Opportunities for Upheaval in Developing Market Securities in Macedonia

Abstract

This parer analyze the development of market securities in Macedonia. We present arguments which show that the emission of securities is negligible and with large oscillations. The value of emissions increases its share in GDP and gross investment in the country, but it is still below the level necessary and possible to determine as a factor for acceleration of economic activity and as a competitive factor of banks in providing funds for development. Among the reasons for the such results is an unfavorable environment for investment through the issuance of long-term equity and debt securities. The main impact of unfavorable environment for investment is the monetary strategy in which the policy of fi xed exchange rate is a nominal anchor for the internal balance. Without its change can not be expected to improve the atmosphere for investment, and thus to revive the primary market of securities