Several important factors affect the financing of companies in North Macedonia today. The paper aims to explore how the Gross Loans to Non-Financial Sector / GDP ratio depends on the Inflation Rate, the Interest Rate of Non-financial Sector Loans, and the GDP. Based on the secondary data (quarterly time series) obtained from credible sources covering the period from 2015:Q1 to 2023:Q3, we employ the Auto-Regressive Distributed Lag (ARDL) approach to examine both the short- and long-run dependencies. The results confirm the statistically significant impact of the regressors on the dependent variable.
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Odzaklieska et al. (2024) studied this question.
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