An Empirical Assessment Of Macroeconomic Determinants Of Bank Deposits In North Macedonia: Evidence From 2015–2024 Quarterly Data

Dr. Gonxhe Osmani

Abstract


 

This paper conducts an empirical analysis to identify and evaluate the key macroeconomic factors—such as GDP, deposit interest rates, inflation, and unemployment—that influence the level of bank deposits in North Macedonia. The analysis is based on quarterly data from the National Bank and the State Statistical Office, covering the period from the first quarter of 2015 to the fourth quarter of 2024, with a total of 40 observations for each variable.

The findings indicate that an increase in deposit interest rates and the level of inflation play a significantly positive role in determining the level of deposits. Conversely, rising unemployment exerts a negative impact. GDP, however, does not appear to have a statistically significant effect on the level of deposits.

This research contributes to a deeper understanding of depositor behavior in emerging economies and offers important policy implications for financial stability and effective monetary management in North Macedonia.

 


Keywords


bank deposit, inflation, GDP, interest rates, unemployment

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References


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DOI: http://dx.doi.org/10.52155/ijpsat.v55.1.7700

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