Dimitar Eftimoski

University "St. Kliment Ohridski" - Bitola

Macedonia, as a small emerging economy, is exposed to foreign risks such as: exchange rate volatility, trade distortions, and highly volatile capital flows. To ‘protect’ its economy, since 1995, the Macedonian Central Bank has applied the monetary strategy of exchange rate targeting, where the interest rate on Central Bank bills auctions is a basic...

The existing empirical literature on economic convergence and growth emphasizes the importance of foreign capital inflows for the Central, Eastern, and Southeastern European (CESEE) countries. This paper challenges such arguments by stating that not all forms of foreign capital inflows are beneficial for the economic growth of CESEE countries. Our...

The impact of remittances on household consumption stability and economic growth is not quite clear. This paper attempts to reopen the debate on the relationship among these three variables. The current remittance literature suggests that a decrease in household consumption volatility, induced by remittances, automatically leads to economic growth....

This paper investigates the effect of human capital on economic growth in OECD countries by focusing on two different channels: (1) absorption of superior technologies, and (2) augmentation of factors of production. One recent empirical study found that in isolation each channel appears insignificant, which implies that estimates that emanate by re...

One of the reasons for the weak and inconclusive effect of human capital on growth in existing cross-country studies may be the use of inappropriate specifications that do not account for different channels through which human capital affects economic growth. It has been suggested that both the initial stocks and changes in the human capital stocks...

We examine the effect of human capital on economic growth and convergence in OECD countries using an extended version of the neoclassical growth model. We assume that human capital affects economic growth by facilitating the absorption of superior technologies. To consider the effect of human capital on economic convergence, we use the interaction...

Учебник за втора година економска, правна и трговска струка (второ издание)

This paper evaluates two different models for short-term forecasting of Macedonian GDP: (a) the medium-scale static factor model, based on static principal components analysis, and (b) the small-scale macroeconomic structural equation model. Recursive dynamic pseudo out-of-sample forecasts, based on a panel of quarterly time series, indicate that f...

This paper evaluates two different models for short-term forecasting of Macedonian GDP: (a) the medium-scale static factor model, based on static principal components analysis, and (b) the small-scale macroeconomic structural equation model. Recursive dynamic pseudo out-of-sample forecasts, based on a panel of quarterly time series, indicate that f...

This paper uses the augmented version of the Solow growth model and the determinants-of-growth regressions approach to examine the convergence in standards of living among Central, Eastern, and Southeastern European (CESEE) countries. For different variables that are held constant in order to proxy the country's steady-state level, the results of o...

The primary aim of this short paper is to show how to construct poverty measures from grouped data, i.e., to show how to derive poverty measures from parameterized Lorenz curve. For this purpose, Gaurav Datt’s approach has been applied. The derived poverty measures are estimated for the case of the Republic of Macedonia, using interactive softw...

In this paper, the extended framework of the IS-MP-IA model has been tested. Since the appearance of the Romer’s (2000) model, a bulk of studies with its extensions have been published. Perhaps, the most notable amongst them were those proposed by Hsing (2004, 2013) and Giese and Wagner (2006) - which are integral parts of this paper. The applicati...

The primary aim of this paper is to show how can we construct poverty measures from grouped data, that is, to show how can we derive poverty measures from parameterized Lorenz curve. In this paper, Gaurav Datt’s approach has been applied. The derived poverty measures are estimated in the case of Macedonia, using interactive software package “Povcal...

In this paper, in a sample of Central and Eastern European countries (Albania, Bulgaria, Czech Republic, Estonia, Hungary, Macedonia, Moldova, Romania, Russian Federation, Slovak Republic, Slovenia, and Ukraine) we investigate the effects of: 1) democracy (measured by democracy indices); 2) government related variables and 3) other selected macroec...

Економистите својот акцент најчесто го ставаат на факторите на економскиот раст од страна на понудата. Притоа, меѓу нив постои согласност дека продуктивноста е најзначајниот фактор на економскиот раст и причина за разликите во развиеноста меѓу економиите. Но, како да се објаснат разликите во продуктивноста меѓу економиите? Современата теорија на ра...

In this paper, we investigate the effect of democracy, government-related variables, and other economic variables on labor market outcomes in a sample of Central and Eastern European countries.

When a firm or economy realizes a competitive advantage, actually it possesses something which others lack, and does something which others cannot do, or do not know how to do it. Firms’ competitiveness, mostly, stems from knowledge and competency. Basically, it is the accumulation of capital in the form of knowledge, in most of the firms’ constitu...

Knowledge competitiveness

Во трудот е направен обид преку индексот на човеков развој (HDI - Human Development Index) - како мерило на просечните достигнувања на полето на основните човекови способности: 1) Да се квантифицира нивото на квалитет на живот во Македонија; 2) Да се спореди нивото на квалитет на живот во Македонија со нивото на квалитет на живот во поранешните југ...

Учебник за средно образование

The paper examines the sources of economic growth in Macedonia using a growth accounting framework. We employ Cobb-Douglas aggregate production function under constant returns to scale assumption. The paper estimates contribution of physical capital, human capital (education adjusted labor), and total factor productivity to economic growth, during...

учебник на средно образование

Универзитетски учебник

Учебник за гимназиско образование (четврта година)

Трудот, во основа, има теоретски карактер. Предмет на елаборација се концептите на животниот стандард и квалитетот на животот, како и нивните сродни концепти, како што се: благосостојбата, човековиот развој, сиромаштијата и економската нееднаквост. Во трудот се презентирани основните мерила на одделните концепти, проценето е нивото на животниот ста...

Трудот има теоретски карактер. Тој е скратена и ревидирана верзија од мојот претходно објавен труд во списанието „Економски развој” бр.1-2/2007. Предмет на елаборација е декомпозицијата на промените во стапката на сиромаштија на две компоненти (економски раст и нееднаквост) со користење на параметризирана Лоренцова крива.

By the end of the 1980s, the central issue of development was focused on the growth of income and not on the growth of quality of life. Therefore, the development strategies were oriented towards production and left no significant space for improving the welfare of individuals. At the beginning of the 1990s, the human development concept emerged,...

There is a strong link among investments in human capital, economic growth, and human development. Since human capital (improvements in the quality of human labor) is embodied technical progress in labor (knowledge and skills), and economic development depends on advances in technological and scientific knowledge, economic development depends on th...

This paper examines the failure of the labour market in Macedonia, a country with the highest unemployment rate in Europe. We describe the labour market institutions and policies in Macedonia during the transition. We also examine the job creation and job destruction using firm-level data and we estimate short- and long-run elasticities of labour d...

Immediately after the independence of the Republic of Macedonia, the country's policy of liberalizing prices and foreign trade brought about economic instability. In answer to this, a restrictive macroeconomic policy was adopted, i.e. restriction of aggregate demand. The restrictive monetary and fiscal policy......

The Report consists of five chapters and set of recommendations. The first chapter provides a brief historical introduction to the issue of decentralization and local self-government from the end of the World War II to present. Chapter 2 outlines the human development profile in the country and in selected municipalities. Chapter 3 and 4 give a det...

textbook

Универзитетски учебник

We are grateful to the participants at the GDN workshops in Prague, Vilnius, and Rio de Janeiro for useful comments and directions. Special thanks goes to Randall Filer for his extensive suggestions and comments on a previous version of this paper. We also thank the Gruter Institute for Law and Behavioral Research for their help in fund distributio...

We are grateful to the participants at the GDN workshops in Prague, Vilnius, and Rio de Janeiro for useful comments and directions. Special thanks goes to Randall Filer for his extensive suggestions and comments on a previous version of this paper. We also thank the Gruter Institute for Law and Behavioral Research for their help in fund distributio...

Following its independence in 1991, Macedonia has achieved significant progress over a decade of transition. As a small and open democracy, the country has liberalized and further opened its economy up to the international market, while carrying out of a significant number of difficult and complex market-oriented structural reforms. However, the ec...

The author of this paper, using the Republic of Macedonia as an example, has elaborated several important aspects related to the problem of unemployment in the transition economies. In the first part of this paper, the emphasis has been placed on the initial period of the transition process, when as a result of different positions, regarding the ti...