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In this paper, through regression analysis the effect of the insurance sector on the economic growth and the capital market in N. Macedonia was analyzed for the period 2014-2022. The main variables used in the analysis were GDP, Stock Market Capitalization, Bond Market Capitalization and Assets of Insurance Companies. Hence, considering the participation of 1.54% of the insurance sector in the N. Macedonian GDP, as well as the asset allocation of the insurance companies, the obtained results were according to the expectations. On one hand, the insurance companies showed negative effect on GDP, which may be due to the very low participation in the total GDP, but they showed positive effect on the stock market capitalization. Additionally, bidirectional causality with positive effect was determined between the GDP and Stock Market Capitalization. [ABSTRACT FROM AUTHOR]

For a long period institutions were either ignored as a relevant economic growth factor or taken as given in standard economic growth theory. The new institutional theory identifies institutional quality as a fundamental factor for the difference in the level of economic development among the countries. Based on the relevant literature and the available data and empirical analysis, this theory seems to the point. The purpose of the paper is to review the characteristics of institutions and to identify their role in achieving economic growth and development in modern societies and economies. The paper is structured in several parts. The first part reviews the new theories, with the main focus on institutional theories, that are elaborating on the linkages between the quality and efficiency of the institutions and their role in sustaining economic growth, and at the same time, they are highlighting the primary importance of the institutions in achieving economic growth. The second part of the paper elaborates on the transmission mechanisms through which institutions impact economic growth. In the third part, a comparative analysis of the quality, capacity, and (in)/efficiency of the institutions in North Macedonia and selected countries from the Region is given. For the purpose of the paper, available data from relevant international organizations are used, such as the World Bank, and Transparency International, which are suitable for the identification of the quality, efficiency, and capacity of institutions. Based on the available data, qualitative and quantitative analyses are performed by the authors. At the end of the paper, a summary overview of the impact of institutions on sustaining economic growth in а long run, based on the conducted analysis within the paper, is given. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to assess the role of technological progress in long-term economic growth, with special emphasis on the case of the Republic of North Macedonia. There are two basic postulates serving as starting point of the paper: first, according to the new growth theory, the technological progress has crucial role in the economic gowth and second, one of the main targets of sustainable development goals (SDGs) is to foster innovation and R&D of national economies in purpose to boost their transformation in knowledge- based economies as a precondition for sustainable development. The hypothesis of the paper is that the technological progress is positively correlated with the long-run economic growth; this is in accordance with the economic theory. The analyses conducted in the paper are based on secondary data (Eurostat, European Commission, State Statistical Office, World Bank) and in order to confirm or reject the paper's hypothesis an econometrician model has been performed. The main methods used in the paper are statistical method, method of comparison, method of analysis and synthesis. The paper deals with technological progress in the EU and North Macedonia, measured through available data. The findings indicate a positive correlation between the technological progress and the economic growth in the case of EU countries. In the case of the Republic of North Macedonia, the results of the regression analysis confirm the positive and statistically significant impact of R&D on GDP and negative and statistically significant impact of number of persons with tertiary degree on GDP. The findings confirm the main hypothesis of the paper. [ABSTRACT FROM AUTHOR]

A well-developed management structure is the backbone for the successful operation of any enterprise. The underrepresentation of women in managerial positions has been a persistent concern in the context of gender equality and economic development. This paper investigates the percentage participation of women managers in European countries and its potential connection to GDP per capita. Utilizing a comprehensive dataset comprising various European countries, we conduct a comparative analysis of the proportion of women in managerial roles across different economies with a special reference to North Macedonia. Additionally, GDP per capita data is incorporated to explore potential correlations between women's representation in management and economic prosperity. The analysis covers the following regions: Scandinavia, Nordic region, as well as Eastern, Western and Southern Europe. The analysis refers to two consecutive years, 2020 and 2021. The results indicate that the percentage participation of women managers and GDP per capita are inversely proportional in the Scandinavian region, the Nordic region, as well as Eastern and Western Europe, while the opposite conclusion applies to the countries of Southern Europe. [ABSTRACT FROM AUTHOR]

As one of the priorities of the European Union, Cohesion Policy targets all EU regions in order to support job creation, business competitiveness, economic growth, sustainable development, and improve citizens' quality of life. Regional economic development is an important objective of the Government of North Macedonia and an important prerequisite for balanced and sustainable development of the country. Effective and efficient implementation of the policy for balanced regional development will significantly accelerate the integration processes into the European Union and align with its cohesion policy. Since 2007, when the first efforts were initiated, significant progress has been made towards creation of smart, sustainable and inclusive country. Special attention in this paper will be given to the legal and institutional framework and new principles of regional policy in RNM. The paper also will be focused on harmonization of the regional policy with sectoral policies in the county. [ABSTRACT FROM AUTHOR]

Copyright of Proceedings of the Faculty of Economics in East Sarajevo / Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu is the property of University of East Sarajevo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Тhe mаin rеаsоn for the еxchаnge rate sеnsitivity is the dоubts in its crеdibility rеlаtеd to the trаde, wеаknesses in the finаnciаl sеctоr, еxternаl shоcks, pоlitical errоrs, cоuntry risk, еtc. Тhis paper discuss about potential currency crisis in the Republic of N. Macedonia for the period before pandemic and give the answer to what kind of lessons should we take into account regarding past period which is measured in the research. The paper presents the results of a possible crisis scenario in N. Macedonia and give statistical analysis of the relationship of the indicators of a currency crisis, examining two questions - are disorders in Macedonia that can cause a currency crisis and which generation currency crises would be the closest for Macedonia. [ABSTRACT FROM AUTHOR]

The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL) model is applied on yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run. [ABSTRACT FROM AUTHOR]

The budget represents an annual plan for financing the functions and responsibilities of one country, the units of local government and the funds, and consists of an annual estimation of revenues and expenditures usually for one fiscal year [1]. It also may include strategic plans. The budget can be classified differently. The budget process may vary between different countries. The budget helps a country to predict if it will have budget surplus or deficit and plan any further financing if needed. The objectives of the budget policy can be: resource allocation, redistribution and economic stabilization. The purpose of this paper is to analyse and compare the budgets of two different countries, Republic of Macedonia and Republic of Slovenia for the years 2008, 2013 and 2017. Macedonia and Slovenia are countries that are similar in territory, in terms of population and both were part of the former SFRY. They have been operating as independent states since 1991. This is why they are the target of the analysis of their budget systems in this research paper. [ABSTRACT FROM AUTHOR]

The Republic of Macedonia in its evolutionary path to independence was mostly under the Ottoman Empire, so it is of great historical and economic meaning to analyze the importance it gained in that period, primarily due to the geographical position in which it is located, occupying the central part on the Balkan Peninsula, a section which important regional and national roads pass through and the possibility of foreign trade with other countries. The research design on this paper is based on collecting relevant data that reflect the purpose for which the paper was written, i.e. through careful analysis and using the historical method, the collecting data method and statistical methodologies and procedures, to show the exchange of goods and services that took place on the territory of Macedonia in the XIX century. [ABSTRACT FROM AUTHOR]

The capital of life insurance companies invested in various development areas is a main factor in economic growth and improvement of the social status of citizens in the Republic of Macedonia. Life insurance in Western countries is important and specific in the role of institutional investors in financial markets due to the fact that through these types of insurance the absorption of long-term assets available for long-term plans. According to investments invested in the state, an interesting fact is that in the US right after commercial banks, life insurance companies are in the second place. In this paper will be considered the positive role of investment capital of life insurance companies in capital investments in the Republic of Macedonia, which will consider some very important and relevant economic factors such as gross domestic product (GDP), inflation, gross average wage bill, gross crude life insurance premiums (PDP), and the reduction of unemployment in the Republic of Macedonia during the years 2009 - 2016. To verify the treatment of the positive role of invested life insurance capital, we have conducted a correlation analysis and regression between invested capital and other parameters, which will reflect and confirm the economic development trend and improve the social situation in developing countries and enhancing the well-being of citizens in the Republic of Macedonia. [ABSTRACT FROM AUTHOR]

The process of Pre-accession to the European Union is filled with measures for assistance for the candidate countries, as to create a favourable accession and harmonization period for the candidate countries' systems. As such, the European Union uses different measures for support of businesses and the economic environment of a candidate country, as a part of a large programme, dubbed "the Instrument for Pre-Accession (IPA)". Funds used from this Instrument target capacities build-up on different areas within the candidate country throughout the accession period, with the goal of creating progressive and positive developments in the candidate country. The Republic of North Macedonia has been identified as a potential EU candidate since 2003, when the Thessaloniki European Council has granted this status. Since 2005, the country has been granted candidate status, with recommendation to open accession negations in 2015. Therefore, the pre-accession assistance that is to be granted to the country is expected to be similar to countries that have already been through this process and are now members of the EU. For comparison purposes, the support measures from the pre-accession period of two similar, already EU-member countries are compared throughout this paper. Slovenia, as a member state that has similar population, size and political background to the Republic of North Macedonia, is taken into the research of this paper, as well as Bulgaria, which is a country that is most similar to the political and economic situation of the Republic of North Macedonia during its pre-accession period, and it is one of the last countries to enter the EU. Their respective use and allowances under the IPA, with focus on measures within the instrument used to enhance the business environment of each country, are thoroughly analysed throughout this paper, as to offer an insight into what can be expected as business support measures for this period of pre-accession for Macedonia. Additionally, the results from these support measures in Slovenia and Bulgaria give a clearer image as to what should be expected and what can be the impact on development and progress of the business and economic environment of Macedonia, during this pre-accession period. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to examine the influence of the entrepreneurship factors on the innovation progress in Macedonia. The paper at first explores the innovation progress of Macedonia in comparison with other SEE countries and then it tries to find if the determinants of entrepreneurship such as: regulation & taxes, permits & licenses and access to finance, stimulates / underpins the level of innovation in the country. The data analysis is conducted based on the OECD indexes for measuring entrepreneurship and the indicators for measuring innovation according to the World Bank 'Doing Business' reports and databases. Descriptive and regression analysis together with multiple country analysis are used. Although comprehensive understanding is still lacking concerning the interface of entrepreneurship, innovation and growth, the findings show that there is a relationship among the entrepreneurial determinants that impact on the job creation and economic growth and innovation development in Macedonia. [ABSTRACT FROM AUTHOR]

This paper has two goals. The first goal is to investigate the influence of stock market development on economic growth for a group of 14 transition economies from the Central and South-East European (CSEE) region in the period 2002-2012, while the second is to analyze the main characteristics and specificities of the stock market in the Republic of Macedonia. To fulfil the first goal, we apply panel regression models (fixed and random effects) and a dynamic panel model (Generalized Method of Moments - GMM), while we use a single country approach and comparative analysis to examine the main characteristics of the Macedonian stock market. The estimated results indicate that stock market development is positive and significantly correlated with economic growth. Additionally, the comparative analysis of the stock market in the Republic of Macedonia suggests that the Macedonian stock market is still underdeveloped and faces a number of challenges before it can enter a new phase of development after the negative impact of the global financial crisis. Those challenges include capital market regional integration and the harmonization of legal and institutional frameworks such as bankruptcy procedures, accounting and reporting standards, public sector regulatory bodies, corporate governance and a liberalized trade regime. [ABSTRACT FROM AUTHOR]

This paper analyses the principles, characteristics, meaning and application of social marketing in the Republic of Macedonia. For this purpose, a primary research was conducted in terms of several ground criteria elaborated by several authors in the literature, with the standpoint of Andreasen being the most popular. Following the aspects he emphasized as most relevant, the research conducted in the paper shows where weaknesses and strengths of the implementation of social marketing in the Republic of Macedonia can be defined up to now, with the opportunity to promote its future application. Considering the global importance of this concept, this paper stresses its importance for the Republic of Macedonia and gives directions for improvement, obtained through empirical research. [ABSTRACT FROM AUTHOR]

The central issue of this paper is the condition of regional economic development and entrepreneurship in the Republic of North Macedonia. The research is aimed at determining the current policies for regional economic development, implemented measures and forms for its support, achieved results from the created policies, etc. The Centers for Development of the Planning Regions are detected as main carriers of policy for achieving a balanced regional development on the territory of the Republic of North Macedonia. For that purpose, the focus of the research is to analyze the situation in these institutions, to assess the justification of their existence and to highlight the outcome of the implemented policies up to now. The conclusions are based on the primary data sources, which give a true insight into the work of the Centers and provide a solid basis for drawing conclusions about the justifications of their existence, the success of the implemented policies etc. They also give us a quantified insight into the benefits from existence of these institutions. The paper is important in many aspects. The data also provides opportunities for further research about the different level of the development achieved in the regions, the reasons for these differences etc. [ABSTRACT FROM AUTHOR]

In this paper, we investigate the implementation challenge of Smart Specialisation Strategies (S3) in catch-up regional environments, through the lens of capacity building. We analyse capacity building at two levels: micro-level (individual organisations) and meso-level (regional inter-organisational networks). We use empirical evidence from 50 interviews conducted in the period 2015-2017 from two Greek regions dramatically hit by the economic crisis (Crete and Central Macedonia). We argue that in the Cretan and Central Macedonian context, the difficulty of implementing S3 is directly linked with firms' lack of adsorptive capability to exploit university-generated knowledge, university knowledge that is too abstract for firm's to easily acquire, as well as to the capability of regional actors to build inter-organisational networking that fits their strategic needs. [ABSTRACT FROM AUTHOR]

This paper points out challenges and barriers in establishing and maintaining businesses led by women and recommends policies for the further development of women's entrepreneurship in Republic of Macedonia. In order to gain a better picture of current motives, problems and perspectives of Macedonian women inentrepreneurship, a survey was conducted during the period of December 2017-March 2018, to complement secondary sources. Finances, lack of information, and knowledge of how to run and manage business as well as the challenge to balance the work and family engagements are the main problems facing women entrepreneurs in the Republic of Macedonia. [ABSTRACT FROM AUTHOR]

Th e aim of this paper is to evaluate the infl uence of trends in retail loan portfolio on the consumption and economic growth of Macedonia. Th e consumption of population is one of the components of GDP, and one of its drivers is the retail credit activity. On macroeconomic level, there is wide consensus among researchers that credit activity and quality of portfolio is driven by GDP movements, unemployment ratio and indebtedness of population. Also, vice verse the activities in retail segment infl uence on consumption and indirectly on GDP. So these two linkages enhance between and can result in negative spiral. Negative movements in GDP infl uence on the quality of portfolio and higher NPL ratio. And higher NPL ratio results in further decrease in credit activity and has additional negative impact on GDP. Because of that is important to determine the causes of credit activity in this segment. Th e retail portfolio in the last 4 years in Macedonian banking sector is growing continuously, opposite of other Balkan countries. Th at is why is important to analyze the past growth of retail portfolio and to determine possible weaknesses because of its future impact on GDP. One of the most important drivers that determine the future credit growth is the quality of retail credit portfolio in the moment. Another important aspect for the portfolio trend will be the interest rate environment. Th ere is clear empirical evidence that low interest environment triggers greater credit activity and vice versa. Another important aspect of the credit qrowth, is the maturity of the retail credit portfolio as a way to decrease the monthly installments and to accumulate greater risk on longer term. Special focus of this paper will be the trend in retail loan portfolio after 2008, when the banking system of Macedonia felt the impact from fi nancial crisis. Th e activities that were taken by the banking sector then can be some guidelines for future crisis. Th e retail credit growth will be analyzed by products in order better to understand bank strategies and reasons that contributed for such a growth. Also, the analyze of NPL ratio by product will give answer whether the quality of portfolio by products was one of the key drivers for credit activity. [ABSTRACT FROM AUTHOR]

The subject of this paper is the way in which the banking sector in Macedonia contributes to the economic growth by performing five basic functions: savings mobilization, risk diversification, resource allocation, corporate control and easing exchange. The basic purpose of this paper is, through assessment of the relative importance of each of the functions of the banking sector and analysis of the relationship existing between the banking sector intermediation and economic growth (as measured by GDP) to investigate the impact of the banking sector on the real sector performance in the Macedonia. According to the obtained results the paper provides conclusions for opportunities and directions for increasing the efficiency of the banking sector in the Republic of Macedonia. [ABSTRACT FROM AUTHOR]

The migration process is a dynamic process, variable in time, which affects different layers of society. Migratory movements have multiple causes, be they economic, political, demographic, etc. This study aims to show the positive role played by this phenomenon in terms of human resource development, reducing unemployment and professional training and intellectual and negative role as declining working-age population, the root of productivity, etc. Some countries including the Republic of Macedonia continue to experience increased net immigration, exacerbating negative demographic trends. Mainly, the primary cause of immigration is the poor economy in Macedonia, the second is the corruption in economy that has invaded the country and the political instability of the country. During the past two decades the increase of the migration and changes in the characteristics of immigrants have impacted negatively on the country's population growth, demographic and socio-economic structure. Remittances can also affect several variables in determining economic growth. These transfers can have different effects on these variables, intermediate that are not playing the same role in economic growth. This paper will summarize some empirical studies that analyze the link of remittances-growth. [ABSTRACT FROM AUTHOR]

Copyright of International Dialogue: East-West is the property of International Center for Slavic Education- Sveti Nikole and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Employment, especially youth employment is considered to be one of the greatest challenges worldwide. The aim of this paper is to investigate the determinants which have influence over the youth participation (individuals aged 15-24) in the labour market in Republic of Macedonia. Quantitative methods are applied on data gathered from State Statistical Office to investigate classical macroeconomic determinants such as inflation rate, access to credit by the private sector, globalization and economic growth. Globalization is investigated trough international trade and foreign direct investments, while economic growth trough gross domestic product per capita and gross domestic investments. Youth employment rate is regressed on the set of macroeconomic variables in order to determine what has influence of employment of young individuals. Results from this research suggest that macroeconomic variables as gross domestic product per capita, gross domestic investments, foreign direct investments, access to credit by the private sector have positive effect on youth employment rate in the country, while import is found to have negative effect on youth employment rate. Other macroeconomic variables like inflation rate and total youth population are found to be statistically insignificant for youth employment in the country. [ABSTRACT FROM AUTHOR]

In the past few decades, tourism has emerged as one of the major industries in the world economy, by benefiting transportation, accommodation, catering and many other sectors. It provokes an interest among all countries, regardless the level of economic development. Therefore, many undeveloped and developing countries identified tourism as one of the greatest sources of economic growth and detected it as the only way-out for economic prosperity. This research argues the inevitable relationship between tourism and economic development with an aim to investigate tourism impacts. Moreover, the paper attempts to disentangle the economic impacts of tourism industry in Macedonia by assessing its direct contribution to the economic development. For that purpose, some commonly applied economic parameters are addressed: the gross domestic product in order to measure the contribution of tourism to the overall economic activity; employment in tourism as possibility to contribute to job creation in combating unemployment rate; and the net flows of tourism services by analyzing the balance of payments. The research generally covers comparative analyses based on stylized facts obtained from desk-research and available sources of secondary data. The data set covers the period 1997-2012. Special attention is put on the period before and after the global financial crisis. The research findings reveal modest contribution of tourism towards economic development in Macedonia. Similar to many tourism-oriented countries, Macedonia was not immune to the negative shocks provoked by the world economic crisis that interrupted the upward tourism trend. The research underscores the necessity for continuous analysis of tourism economic impacts as an important consideration for strengthening national economy. Finally, the paper gains additional importance since the outcomes pose some valuable considerations to all tourism key-actors responsible for creating economic development strategies in Macedonia. [ABSTRACT FROM AUTHOR]

Women have a great influence in all spheres of the society that is continuously growing nowadays, with their significant professional achievements even in certain sectors that were reserved for men. The development of women entrepreneurship varies in different parts of the world depending on the economic development of the region. However, the engagement of women in entrepreneurial activities strengthens their economic power. The purpose of this paper is to elaborate the motivation for women to start their own businesses, focusing on specific problems and challenges they need to face and overcome, as well as to analyse the development of women position in business and society. The importance of entrepreneurial education, changing stereotips for women and support from successful women by sharing their story and experience, is also highlighted. A situation analysis based on comparaison of women holding leading managerial positions and their business involvement in different countries is provided. The reserach is supported by survey conducted in North Macedonia on representative number of 50 women entrepreneurs in order to identify the most important factors for ehancing the development of women entrepreneurship. [ABSTRACT FROM AUTHOR]

In the contemporary business context, the significance of employee skills and competences is widely acknowledged. Investments in formal and continuous training have become inevitable need both for employees and businesses. In challenging times, however investments in employee skill development are hindered by cost-cutting measures imposed by companies as a response to the rising impediments. Therefore, the primary aim of the paper is to assess recent developments in employee training policies in Macedonian businesses and the potential impact of the economic downturn on training investments. A research was conducted in 24 medium-sized companies in different industries in R. Macedonia covering employee training issues. The overall findings point to a reduction in training investments and companies' focus on in-house, job-specific employee training. [ABSTRACT FROM AUTHOR]

This paper analyse the role and importance of the agricultural sector for the economic development of the Republic of North Macedonia. The focus of the research is on the indicators that present the agricultural sector as real GDP and gross added value in the agricultural sector in the Republic of North Macedonia, for the period from 2000 to 2016. General conclusion is that GDP growth in the Republic of North Macedonia in the analysed period arise from the household production and gross investment. Also, agriculture is one of the four dominant sectors beside trade, industry and construction that contribute to economic growth in the Republic of North Macedonia. The share of the agriculture, forestry and fishing sector in the real GDP in the Republic of North Macedonia is around 13%. The largest contribution from agriculture to the GDP of the Republic of North Macedonia arise from the Southeast, Pelagonia and Polog region. Therefore, measures and activities for stimulating economic growth should mostly be directed towards these regions. The relative share of the gross value added of agricultural production in the Republic of North Macedonia is around 10% of GDP and it considered to be important sector for economic development. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to provide an integrated overview of the inflow of foreign capital in the form of foreign direct investment in the country from its independence until the end of 2012. In that sense, we analyze the volume of foreign direct investment from 1993 until 2012, their divisional structure and the structure by country of origin of capital and their share in the gross domestic product. According to data, so far the most attractive sectors for foreign capital is the service sector, and most of the FDI has European origin. Leading position in foreign investment countries have The Netherlands. In order to present a wider picture for the amount of investment we compare the inflow in R. of Macedonia with the inflows in the surrounding countries. The data shows that R. of Macedonia according to the amount of inflow of foreign direct investment is on the bottom of the countries in Southeast Europe. In order to see the effects of the foreign direct investment, effects are analyzed in terms of the added value of gross domestic product, the effects in terms of employment and the effects in terms of transfer of technology. This paper analyzes the factors affecting the inflow of foreign direct investment and institutional framework in which their inflow performs. Based on the given analysis the paper derives appropriate conclusions and recommendations that stand as challenges to the economic development of the Republic of Macedonia. [ABSTRACT FROM AUTHOR]

Even though the Republic of Macedonia as a candidate country for membership in the EU does not have quantified obligations in the field of energy, it should make efforts and have a more organized approach towards providing energy from renewable energy sources (RES) to the amount of 20% from the final energy consumption, which is one of the EU obligations that need to be implemented by 2020. Therefore, the issue elaborated in this paper is quite specific, important up to date as it covers RES, and in this context the research is mainly based on carefully selected and practically processed data regarding the final energy consumption, including the share of RES in this consumption, which has a direct impact on the share of final energy consumption in the European Union and the Republic of Macedonia. In the same frames, further in the text special attention is paid to electricity trading and as an integral part the net import and its share in the final electricity consumption. This topic is very important from an economic perspective because the utilization of RES and investing in it influences the growing electricity production and contributes to the reduction of import dependency, i.e. the economic development of the country in general. [ABSTRACT FROM AUTHOR]

The migration landscape is a dynamic phenomenon shaped by geopolitical shifts, economic transformations, and climate change. North Macedonia, located in the heart of the Balkan Peninsula, serves as a critical transit country for significant migration patterns due to its strategic location and political aspirations towards Europe. Facing internal demographic challenges such as population decline and aging, the country is transitioning towards attracting immigration and becoming a destination for migrants. The Mediterranean Crisis of 2015 highlighted North Macedonia's pivotal role in migration routes, with over 800,000 individuals crossing its borders amid Europe's refugee and migrant influx. Despite containment efforts, the country remains part of mixed-movement routes, with significant border crossings observed in subsequent years. The long-term suspicions of brain drain were confirmed when the demographic census of 2021 revealed a startling 10% population decline over nearly two decades, emphasizing persistent outmigration and aging trends. To address migration challenges, North Macedonia adopted the Resolution on Migration Policy 2021-2025, aiming to establish a robust framework for managing both legal and illegal migrations. Anticipatory governance emerges as a proactive approach to navigating migration complexities, incorporating foresight and policy integration to shape sustainable migration policies in the country. The development of an Anticipatory Migration Governance model that seeks to foster transformative mindset shifts among stakeholders and institutionalize forward-looking planning, ensuring the effectiveness of migration management strategies. Through capacity development, improving of data collection, and decisions based on data, North Macedonia aims to navigate migration dynamics and achieve economic development with future-looking inclusive policies and collaboration. [ABSTRACT FROM AUTHOR]

The political culture, according to scholar Kavanagh is part of the overall societal culture, and represents a set of basic values, emotions, knowledge, attitudes and convictions, within which the political system operates, shaping and feeding political processes. Culture came as a sequence to efforts to factor the spiritual world of people in explicating policy. Political culture brings to surface some kind of independence of culture from economic factors, and the role of culture in political order and economic development. This paper provides the theoretical aspects of political culture and political systems, within which its reflection is analysed on several aspects of interethnic relations in a democracy. Also, it accentuates the preferred paths of Western Balkan countries, including Macedonia, towards integration with the European Union, which is spiked with many challenges. In the political culture of multi-ethnic societies, ethnic divisions may have an influence. The ethnic principles are still present in the political arena of Macedonia, where although there is some "interethnic reconciliation", the failure in implementing the Ohrid Framework Agreement, signed in 2001, between Albanians and Macedonians, there are often political contractions, affecting national interests, which is in contradiction to all values of the European Union, mainly with human rights, but also ethnic rights. The object of the analysis of this paper is specifically related to: - extended transition of Macedonia, - political consensus, - role of political parties, and - interethnic relations after the Ohrid Framework Agreement. Political culture in South-Eastern European countries has been analysed in different views, especially in the reform process, where it has an important role. Conclusions of this paper are that Macedonia must fulfil the conditions set forth, both political and institutional, based on the political culture for EU integration, since political culture, according to scholar L. Pye represents a "set of basic values, emotions and knowledge shaping and feeding political processes". [ABSTRACT FROM AUTHOR]

This case study makes an attempt to identify the adequate position of tourism within the global development strategy of Macedonia. The paper discusses two, extremely opposite attitudes. The first, argues that necessary preconditions must be established in order tourism to have intensive development, thus clearly stating in the development strategy the priority orientation of tourism industry. The second underlines the fake image of tourism and its economic contributions. The paper brings out results of a comprehensive analysis of direct economic tourism effects, hence making clarification whether tourism sector has significant contribution within the entire economy, its influence on the employment, as well as its effects on the balance of payments. [ABSTRACT FROM AUTHOR]

Aggregate demand forecasting, also known as nowcasting when it applies to current quarter assessment, is of notable interest to policy makers. This paper concentrates on the empirical methods dealing with mixed-frequency data. In particular, it focuses on the MIDAS approach and its later extension, the Bayesian MFVAR. The two strategies are evaluated in terms of their accuracy to nowcast Macedonian GDP growth, using same monthly frequency data set. The results of this study indicate that the MIDAS regressions demonstrate comparable forecasting performance to that of MF-VAR model. Moreover, it is interesting to note that the two approaches are reciprocal, since in general, their combined forecast demonstrates clear superiority in predicting business cycle turning points. Additionally, the MF-VAR model showed higher precision in times of increased uncertainty. [ABSTRACT FROM AUTHOR]

Entrepreneurial learning is presented as a driving force for innovation in teaching, revitalization of culture, development of learning and enhancement of achievements that should provide young people with transfer skills related to active citizenship, employment opportunities, involvement in the business world and the wider social community, while establishing the necessary links between education systems and businesses. Encouraging and releasing the entrepreneurial energies of the people is an essential key to achieving greater economic prosperity in the country and to continuing to rebuild its economy over time. Skills and knowledge, which are developed through training and education, are one of the few areas in which a country can create a competitive advantage. The importance of entrepreneurial learning stems from the importance of the entrepreneur throughout the economic system. The aim of the research is to show the need for education that creates personalities ready for creativity, innovation, encouraging change and later working on practical projects from generating ideas to full implementation of entrepreneurial processes. Research shows that entrepreneurial learning is a process in the education system, in which students acquire a wide range of competencies that have enormous individual social and economic benefits and can be applied in every aspect of life. [ABSTRACT FROM AUTHOR]

Foreign direct investments play important role in the economic growth of the countries. Scientist and policy-makers almost unanimously believe that the inward foreign direct investments positively influence the economic growth indicators of the host countries such as the industrial output, employment, export and ultimately the gross domestic product. Moreover, the foreign direct investments in the developing countries have many positive externalities, like the transfer of the new technologies and industrial expertise that these countries cannot normally afford. They foster the formation of high quality local human resources and integrate these countries into the global markets with higher country competitiveness then it would be without them. All of these direct and indirect outcomes of the foreign direct investments contribute to the faster economic growth of the host countries. This paper examines the correlation between the growth of the foreign direct investments and the growth of the Gross Domestic Product in the case of the Republic of Macedonia. The main conclusion is that the relationship between these two categories is positive and statistically significant. Although the applied method does not imply existence of actual cause-effect relationship, based on its result, and supported by the findings of other foreign and domestic economists presented in the literature review, we conclude that the Country can continue with foreign direct investment friendly policies and incentives. However, the possible adverse effects of the foreign direct investments in the local economy and the fair competition, should be contained as much as it is possible. [ABSTRACT FROM AUTHOR]

Copyright of Comparative Economic Research is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Ekonomika is the property of Society of Economists 'Ekonomika' and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

That foreign direct investment is an engine of growth in developing countries is a dominant view in the literature (De Mello 1997). However, the impact of FDI on inequality not only remains controversial, but has not received the same attention, particularly from scholars of transition economies (Vijaya and Kaltani 2007; Zulfiu-Alili 2014). Foreign-owned firms are increasingly important employers of labor in transition economies and pay higher wages than their domestic counterparts, all else being constant. Even though Macedonia has introduced extensive fiscal and business-sector reforms, it has lagged behind in attracting foreign investment, with thus far only a limited impact on employment. Using data from the People-Centred Analyses (PCA) survey for 2008, this article examines the question of whether foreign-owned firms pay higher wages than domestically owned firms in Macedonia, and whether this effect is associated with workers’ characteristics such as education, age, and gender distribution, ethnicity, region, type of contract, and occupation. This relationship is examined first by estimating an earnings equation and by decomposing overall wage inequality into inequality within groups and between groups, where the groups are defined by type of ownership, type of contract, level of education, occupation, age, gender, ethnicity, and region. The empirical results suggest that foreign-owned firms pay higher wages than their domestic counterparts, all else being equal. In addition, a decomposition analysis indicates that wage inequality is higher within foreign-owned firms than in domestically owned firms. [ABSTRACT FROM PUBLISHER]

The aim of this paper is to elaborate the importance of service sector and how its future development will affect the banking industry in the Republic of Macedonia. We live in a service society, where services sector represents more than two-thirds of economic activity and four-fifths of growth in recent years in OECD countries. This trend is evident in Macedonia also, where the service sector represents around 60% from the economic activity. Stil, because of the positive correlation with the economic development, further development will result with growth of the service sector. Further liberalization, removing product market barriers still limiting competition in various sub-sectors, allowing more FDI are factors that are indicated by experts that can contribute for further development of the service sector.Regarding banking industry in Macedonia, service sector has the biggest share in the credit portfolio. Especialy this is due of the high exposure towards trade.Comparative analysis with developed countries shows that the share of exposure towards service sector is greather in Macedonia. This is mainly due of the lower risk of this credit portfolio, whose average riskiness is below the industry sector and agriculture.Also, in deficiency of strong industrial sector who can export its goods, Macedonian banks are turned towards wholesale and retail trade sectors. So it is expected with growth of GDP per capita in future banks to increase the loan portfolio of industry and in the same time to decrease the share of trade sector portfolio in total service portfolio. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the development of digital technology and its implications on the labor market. The consequences of digital technology can be detected such as changes in structural employment in the specific economic system. The development of new technologies generates new jobs, which are in continuity with progressive changes in the information society. On the other hand it causes unemployment in those industries which become less attractive or they are already adapted to these digital streams where information technologies have already been implemented. In this context, we will apply the Schumpeter's hypothesis of „creative destruction“ as a theoretical concept that explains these patterns. Furthermore we will elaborate the impact of digital technology on the Macedonian economic system as well as the consequences that affect the labor market performance. For this purpose we will use scientific methods of comparative analyses, literature review, internet research, graphic analyses, etc. Finally we will present conclusions and purposes policy, recommendations that will promote more balanced economic development. [ABSTRACT FROM AUTHOR]

National parks have a great importance for protection of the nature, ecosystems and overall environmental protection. In the Republic of Macedonia there are three national parks, (Pelister, Mavrovo and Galicica) that have a long history. Macedonian national parks are protected by special regime which is stipulated in the special legislation. The total protected area in Macedonia is 205.235 ha, or 8.07%, of the total area of the country. In future is possible to increase this area, because there have been taken certain activities aimed on declaring the fourth national park at the Shara Mountain. Development of the national parks is not possible without management plans. The well designed plans of national parks, can lead to the favorable environmental benefits, and at the same time will bring many economic and social benefits. The aim of this paper is to analyze the management capacities and potentials of the national parks in Macedonia and to research the possibilities for sustainable economic development of these parks, especially for greater development of eco tourism. Also the research gives some recommendations for the activities in the direction of higher economic development. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyse the unemployment on the basis of administrative data sources and application of the stock-flow model. The intention is to recognize the changes and features of the unemployment regarding stocks and flows of the main segments on the labour market: employed, unemployed and inactive population in the Republic of Macedonia. Main reasons for the implementation of stock - flow model for determining the level of unemployment in Macedonia are following: a) Labour Force Survey (LFS) used by State Statistical Office (SSO) is based on the Census from 2002, therefore the sample used for calculating the level of unemployment is inadequate; and b) contrary to any economic logic, during the great global economic crisis and in the period after the crisis, the unemployment in Macedonia permanently decreased in conditions when the economy registered negative rates of economic growth and decline in industrial production over a longer period of time. The application of the stock - flow model, for the period 2008-2014 shows that the unemployment has not been reduced, i.e. the unemployment rate have stagnated or even increased. This is contrary to the trend of unemployment changes according to LFS of SSO. Thus, in 2014 the unemployment rate is higher than in the previous years by both alternatives in the calculations. According to our findings, the application of stock-flow model gives more realistic explanation of the changes and current situation on the Macedonian labour market, than the statistical data from the LFS of SSO in Macedonia. Our analysis shows that in a country with high and long-term unemployment, where the phenomenon of discouraged workers is expressed, and there has not been made a Census of the population for a longer period of time, accompanied by major demographic changes such as: an aging population and massive emigration from the country, the implementation of stock - flow model has significant analytical value in determining the unemployment and its analysis. [ABSTRACT FROM AUTHOR]

Copyright of Acta Scientiarum Polonorum. Oeconomia is the property of Wydawnictwo SGGW and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Small and medium enterprises are spiritusmovens for development of modern market economies. Especially their role is highlighted in decreasing unemployment, creating GDP, added value and export. Having in mind the previous statement, researching focus of this paper is directed towards analysis of business environment for development of small and medium enterprises in R.Macedonia. Unfortunately, small and medium enterprises in our country are faced with numerous barriers, and it was the basic motive to implement researching project through which the key barriers for their development would be identified. Based on the obtained results of the research , some conclusions will be presented, and also numerous measures and proposals that will enable creation of business environment for encouraging development of small and medium enterprises in R.Macedonia. [ABSTRACT FROM AUTHOR]

In this paper I aim to develop a relational geographical interpretation of energy poverty in the postsocialist states of Eastern and Central Europe, through a field-based study of inadequately heated homes in the Macedonian cities of Skopje and Štip. According to the reviewed evidence, domestic energy deprivation simultaneously shapes, and is shaped by, the institutional relationships between policy actors at different levels of governance, and the day-to-day interactions between vulnerable households and the built environment. It is contingent on three sets of processes: the socioeconomic implications of energy reforms in postsocialism, the inadequate energy efficiency of the homes of energy-poor households, and the mismatch between housing needs and heating systems at the household level. As a result of such interdependencies, households may become ‘imprisoned’ in particular types of sociospatial arrangements that contribute to the emergence of poverty. [ABSTRACT FROM AUTHOR]

Copyright of Bulletin of the Institute of Ethnography of the Serbian Academy of Sciences & Arts / Glasnik Etnografskog Instituta SANU is the property of Institute of Ethnography, SASA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Abstract: Kyrgyzstan and Macedonia have experienced a reasonable increase in remittances over the last twenty‐five years. Subsequently, the extent to which remittances can be instrumental for economic development of the two countries has gained serious attention in recent development dialogues. The aim of this study is to examine the impact of remittances versus financial development on the economic growth of the two counties, complementing the burgeoning interest and focus on remittances for policy. The short‐run and the long‐run effects and the causality dynamics of remittances and financial development, are explored. The results show a long‐run positive impact of remittances on the economic growth of these countries. The impact of financial development is negative, significant only for Kyrgyzstan and not statistically significant for Macedonia. The causality results show that remittances support economic growth for Kyrgyzstan, whereas economic growth appears to propel remittances for Macedonia. [ABSTRACT FROM AUTHOR]