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The Sustainable Development Goals (SDGs) are a wide range of 17 integrated global sustainable development goals for the environment, society and economy, which were adopted by United Nations Member States in 2015. Fulfilment of these Goals is universal call for action on national and global level in order to end poverty, protect the planet and ensure that all people will enjoy prosperity by 2030. Main subject of the research is the level of public awareness regarding the SDGs 17 of citizens of the Republic of North Macedonia. The survey method has been used in the sample of 1200 respondents to determine the level of awareness about (on) the SDGs in the Republic of North Macedonia. A survey questionnaire is composed of ten (10) questions, divided in two sections. First section contains questions about the main demographic characteristics of the respondents. In the second sections, each question is linked to SDGs. The results show very low public awearness abot the SDG 17 in Republic of North Macedonia, that rise the need for more integrated action from the government, civil sectors, education and research centres in increasing the public awearness that contributes to the implementation of the SDGs 17 on national and global level. [ABSTRACT FROM AUTHOR]

This paper examines the calendar effects on the Macedonian stock market's daily returns during the period from 2006 to 2016. We focus on two market anomalies: the day of the week and the month of the year effect. Our aim is to find out if it is possible to earn higher return than the market return on the Macedonian Stock Exchange by using the alternative investment strategies related to Monday and January effects. We apply standard regression models with dummy variables for the effects in the mean returns. The results of the empirical analysis provide evidence for the existence of the Monday effect. However, the results did not indicate the existence of the January effect for the MBI 10 returns in the case of the Macedonian stock exchange. [ABSTRACT FROM AUTHOR]

There are more indicators to estimate the operating and the level of development of the stock market. One of these indicators is the size of the stock exchange turnover, which is analyzed in the paper. In order to get a whole picture of the situation and trends of the Macedonian Stock Exchange (MSE) as seen through the prism of the turnover of the market, the research is made based on: the total turnover realized, types of transactions on the market, market segments (official and regular market) and the types of investors. In the analysis is covered 10 years of the functioning of the Macedonian Stock Exchange (2005-2015), which further allows to see an impact from the global financial crisis on the operating of the MSE. [ABSTRACT FROM AUTHOR]

In investment theory and practice, crucial factor in decision is relation between rate of return and risk. This paper studies the CAPM model that is used to calculate the required rate of return to the certain level of risk. The CAPM model is used to analyze the rate of return visa verse the risk on the Macedonian capital market. But, the analyses do not apply to the whole market portfolio, but rather to the market index of common shares of the Macedonian Stock Exchange (MBI 10). When analyzing the relation between rate of return and risk, the variables that are incorporated in the CAPM model are calculated for a period of about 10 years, for the purpose of obtaining a more realistic value of beta, as a key element in this model. In the period of analysis, it appears one specific feature of the Macedonian capital market concerning that the rate of return of the Macedonian market of securities is low, below the risk free rate in the country, that determines a reverse relationship between the rate of return and risk. [ABSTRACT FROM AUTHOR]

Banks as key financial institutions have the greatest importance in the financial system, its main function is the transformation of deposits in funding. Activities pursued by modern banks often include both banking and non-banking services. For sound monetary policy is necessary to takeover key reforms and restructuring of the banking system. The banking system in the Republic Macedonia has possibilities for increasing and improving the efficiency of the banks, since the index of household loans / GDP according to we are among the last countries in transition countries. Unlike the banking systems of transition economies, the performance of the Macedonian banking system has been a trend in the improvement of banking processes and procedures. Depending on all types of loans contained in the range of products offered by banks and their functionality depends on the growth and profits of banks since the credit activity is one of the basic functions and carries the greatest profitability for banks. Borrowers apply for a loan may have various purposes. Banks create products to meet the different needs of different users. [ABSTRACT FROM AUTHOR]

The simplified customs procedures are introduced in the Republic of Macedonia in 2005. The introduction of this type of customs procedure provide positive fiscal effects to the budget of the economy and also other effects such as: reduce the cost of mediation, advocacy and terminal costs, than the time required for completion of customs formalities enabling increased efficiency and effectiveness, the consistency and continuity in planning, import and export of products and goods, etc. The focus of research is to determine the total fiscal effects that are achieved by the application of simplified customs procedure, with the particular attention on the fiscal effects of implementation of this custom procedure in the agriculture sector on the sample of four agriculture products. From the data of the analysis, it can be concluded that the application of simplified procedures for import and export clearance at the border crossings, the exporters have benefited so far, that includes specific effort by the Customs Administration and inspection services to increase this type procedure for import, too. Analysis determined that the application of simplified customs procedure achieved positive fiscal impact to the budget of the Republic of Macedonia. Also, the results of the analysis show that the application of simplified customs procedures have not been applied in the manner, form and level as it is in the case of the developed countries. This can largely be attributed to the fact that this type of customs procedures applied in relatively short period of time in country. [ABSTRACT FROM AUTHOR]

The main goal of this paper is to analyze the economic transition process in the Western Balkans (WB) in the period between 2000-2014. In this period, countries made radical political changes and economic reforms. They opened up to global trade, became increasingly export-oriented and expanded the role of the private sector. They also fulfilled criteria regarding convertibility of the current account, interest rates liberalization, price liberalization and small-scale privatization. However, reforms, such as large-scale privatization, competition policy and governance and enterprise restructuring, have still been delayed. In all WB countries except in Serbia, the inflation rate during this period is low, which is very big achievement taking into account the history of hyperinflation at the beginning of the transition. Furthermore, from the year 2000 onwards, the countries under review also made progress in real convergence, but the gaps in terms of income per capita relative to the euro area, remain large. In comparison with the 90s when the high political risk has been the main barrier for more foreign direct investment inflows, after the year 2000 foreign investors have become increasingly interested for this region. [ABSTRACT FROM AUTHOR]

Risk is one of the key variables in making appropriate investment decision. In literature there are more variables to assess the risk of an investment. When analyzing the finances, especially when considering share as a dominant financial asset on the capital market, the most commonly used measure is the beta coefficient. Based on this variable is determined the risk of a given share in achieving the expected yield of this share. In theory, but in the practice also, there is a positive correlation between yield and risk. The paper subject is the determination of the beta of the Macedonian capital market. To simplify the calculation of this coefficient does not take all the shares on the Macedonian Stock Exchange, but only shares entered in the market index MBI 10. Also, the paper analyzes the relation between the rate of return and the risk involved in MBI 10. Based on this research, it proves the existence negative correlation between yield and risk so it contrary to findings from the literature and the usual world practice, which causes a need for analysis of the reasons for this state of the capital market in the country. [ABSTRACT FROM AUTHOR]

In order to improve the competitiveness of Macedonian companies on foreign markets are introduced simplified customs procedures in 2005. The introduction of this type of customs procedure aims to use a range of positive effects that provide this type of customs procedure such as reducing the time and cost of performing these procedures, increase the effectiveness of economic entities in foreign trade, flow of revenues (direct and indirect tax revenue) and so on. Scope of this research work is the fiscal effects of the use of simplified customs procedures in the country, which are realized in the period 2009 to 2013. The focus of research is the direct fiscal effects are achieved by the application of simplified customs procedure. Analysis determined that the application of simplified customs procedure achieved positive fiscal impact to the budget of the Republic of Macedonia. But despite this positive trend, remains to be working in this area, because as a country in terms of the application of this procedure we are lagging relative to the other countries, particularly in view of the developed countries. [ABSTRACT FROM AUTHOR]

Investment funds are institutions with primary interest to invest free resources of individuals and companies in order to achieve higher returns with lower risk level. To realize this goals, investment funds have to select an appropriate investment strategy and portfolio of assets. The paper analyzes the performance of investment funds in the country in order to investigate the development of investment funds in the past. The analysis is done in terms of change in the total value of the property and portfolio of the investment fund from several aspects: assets structure, geographical allocation and sectorial structure of an investment. The research provides an opportunity to review the functioning of this type of institutions in the capital market which is not developed enough, in this case with the example of the Republic of Macedonia. At the same time this gives us an opportunity to make a comparative analysis with the performance of investment funds in other countries (developed and underdeveloped countries) in the future. It also gives us an opportunity to bring a conclusion whether the global financial crisis had an impact on the performance of investment funds, i.e. what changes occurred in the investment policy and strategy in these institutions in response to the financial crisis. The research is based on secondary data obtained from publications of relevant domestic institutions (National bank of Macedonia and Commission for Securities of the Republic of Macedonia). [ABSTRACT FROM AUTHOR]

The creation of the European Union was led by the processes of economic integration, in which the European countries promote the economic cooperation, first, by sectorial liberalization of certain products and by establishment of free trade zones, up to the unification of the economic and monetary policies and the establishment of the economic and monetary union. The crucial factor on the road towards higher stages of economic integration, which have allowed building of a common economic policies and deepening the process of economic integration, was the establishment of a customs union. Due to the customs union the application of numerous economic policies, including the excise policy, was made possible, thus creating equal economic conditions for all European business organizations of the single market. In this context, and in order to establish the expected effects of Macedonia's membership in the EU in terms of changes in the excise system, this paper studies the forms of economic integration and economic benefits of their creation, the excise system and excise policy the EU, as well as the expected effects of the adjustment of the excise system of the Republic of Macedonia with EU directives. [ABSTRACT FROM AUTHOR]

For many years, there was only one medium in Macedonia which was functioning as a public service. However, along with the development of the pluralism, numerous private media appeared and this has resulted in a strong competitive media market. Hence, a great number of questions and problems emerged concerning electronic media, TV and radio stations, their functioning and existing on the media market. One of the key problems that media generally face in their work is the question of supplying funding, necessary both for current functioning and future development, in order to keep pace with the audience's needs, as well as with the new technical-technological innovations and modifications in this scope of socioeconomic living. This thesis explores the financial outcomes of TV media's work of the Public service broadcasting, or the Macedonian National Television (MTV) on one hand, and the private TV media on the other hand, considering the different structure of funding sources of the public broadcasting services and the private TV stations, that primarily results from the legal provisions for funding methods of these two types of televisions. [ABSTRACT FROM AUTHOR]

Macedonian banking is basically traditional banking, therefore loans are the main sources of the banks for provision of funds. Given that the analysis of lending is very complex, the paper makes reference only to certain aspects of the lending activity of banks in the past: structure of assets in the banking sector, dynamics of lending activity and lending structure by sectors (corporate and household sector). The analysis based on all previously mentioned aspects is done for the period before and after the global financial crisis in order to see the effects of its impact on the credit activity of banks. There is an evident fact that slowing economic activity in the real sector, and tightening credit conditions by banks after 2008 conditions the existence of downward trend in the lending activity, which is evident trough the reduction of the share of loans in the assets of the banking sector, the rate of growth of gross loans, and the rate of growth of loans in the corporate and household sector. [ABSTRACT FROM AUTHOR]

In conditions of limited access to traditional sources of funding when lending a privilege of the largest and most creditworthy companies, contemporary, alternative ways of funding, including the leasing are increasingly gaining importance. They are particularly attractive for small and medium enterprises that grow rapidly and are facing a shortage of funds. In terms of general illiquidity of the Macedonian economy, on the one hand, and restrictive credit policies of banks on the other hand, creating a business climate where will apply and promote alternative modes of financing in the Republic of Macedonia is a very importance for the operation and development of small and medium enterprises [ABSTRACT FROM AUTHOR]