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As a prerequisite for joining the EMU, states must meet certain convergence criteria, because there are significant differences among countries, which have their political and institutional origins, which can affect integration efficiency. All this imposes the need for a comparative analysis of the situation in which Serbia is in relation to the Eurozone. This paper should provide a useful basis, to what extent monetary policy of the NBS agrees or deviates from the monetary policy of the ECB and the EMU, which represent final goal of Serbia on the path of European integration. A comparative analysis of the monetary policy of the National Bank of Serbia and the European Central Bank will be carried out by statistical methods that will show the degree of (in) connection between the two policies and their interconnection, and on the basis of certain common variables.

In terms of the treatment of the global financial and economic crisis after World War II, Karl Marx and John Maynard Keynes rose to the surface after a long period of suppression of their knowledge about the crisis whereas the New Keynesians made a contribution to overcoming it. Starting from the crisis as an economic phenomenon having an internal logic of development, we have analyzed whether there exists a relationship between the attitudes of Marx, Keynes and the New Keynesians. After having reviewed separately the apparently contradicted opinions of the authors, we found out that there is a relation between them which makes them complementary. The differences arise out of the method for analysis of the crises and of the conditions under which they emerged and needed to be overcome. However, their common denominator is the insufficient demand even though they find its reasons within the different phases of expanded capital reproduction. They mostly differ in the way of overcoming the crises taking into account the different systemic conditions which they had at their disposal and the constant tightening of the contradictions in the national economies and at a global level. In fact, the changes of the systemic conditions were made in order to mitigate those contradictions. This knowledge elicits a contemporary political economic approach to crises in order to accost them more effectively or to overcome them efficiently if they occur, taking into account their negative socio-political repercussions.

This paper is focused on settling the debt crisis in a member state of the Monetary Union (for instance, Greece) and it presents the arguments that the settlement for overcoming the debt crisis must rise out of its causes. They are present both in the weaknesses of the Monetary Union’s functioning and the irresponsible behaviour of the government in the country. Therefore, the resolution must endanger neither the euro nor the stability of the country. It is unacceptable the resolution which can help the crisis to be overcome smoothly (by writing off the debts) if it violates the relations in the euro zone and if it endangers the future of the single currency. The burden of overcoming the crisis has to be borne both by the debtor and the creditors according to their “merits”. In this context, the author has elaborated the achievements of the pro and contra austerity measures.

Like in other Balkans countries, euroisation in Republic of Macedonia, was a process which started with the introduction of euro in EU, first by setting the euro as official anchor towards Denar as Macedonian national currency, and later on by increasing use of euro in deposit and credit activities of Macedonian banks. However due to the shocks created in the period of the post financial crisis and sovereign debt crisis in the countries of Eurozone, the process of de-euroisation has started-first in the Macedonian banking sector and later in other sectors of the Macedonian economy. This paper aims to present the effects of the process of de-euroisation in Macedonian banks, analyzing this phenomenon in three different items of banking sector balance sheets: liquid assets, credit portfolio and deposit base, through the methods of comparative and trend analysis.

After the Great Depression of the 1930s, a key role in outweighing the biggest financial and economic crisis has played the implementation of unconventional monetary policy measures, being practised as a policy of ultra-cheap money. The need of their implementation in the developed countries is a proof that the standard measures could not provide a way out of the recession into which they have fallen, and there has been brought into question the functioning of the existing system and relations, especially the functioning of national currencies in the role of world money. It is a fact that the standard measures, through the policy of cheap money, have temporarily showed themselves as a proper vehicle for leading a relaxed monetary and fiscal policy in the developed economies, but in the end they have resulted in financial and debt crisis. However, it is a problem that the way out of recession was looked for within the implementation of unconventional monetary policy measures, by which, in fact, there has been increased the level of its relaxation, and thus the danger of future crises too. It is known that the thing which led to crisis cannot help outweigh it. By implementing unconventional measures within the existing International Monetary System, the crisis can only be carried in other countries and it is not solved permanently. For that reason, it is necessary to be created a global currency as a result of which, the national systems will turn themselves back to the implementation of conventional measures, with no possibilities for carrying the national economic problems into other countries.

Although it is a very important economic issue, the currency convertibility has become one of the most neglected issues in the modern economic theory, particularly after the abolition of dollar convertibility into gold in 1971. Nowadays, it is said that the currency convertibility is a technique for exchange of one currency to other currencies at floating rates in the cross rates of exchange in the world and it is treated as a consequent solution into the evolution of currency convertibility. However, the facts are contrary to the treatment of such a kind. The exchange of one currency to other currencies at floating rates is a digression in the evolution of currency convertibility because its effects upon the rationality of the process of international division of labour have been corrected by this type of convertibility. This is a priority function within the original meaning of currency convertibility. However, this function cannot be fulfilled effectively without creating a global currency by which the national currencies will be connected to fixed, but adjustable exchange rates. Key words: currency convertibility, dematerialization of money, system of gold standard, fixed rates, floating rates, global currency

Девизното работење е значајна активност во секоја национална економија, особено за помалите земји, како што е Македонија. Проблематиката на девизното работење е определена од изборот на политиката на девизен курс која, пак, зависи од нивото на развиеноста на националната економија и од степенот на отвореноста спрема странските влијанија. Од ова произлегува дека девизното работење не може да се сведе само на техника на извршување на плаќањата и трансферите по тековни и капитални трансакции. Техниката е определена со прописи и треба постојано да се следат промените со оглед на определбата за остварување на што поголема либерализација на надворешната трговија и плаќањата со странство и за намалување на обемот на заштитните мерки. Во овој контекст авторите обработуваат неколку теми преку кои студентите ќе се стекнат со потемелни знаења од сферата на девизните курсеви и ќе се оспособат за поефикасно извршување на конкретните задачи од секторите за економски односи со странство. Ваквата цел, со право, очекуваат да ја постигнат, прво, преку разгледувањето на проблематиката на паритет на куповната моќ на парите и на паритетот на каматните стапки. Корисни сознанија студентите ќе стекнат и преку разгледувањето на Mundell-Fleming-овиот модел за врската меѓу номиналниот девизен курс и аутпутот, вклучувајќи ја и аргументацијата дека економијата не може истовремено да одржува фиксен девизен курс, слободно движење на капиталот и независна монетарна политика. За успешно водење на девизните работи од посебно значење е и портфолио биланс пристапот на девизниот курс поради ефектите на разните средства (вклучувајќи и странски обврзници) при пазарни промени. Штом меѓународните инвеститори увидат дека определена валута станува поризична, тие најверојатно ќе ги реалоцираат нивните портфолио обврзници во корист на помалку ризични средства. Особено место во трудот им се посветува на детерминантите на режимот на девизен курс, како клучна институција во извршувањето на девизните работи. Притоа, потенцијалните извршители во секторите за девизно работење ќе стекнат свест за значењето за големината и интегрираноста на националната економија, за нивото на девизните резерви, за диверзификацијата и конкурентноста на домашното производство, за евроизацијата/доларизацијата на економијата и стабилноста на финансискиот систем. Со обработката на споменатите теми, скриптата прави значаен чекор за потемелно запознавање на студентите со проблематиката на девизните курсеви (објаснувајќи ги причинско-последичните врски од нивните промени) и за надминување на рутинското гледање на девизното работење, само како техника на работење во секторите за односи со странство.

Развојот на процесот на економска глобализација зависи од условите во кои се одвива, при што од клучно значење, покрај слободата на движење на стоките и услутите, на капиталот и работната сила, се и монетарните услови. Од нив, во суштина, зависи дали процесот на глобализација ќе се развива во согласност со потенцијалот на објективните сили кои го генерираат. Факт е дека производните сили и односи делуваат постојано, меѓутоа, резултатите не се секогаш соодветни на нивниот потенцијал. Оптимални резултати можат да се очекуваат само во услови на непречено дејствување на пазарните законитости во одделните национални економии и во односите меѓу нив, а тоа е можно само доколку постои консеквентен меѓународен монетарен поредок, со глобална валута во неговото средиште. Резултатите се субоптимализираат со функционирањето на национални валути во улога на светска мерка на вредноста, особено со преминувањето на флуктуирачки курсеви во интервалутните односи во светот и нивната нестабилност. Ваквата логика на размислување ја потврдува развојот на светското стопанство во изминатите два века. Интегрираноста на националните економии во глобална достигна највисок степен во периодот на системот на златно важење. За тој период се зборува како за време на прва глобализација, како интегрирање врз рационална меѓународна поделба на трудот. Неа не ја донесе политиката, туку потребата за развој на националните економии, користејќи ги и странските пазари како услов за подинамичен развој.

Со развојот на технологијата и се поголемата меѓузависност во одвивањето на меѓународните односи, особено во нивното егзистирање и функционирање, денес, фундамент е економската моќ. Од друга страна, економската моќ, најчесто, е детерминирана од следниве перформанси: per capita БДП, учеството и значењето во меѓународната трговија и во меѓународните финансии, способноста за акумулација и создавање на нови технологии и употребата на новите технологии, преку чијашто примена се создаваат можности за уште поголема акумулација. Оттука, слободно може да се констатира дека борбата во истражувањето и развојот на новите технологии во исто време е и натпревар за што подобра позиција во светската економија. Тргнувајќи од тука во овој труд е имплементирана анализа и се дава одговор како денес во ера на глобализација е рапределна економската моќ во светската економиаја, причините за немоќта во светската економија и трансформацијата на моќта во светското стопанство.

Процесот на глобализација кој се одвиваше мошне интензивно од 90-тите години на минатиот век доживеа забавување, па и застој, во периодот на глобалната криза и , особено, во напорите за одделните национални економии да ги надминат рецесивните и стагнантните текови. Наспроти слободното движење на стоките и услугите, на капиталот и на работната сила, форсирани и од меѓународните институции (ММФ, Светска банка и СТО), по избувнувањето на глобалната криза, дојде до појави на ограничувања на веќе либерализираната трговија меѓу одделни економии, до бегство на капитал од одделни економии во домицилните, до заострување на ограничувањата за движење на работната сила. Од повеќе страни се предупредува на опасноста од јакнее на протекционизмот во меѓународните економски односи, па дури и за можни валутни војни. Веќе неколку години повеќе се говори за опасности од „деглобализација” отколку за продолжување на процесот на глобализацијата. Опседнати со решавање на сопствените економски проблеми елитите во националните економии се плашат од засилувањето на појавите на деглобализација, но превидуваат дека продолжувањето на процесот на глобализацијата не е можно без темелно реформиање на глобалните институции и политики, пред се‘, без воспоставување на глобална валута, наспроти функционирањето на неколкуте национални во функција на светски пари.

На денешното ниво на општествено економски развој националните граници се претесни и нужна е потребата од заедничко глобално сознавање, уважување и регулирање односно разрешувње на прашањата и проблемите кои ги тангираат сите земји и народи, независно од континентот каде припаѓаат и нивото на развиеноста. Оваа состојба се јавува како резултат на се поголемата и поразновидна меѓузависнот помеѓу државите во светот и светската економија. Како фундаментални проблеми со кои се соочува човештвото денес во овој труд ќе ги истакнеме и анализираме следните проблеми :продлабочување на јазот помеѓу развиените и неразвиените земји; демографскиот раст и невработеноста; меѓународниот долг и должничката криза; системот на меѓународни економски односи.

Foreign direct investment (FDI) has long been seen as a crucial instrument in the process of transforming the former centrally planned economies of Eastern Europe into vibrant market systems. This paper analyze direct (as a capital inflow) and indirect impact of FDI inflows on economic growth of transition countries during 1990s. The main conclusion of this paper and a recommendation for policy makers is that FDI does not in every situation bring long-term benefits for the host countries. By improving the absorptive and adaptive capabilities of domestic firms and by adopting more active policies toward FDI, the development effects of FDI inflows are more likely to occur.

The global environment in which monetary policy persisted brings more challenges as a result of changes that started with globalization in trade and financial fields. Concerning the trade, over the years that preceded the crisis in many advanced economies the task of monetary policy in maintaining low inflation was easier through global disinflationary pressures associated with cheaper imported products. Analyzing further, things will probably be different as structural upward trend in commodity global prices becomes a dominant factor. Thus, monetary policy tasks are likely to become more difficult through this channel. As far as financial flows are concerned, capital inflows in developing countries, are likely to be structurally at higher level after the crisis, given the relatively better growth prospects, the expected rates of return, and macro fundamentals. The size and speed of these flows, however, can pose a significant challenge for the user and lead to dilemmas in terms of setting economic policies. Specifically, countries faced with large inflows can choose between indulging significant appreciation of the exchange rate, which can wear out the trading, or intervene in currency markets to limit the appreciation. However, in the latter case, under perfect capital mobility, the authorities will not be able to sterilize the intervention, leading to higher inflation. In turn, raising rates to combat inflation would only bring more capital inflows and it can be self-destructive. The emergence of these fluctuations suggests the need for new ways and opportunities for developing countries to cope with the challenges they face in large capital inflows. Macroeconomic adjustment policies to enable sustainable rate of expansion of aggregate demand with lower domestic interest rates may help to limit capital inflows. Macro-prudential measures can also be deployed to mitigate the risks in terms of financial stability, which are related to the surge in capital flows. All this will probably allow monetary policy to continue to focus on its key objective of maintaining price stability.

After getting out of the recession as it is, into which the developed countries have fallen, the continuation of the processes of global economic integration becomes a priority task of the contemporary international economic relations. For its accomplishment, there has to be stopped the sharpening of global imbalances, it has to be ceased the taking of protectionist measures in relation to the competing economies, to be eliminated the danger of carrying out competing devaluations of national currencies in order to be avoided the danger of any consequent currency and trade wars. The continuation of the processes of global integration is in the interest of every national economy. Not only the large and small economies, but also the developed and less developed countries achieve benefits out of that. Everyone has an interest to sell more dearly, and to purchase more cheaply, not only at the domestic, but at the foreign markets as well, using at the same time the effect of the volume of production achieved through the functioning of external markets, including also the positive competing pressure for reconstruction of the national economies, and for their rational incorporation in the international division of labour. At the same time, it has to be calculated also on certain adverse influences upon the national economies, and they should not be a reason for taking measures which disrupt the process of global integration. The realization of potential benefits depends directly upon the reformation of the permanent international economic order. Its persistence in this form does not create a margin for improving the global integration processes. On the contrary, it generates disintegration processes and sharpening of the relations between the national economies. Such consequences can be overcome by creating a global currency, instead by the functioning of several national currencies as world money. For the realization of the rational international division of labour, it is necessary the return of fixed, but flexible exchange rates within the inter-currency relations in the world. The fluctuating rates are good only if they are relatively stable, and not when they fluctuate at high rates. Key words: global integration, global currency, rational international division of labour, global imbalance, protectionist measures, competing devaluations

Even after a long usage, the indicator Debt-to-GDP ratio of the public debt has been arousing opposing views in terms of its importance in assessing the rate of indebtedness of a particular country or groups of countries. Hesitations are being caused by cases in which countries with lower Debt-to-GDP ratio run into debt crisis whereas those with higher Debt-to- GDP ratio have no problem with discharging the public debts. At the end of 2012, the indicator signifying the ratio of the public debt to GDP in the Republic of Macedonia stood at 30%. The announcement that the Government plans to get into debt of new 300 million euros, has caused ‘a storm’ at the Parliament upon handing down the budget of 2013. The Government defended the move to indebtedness, pointing out that the above mentioned per cent turns the country to low-indebted countries and according to this, it has a margin for new debts whereas the Opposition has objected to this asserting that such a move leads the country into reaching a debt crisis. There have arisen diametrically opposing views on the same fact. In this supplement, we would deal with the importance of Debt-to-GDP ratio; we would explain why countries with very high Debt-to-GDP ratio have less problems with the servicing of public debt than countries with low Debt-to-GDP ratio and in that context, we would deal with the ratio of indebtedness of the Republic of Macedonia.

In the new period of worldwide technological improvements, the public sector has been widely implementing the modern information and communication technologies in everyday work.. The broader use of ICT tools is leading to transformational shifts in public policy, processes and functions. E-government is engaged not only in providing citizen services but in improveing public sector efficiency, transparency and accountability in government functions and decreasing the costs of public administration. In fact, the ultimate goal of the E-Government is to be able to offer the public services to citizens in an efficient and cost effective manner, which is also the good governance maxim. Therefore, e-government can be seen as an efficient tool for good governance in many countries in the world, which are working on public administration reform, trying to make government more proactive, efficient, transparent and especially more service oriented. To accomplish this transformation, governments are introducing innovations in their organisational structure, practices, and procedures, including the way they utilise human, financial and information and technological resources to improve service delivery to citizens. This paper presents the trends and makes comparative analysis of E-government development as an efficient tool to improve governance within the countries, especially emphasizing the E-government developments in West Balkans countries, comparing their achievements with the same in other worldwide regions and developed EU countries. Analysing the data from official UN and Word Bank’s Reports in the period 2005-2012 the objective of the paper is to indentify correlation between Good governance and E-governance development

The last financial and economic world crisis and the breakdown, not to say, regression in the development of the processes of globalization, definitely, impose the question of creating the global currency as a priority. It is evidently that the disadvantageous flows in separately developed national economies and international economic relations are a consequence of the absence of world currency i.e. of the functioning of dollar and other national currencies as world money. The bids for “rescuing in the way one can do that” do not give satisfactory results. The achievement of individual efforts is low. The necessary, organized, coordinated and synchronized resolving of global problems asks for establishing the global currency as an objective economic criterion of rational and international division of the labour and for further integration of the national economies into the world economy. The creation of global currency is a prerequisite for the development of more balanced international economic relations and for the improvement of the processes of globalization, on an imperishable basis, in the interest of the development of all countries and of global economy. The existing inconsistent international monetary system (IMS), which is based on the national currencies as world money, has already created global imbalances that cannot be overcome by extending the role of national currencies in the function of world money. The failure of creating global currency will enlarge the danger of protectionism in all countries.

The sharp crash in prices of the Macedonian Stock Exchange activities after 2007, when the Macedonian Stock Exchange Index has reached the highest value of its establishment and several-years reduced daily turnover of only about 2 thousand euros, indicates that the central institution of the capital market of the Republic of Macedonia has fallen in its own development crisis. Although there are listed more individual reasons for the state of the Stock Exchange, each of them separately is not sufficient enough to explain the occurrences. It is a matter of complex of reasons dominated by several ones in a certain period. There is no doubt that Macedonia faces the political and security risks, which reason the investors (both home and foreign ones) out of investing in long-term securities. The global crisis has an adverse influence upon the economic flows in the country, and that reflects negatively on the motivation of investing. It does not have to be underestimated the insufficient experience of working with long-term securities (as it was the adverse experience of some investors in 2007). It is talked least about the domestic investment climate as if there are no problems in the development and macroeconomic policy of the country. The improvement of the investment climate depends, in fact, upon the solving of problems and there can be explained the lost relationship between the prices of shares and their value in the Macedonian Stock Exchange.

The theoretical approaches towards the term globalization formally are very different,but still essentially similar. The differences are reduced to hues, because “de facto” all of them are defining one and a same tendency which final goal is new, global world order. In the broadest sense of the word the globalization is interpreted as a process of unifying of national systems and in all their segments (societal, economical, social, cultural,etc.). As for the economic interpretation of the globalization, one approach on the term as a process of integration that is universalization of the national economies in a unique, mutual,world economy whose differential specifics are a new form of organization, a new type of functioning and a new style of managing with the economic flows.Others understand the globalization as a process of transformation of the national economies in a global system of production, consumption and exchange (the distributionstays disintegrated?!). Also, it can be found the opinions that define globalization as a process of forming an integral, mutual market, and through the liberalization of the markets of goods/services,technology, labor, capital and information. Thus, standing out all the advantages of the process of globalization-better allocation and exploitation of the recourses thereby the production growths, and thus the living standard, better approach to the technological achievements (to the know-how) and their dispersion, better assortment and quality of the consumption; better and cheaper information…But right here one question emerges: which countries in the world economy absorb the advantages of the globalization?

Улогата на медиумите во промовирањето на хартиите од вредност како атрактивни производи на финансиските пазари е клучна, посебно доколку се има во предвид фактот дека информациите кои ги пренесуваат исклучително силно влијаат и врз интересот на инвеститорите и врз цените на хартиите од вредност. По исцрпувањето на реалните вредности за висок раст на цените на акциите, односно ценовниот бум , посебно во периодот до 2007 година, каде и медиумите беа главни креатори во подгревањето на еуфоријата за инвестирање во овие видови на финансиски производи. Сега кога реално вредноста на хартиите од вредност се потценети медиумите треба да информираат за да се врати довербата кај инвеститорите и тоа кај старите инвеститори, кои под влијание на медиумите носеа одлуки и купувааа хартии од вредност, и кај новите, кои допрва треба да се информираат за каков вид на производи станува збор и дали е во ред во моментов да се инвестира во овој тип на производи .Со оглед на фактот што шпекулациите на берзата се темелат врз реална антиципација на вредностите, како и кај секое друго инвестирање во производство и услуги, но со далеку поголема можност за манипулативни шпекулации, објективното информирање е многу важно бидејќи инвестирањето на финансиските пазари, посебно на пазарот на капитал е една од најризичните бизнис активности. Практиката на повеќе берзи покажува дека лиферувањето на шпекулациите преку медиумите го подгрева пазарот на капитал и тоа во зависност од интересот на оние кои ја лиферуваат информацијата, и покрај сите механизми на безбедност и контрола во работењето со долгорочни хартии од вредност. Можностите за јакнење на информирањето е исклучително битно не само за пазарот и инвеститорите туку и за компаниите кои имаат интерес да ги ползуваат придобивките од финансиските пазари во прибирањето на финансиски средства.

There are several reasons for the financial crisis in the USA and the debt crisis in the Eurozone. Initially, imminent reasons for the crisis have been found in the spotlight. Such are the financial deregulation and the problems with secondary mortgage credits. But lately, when it has been seen that despite the huge financial support, the economies in the developed countries haven’t made a recovery, the attention has been turned towards the “invisible”, towards the causes that have contributed and enabled the “bubble economy” and the indebted countries to be developed, especially in the Eurozone. The growth in inequity in the USA and between separate countries in the EU i.e. in the Eurozone has been treated as a main reason. Although there are more reasons for the inequity, their common denominator is the free market and the distribution of values that are being created, in that sense that the development of relations in the national economies and among themselves, on the basis of free acting on the markets, do not generate sufficiently the final consumption because the share of workers in GDP has been decreased. This necessarily reduces the tendency for spending. The “bubbles” are a consequence of the governmental insistencies to ease the contradictions between the richer and poorer citizens in the USA and between the wealthier and poorer countries in the Eurozone. For this purpose in the USA, it has been led a relaxed monetary and fiscal policy whereas in the Eurozone, it has been overlooked to the non-compliance of the contractual limits for public expenditure and indebtedness towards abroad.

Спротивставените мислења за начинот на решавање на должничката криза во еврозоната (или штедење, односно јакнење на фискална дисциплина или поголемо трошење за да се поттикне растот за да се олесни товарот на долгот, вклучувајќи и проактивно ангажирање на Европската централна банка) се еднострани доколку не се појде од карактерот на должничката криза. Факт е дека заеднички именител на долговите е трошењето над можностите што ги пружа доходот што се создава. Но, начинот на кој се генерира долгот и последиците што ги остава се различни. Затоа, решението што е ефективно за состојбите во САД не значи дека е погодно и за еврозоната, која има за цел да ја одржува стабилноста на заедничката валута-еврото и да ја унапредува неговата меѓународна улога,. како израз на успешното интегрирање и основа за здрав натамошен подем. Во ваков контекст, комбинираното решение е посоодветно- и „стегање на ременот“,за да се плати дел од цехот за претераното трошење и солидарна поддршка, за да се олесни товарот на раздолжувањето.

Macedonia, as a small country has a generally accepted determination to develop as an open economy. This is a prerequisite for rational inclusion of the national economy in the international division of labor, ad such an orientation is also a prerequisite for achieving permanent and sustainable development The results of this development, however, suggest that the economy has seen low growth rates and high unemployment, though ever increasing trade deficit and external debt. The reasons for the unsatisfactory results are in inappropriate export oriented development strategy. The adverse effects of the current level of exchange rate and possibly indulging it to fluctuate in the direction of depreciation imposed to stop the fruitless debate about any devaluation of the currency of any further consistent defense of the fixed exchange rate. It is high time the exchange rate of national currency to be addressed as a price that is crucial in the determination of the economic entities for directing the current production and build new capacity for export. It means to find a "balanced exchange rate" within the export-oriented development strategy. Moreover, the burden of price competition does not fall only on the level of the exchange rate but also on a number of measures to encourage the development of certain activities and branches in order to achieve greater export effects.

International mergers and acquisitions (M & A) as a way of restructuring the companies represent an important part of the world of corporate finance. Every day the Wall Street investment bankers arrange M & A transactions in which individual companies are merging together to form larger and stronger companies than they are. Not surprisingly, such activities often appear on the news. These contracts totaled hundreds of millions, even billions of dollars. They determine the future of the companies involved and all their employees, which is far from irrelevant. The executive director who manages the acquisition or the merger could achieve the peak in his/hers career with this transaction. And no wonder we hear so much about these transactions because they happen all the time. The next time you open the newspaper in the area of Business and Economics the chance to read at least one title for some kind of M & A transaction is really great. The basic idea: one plus one makes three - is an equation with a special alchemy for mergers or takeovers. The key principle of merging or buying a company is to create higher value than the sum of individual values of both companies. The two companies together are more valuable than two separate companies, at least, that's the reasoning behind M & A. This explanation is particularly attractive to companies when times are tough. Strong companies will seek to buy other companies to strengthen their position and be competitive. The companies share a common hope that they will gain more market share or achieve greater efficiency. Because of these potential benefits, target companies often agree to be purchased, especially when they know they can’t survive alone. Regardless of their category or structure, all mergers and acquisitions have one common goal: they are meant to create synergy. The success of mergers or acquisitions depends on whether this synergy is achieved and which is the price for that goal.

The so far worldwide experiences have undoubtedly affirmed the fact that FDI is one of the fundamentals that enables and accelerates the economic development of a national economy. Consequently, every national economy must have adequate legislation that will enable smooth attracting of foreign capital. The core motivation for conducting this research paper is analysis of the changes in legislation and their impact on the scope and structure of the FDI in the Republic of Macedonia during the last decade. The crucial aim of the paper is to look upon the changes in legislation and its impact on the scope and the structure of the FDI in the Republic of Macedonia during the last decade. However, to some extent the institutional mechanisms that profiled the framework for doing business are important too. The subject of the research is the constitutional and legal framework of the Republic of Macedonia related to attracting FDI. The results of research done lead to the conclusion that the legal framework is a factor that determines the business environment in a country, but it’s influence on the intensity and the structure of the FDI in the Republic of Macedonia has no significant regularity. Оver the last decade Republic of Macedonia has achieved significant results in this field. Still, there is a need for further improvement of the relevant legislation. Key words: Foreign Direct Investments (FDI), Legal Framework, Republic of Macedonia

For several years the issue of global imbalances has attracted the attention of the scientific and general public in developed countries and emerging countries. The authors of this article address different views on the causes of global imbalances and suggest that they more or less reflect the interests of actors in discussions in order to provide a painless solution to his country in addressing global imbalances. This is especially evident in discussions in which blame for global imbalances switches on under appreciated Yuan (China), or on excessive saving in emerging countries. The development of attitudes about the causes of global imbalances is due to the in sustainability of the argument previously imposed. The authors believe that contemporary global imbalance can not be explained without the internal causes of deficits and external debt of the United States, the weakness of the dollar. There is no doubt that using the dollar as world currency is the cause of global imbalances because it generates growth in the current account deficit of the United States, and at the same time, these deficits are necessary to create sufficient liquidity worldwide. It is high time the national currency-the dollar, which performs the function of world money, to be replaced with real world currency. In this context the authors actualize proposal of Ј.M. Keynes to create the world's money (under the name bancor) because their mechanism of operation ensures the exchange equilibrium, without the occurrence of excessive deficits and surpluses in different countries. It establishes the principle of equal responsibility of the member countries of borrowers and creditors to maintain a balance in international payments.

Девизниот систем е збир на законски прописи со кои се регулира, ограничува или забранува прометот на стоки и услуги со странство, стекнувањето и располагањето со девизи, како и на сите плаќања и наплатувања со странство. Станува збор за прописи, инструменти и мерки со чија помош државата ги регулира меѓународните плаќања, со намера да избегне ситуации на несолвентност на земјата, а притоа да обезбеди рационално вклучување на националното стопанство во меѓународната поделба на трудот, како основа за остварување на задоволителен одржлив развој. Не е проблем со примена на некои од споменатите мерки да се обезбеди уредно плаќање на обврските спрема странство. Меѓутоа, проблем е ако таквата цел се остварува само со ограничувања и забрани на увозот на стоки и услуги, со ограничувања и забрани за задолжување од странство, како и со ограничувања на определени плаќања спрема странство. На тој начин целта ќе се оствари, меѓутоа, нема сомнение дека ќе се ограничат развојните потенцијали на националното стопанство што зависат од увозот, од можноста за задолжување спрема странство

This parer analyze the development of market securities in Macedonia. We present arguments which show that the emission of securities is negligible and with large oscillations. The value of emissions increases its share in GDP and gross investment in the country, but it is still below the level necessary and possible to determine as a factor for acceleration of economic activity and as a competitive factor of banks in providing funds for development. Among the reasons for the such results is an unfavorable environment for investment through the issuance of long-term equity and debt securities. The main impact of unfavorable environment for investment is the monetary strategy in which the policy of fi xed exchange rate is a nominal anchor for the internal balance. Without its change can not be expected to improve the atmosphere for investment, and thus to revive the primary market of securities.

Проблемите во кои западна единствената валута на еврозоната поради непочитување на договорените критериуми околу дефицитното финансирање и задолжување на државите членки не се причина поради која Република Македонија треба да се откаже од ориентацијата на интегрирање на Европската Унија, која вклучува и прифаќање на еврото како национална валута. Тоа е патот за натамошно, рацинално вклучување на македонското стопанство во меѓународната поделба на трудот, врз основа на јакнење на довербата на резидентите и на нерезидентните во денарот. Независно од судбината на еврото останува да се интезивираат напорите во стопанството на Република Македонија за забрзување на извозно ориентиран раст, како основа за подолгорочен одржлив развој и стабилност на националната валута. Притоа, суштествено е да се сфати дека овој пат не е ниту брз ниту лесен, а најмалку само прашање на декларирање за прифаќање на обврските. Се работи за поминување низ процес на преструктурирање и јакнење на стопанството до ниво да може да се носи со конкуренцијата од земјите во еврозоната, од земјите во Европската Унија и од другите земји, а притоа земјата да остварува задоволителен раст на БДП и на вработувањето (исполнувајќи ги обврските од договорите за функционирање на еврозоната). Во оваа насока неопходна е брза промена на макроекономската политика на стабилизација во земјата, а во тој контекст и на монетарната стратегија за таргетирање на девизниот курс. Промената треба да се направи истовремено. Македонија како мала земја треба да изгради јасна извозно ориентирана стратегија за развој и истата да ја поддржи со мерки и активности што се дозволени од страна на Светската трговска организација и со ослободување на девизниот курс од улогата на номинално сидро на внатрешната макроекономска стабилност.

ApstractThe biggest global economic crisis since World War II, despite the global implications, imposed a need the Republic of Macedonia to reconsider the strategy of development in order to escape from the vicious circle of slow growth, or the trap of low level equilibrium. It is a priority for a country with low level of development and high unemployment. The country needs a strategy of export-oriented growth that will deliver a reduction in unemployment, living standard growth and macroeconomic stability. Republic of Macedonia as a country outside the Euro-Atlantic integration, its development can not rely on imports of foreign capital. It is an important factor, but can not be a major, much less unique, especially in conditions of uncertainty in achieving the commitments of integration. Moreover, such an orientation, was too vulnerable even for countries of the European Union, because of the repercussions of the steep exit of such capita. Consistent with the realization of commitments to join the Euro-Atlantic integration, Macedonia pay a high price (by low growth rates, high unemployment and growth in foreign indebtedness), implementing agreed policy of macroeconomic stabilization (liberalizing current and capital transactions, maintenance of internal convertibility and the fixed exchange rate). So far the Macedonian economy experienced its own example that achieving macroeconomic stability is not a sufficient condition for the initiation and acceleration of growth. It loses its meaning if it is accomplished at the expense of development. Macroeconomic policy showed that RM had a successful stabilization, realized primarily as stability of the exchange rate and prices, but left out the expectation that it will create a favourable environment for investment and growth.

Investment funds are the youngest institution in the capital market in Macedonia. Because it emerged later, they had little stake in the realization of dynamic processes in the past events in the stock market. It came to naught the expectation that their foundation and operation will substantially accelerate the mobilization of free cash of the citizens through investments in securities. The investment of the citizens of the Republic of Macedonia in investment funds is insignifi cantly. On average, they have deposited in banks over 1,100 euros, and in investment funds they have invested only one euro. The new law on investment funds formally removed the legal obstacles to the acceleration of their development. However, a shift in their work can be expected if to hack the “vicious” circle of slow growth in the country, which is a consequence of the model development and macroeconomic stabilization policy. Without increasing interest in investing, investment funds will not be able to realize themselves as important intermediaries between investors and potential beneficiaries of the funds realized by the emission of securities.

Докторска дисертација : 1 дел: Местото и улогата на пазарот на капитал во развојот на економијата; 2 дел: Пазарот на капитал во Македонија во периодот на транзиција; 3 дел: Амбиентот за инвестирање и други причини незадоволително ниво на емисии на акции и обврзници; 4 дел: Можности за пресврт во развојот на пазарот на капитал во Македонија

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