (Share of loans classified in categories A/Standard and B/Watch) 100% 1999 2000 2001 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Albania Croatia Macedonia Bulgaria Romania Moldova Source: National central banks. Figure 11. Loan portfolio quality 28 The increase in minimum capital requirements in absolute terms and as a percentage of risk-weighted assets; the tightening of supervision and regulation including loan classification and provisioning; and the consolidation of banking and its opening to foreign investors can be interpreted as attempts to create incentives for prudent lending and to punish the granting of “false credit”.

A. a. a. a. a. a. 6 Source: EBRD for all countries, except Moldova (National Bank of Moldova). Table 2. a. 21 Bulgaria 95 832 Croatia 298 5 FRY Macedonia 282 Bosnia and Herzegovina 3 3 FR Yugoslavia 271 Moldova 235 20 Romania 115 59 Source: EBRD and authors’ own calculations. Notes: 1 53 In the Croat-Muslim Federation/in the Republika Srpska; Including hyperinflation crisis in 1996-97; 3 Excluding 1,100,000,000,000 % inflation rate in 1993 (larger than a million million percent). 2 The Financial Sector and Economic Development 9 19 (end of period; log of index with 100 = initial observation) Moldova 7 Romania Bulgaria 5 FR Yugoslavia 3 Croatia 1 Macedonia Albania Bosnia 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 -1 Sources: IMF, National Bank of Yugoslavia authors' calculations.

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Advanced Macroeconomics by David Romer

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