Vladimir Filipovski

Saints Cyril and Methodius University of Skopje · Faculty of Economics-Skopje

We analyze the potential implications of the regional integration of three stock markets: Macedonian, Croatian and Bulgarian stock exchanges. The first implication is related to the potential for risk diversification which may improve return per unit of risk earned by investors on these markets. In this context, we calculate returns, volatilities a...

This book (written in Macedonian) reviews the theoretical and empirical literature on fiscal decentralization, it analyses the process of fiscal decentralization in Macedonia, and provides some empirical evidence on the macroeconomic effects of fiscal decentralization in Central and Eastern Europe.

The purpose of this chapter is to empirically test the informational efficiency and to examine the presence of the calendar effects in 10 South Eastern European (SEE) stock markets' daily returns during the period 2007-2014. The authors use variance ratio test for exploration of random walk hypothesis. Regarding the calendar effects, the authors fo...

Finally, based on our research study we would like to offer some suggestions to the policy makers: First, our analysis of the effciency of public spending and the overall fiscal policy of the republic of Macedonia for the period 2002:Q1 – 2014:Q3 by using the concept of fiscal multipliers confirms the following conclusions: • the effects of inceras...

The sustainability issue is the crucial one in distressed, socioeconomic environment and in the new and old social risks era. Additionally, the welfare state crisis and the regulations failure which has been revealed after 2008 are significant factors determining the need for searching a new ways and solutions for stabilising of national economies...

Special Issue on: "Business and Economic Challenges in the Post-Great Recession: Global Economy and Business at a Crossroads", International Journal of Business and Globalisation

The paper starts by stressing the central role of entrepreneurship as a driving force for the dynamism and growth of modern economies. Then, the common factors contributing to low level of innovation activity in the Western Balkans are analysed. We then focus on how those factors limit the level and quality of innovation activity in the case of the...

The objectives of this paper are to empirically identify business cycles in a small open EU-candidate country such as the Republic of Macedonia and to assess the degree of synchronization of the country’s business cycle with the cycle of the EU economy. Towards the first objective, we apply linear and non-linear methods for delineating the producti...

The manuscript points out the role of sustainable finance in supporting sustainable economic development and growth. In one sentence, the focal points of the work is to present the closely linked points of sustainable finance and sustainable development/growth. The dependencies and causal relationships between sustainability in finance and sustaina...

The process of integration of R. Macedonia in the EU and EMU contains numerous problems and challenges. The process must be multilateral, developmental and it must go in stages in order for it to be successfully completed and for the integration to produce more benefits than expenses. The readiness and suitability of the country for integration is...

Појдовна основа за овој труд е фактот дека Македонија има највисока нееднаквост во распределбата на доходот во Европа, која забрзано се зголемува. Во таа смисла, основна цел на трудот е да ги согледа ефектите од „рамниот данок“ во нашата држава, како и да даде предлози за идни реформи на даночниот систем, пред сѐ во сферата на даноците на доход. Со...

The aim of this paper is two-fold: to analyze the relevance of fiscal multiplier as concept used in assessing the efficiency of the fiscal policy in general, and to apply empirical analysis on the fiscal policy multipliers in the case of the Republic of Macedonia. On the first aspect, we emphasize the very different results obtained by the extensiv...

The aim of this paper is two-fold: to analyze the relevance of fiscal multiplier as concept used in assessing the efficiency of the fiscal policy in general, and to apply empirical analysis on the fiscal policy multipliers in the case of the Republic of Macedonia. On the first aspect, we emphasize the very different results obtained by the extensiv...

Macedonia's economy is under-performing. The unemployment rate is constantly one of the largest in Europe; and, almost one third of the population lives below the poverty line. Reforms have been put in place, but they have not done enough to solve the key problems. The present paper applies the growth diagnostics' methodology, proposed by Hausmann...

Fifteen years after independence, Macedonia has completed a tough first round of reforms to stabilize the economy, but the Government needs to push ahead with deeper measures to boost growth and prepare the country for entry into the European Union.