Author(s):
1. Snezana Mojsoska, Faculty of security - Skopje, 2. Danche Vrateovska, Public revenue office Macedonia, Macedonia
3. Nikola Dujovski, Faculty of security - Skopje, Macedonia

Abstract:
Position of financial system trough financial institutions in the case Macedonia Talking about the financial stability it initially appears that it is referring only to one segment of the economy (the stability of the financial system, i.e. financial institutions), and actually it’s referring to the whole economy, because of the great importance of systems’ to the economy and the relation of the financial system with other subsystems, and because of the systems’ key impact on conditions in the economy. The focus in this paper is the impact of the financial institutions on the macroeconomic stability by analyzing the early development of the global economical crisis (2008), their impact on economic growth and thus on the real sector in developed countries through comparative analysis continuing to their influence in the Republic of Macedonia. According to our analysis in Republic of Macedonia, there is an insufficient financial development and integration with international financial markets and institutions. This position showed to be a strong defense against the crisis, along with the dominance of conservative banks, ignorance and uneducated economic agents about comparative advantages offered by other non-bank financial institutions, low savings, low financial intermediation, and all this influences on poor performance in the real sector. This statement is confirmed by research where the data are processed with basic descriptive statistical procedures. In the space of descriptive statistics, basic measures of central tendency and dispersion are calculated for each variable, as well as grouping the results in classes (frequent analysis). The research confirmed low-level savings, lack of knowledge about the financial market conditions to the interviewees along with opportunities and the general definition of financial institutions. The results lead to the conclusions that there is a need of increased promotion of the non-banking financial institutions, educating the economic agents in all forms and saving opportunities (especially for non-deposit financial institutions) and others. In addition, there is a need for complementary measures for development and intensifying the financial system in the Republic of Macedonia.

Key words:
Key words: financial system, financial sector, banks, savings, non-banking financial institutions.

Date of abstract submission:
16.10.2013.

Conference:
REDETE 2014 - Researching Economic Development and Entrepreneurship in Transition Economies