Iustinianus Primus Faculty of Law

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Determinants of External Current Accounts in South Eastern Europe
(Frankfurt am Mein, Peter Lang Publishers, 2015-05)
Aleksandar Stojkov
;
Thierry Warin
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Поврзување на периферните вагони кон локомотивата на јадрото на евро зоната: Невозможна мисија?
(Правен факултет „Јустинијан Први“ во Скопје, 2016-05)
Aleksandar Stojkov
;
Igor Velickovski
;
Ivana Rajkovic
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Legal Perspectives of Public Debt Management in South Eastern Europe
(Institut für Ostrecht, Munich, Germany, 2015-12)
Aleksandar Stojkov
;
Aleksandra Maksimovska
This study examines the legal and institutional underpinning of public debt management in six South Eastern European transition countries and highlights the short- and medium-term challenges for law- and policymakers. The more specific research goals of the study are: (1) to contrast and compare the structure of legal frameworks for public debt management in the SEE countries, (2) to assess the important factors for developing a sound institutional structure for an effective debt management, and (3) to offer policy relevant conclusions for the observed countries. The study contributes to the existing body of relevant literature in several ways. To the best of our knowledge, this is the first attempt to provide a comprehensive analysis of the institutional arrangements influencing the prudent public debt management in the region of South East Europe. The second intended contribution of the paper is to highlight the main challenges for efficient, transparent and accountable debt management policies in these countries. Due to the low political culture in many SEE countries, the legal provisions relating to the fiscal transparency in the debt management law must be much more detailed and explicitly stated. Several areas of fiscal transparency call for urgent action. The deficiencies can be detected in many areas starting from the definitional point of view (e.g., the coverage of the officially published general government and public debt) to legal ambiguities to the extraordinary (ad hoc) issuance of government securities to problematic quality and timeliness of the debt reports to the lack of audit of the public debt.
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Fiscal Decentralization and Ethnic Politics in Macedonia
(Lex localis - Journal of Local Self-Government, 2015-10-10)
Aleksandra Maksimovska
;
Aleksandar Stojkov
;
Patrick Schmidt
Competing ethno-centered strategies over the local fiscal resources can seriously undermine political and economic stability of ethnically diverse societies. This study investigates the causal link between ethnic diversity and local government finances by focusing on the case of Macedonia. In particular: whether fiscal decentralization is used as a part of broader strategy for prevention and mitigation of inter-ethnic conflicts. The main argument is that low level of political culture and inter-ethnic tensions are frustrating the development of the government policy along a course of decentralization. The study confronts two emerging scenarios regarding decentralization and inter-ethnic relations. The first scenario puts the economic development at the forefront for country’s stability and treats decentralisation as a driving force to achieve this goal. Ethnic problems are expected to be solved along this path as rising economic stability reduces the inter-ethnic tensions. In the second scenario, the inter-ethnic stability is the main pillar of the country’s stability, which is expected to be accomplished through decentralisation. The paper analyses and synthesizes pros and cons of two scenarios from administrative, legal, political and economic perspectives.
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Децентрализацијата и локалните економски реформи во државите на Југоисточна Европа
(2015-09-16)
Aleksandra Maksimovska
;
Aleksandar Stojkov
Во 2015 година регионот веќе чекори во т.н. пост-децентрализациска деценија, имајќи ги предвид севкупните административни, политички, јавно-финансиски и социјални димензии. Во овој период се забележува тренд на намалување на брзината на децентрализациските процеси, првенствено како последица на претходниот секавично брз наплив на широк опсег на реформи. Истовремено, искуствата во многу држави од регионот укажуваат на позитивна корелација со локалниот и националниот економски развој. Оттука, се наметнуваат повеќе круцијални прашања: со каква динамика да се превземаат чекорите за довршување на започнатите реформи; дали овие процеси носат нови предизвици поврзани со поголема поделба по економски и/или етнички основи. Трудот има за цел да даде нови видувања на целокупната состојба, преку анализа на причините кои ја предизвикаа децентрализацијата во Југоисточна Европа, елаборација на спроведената децентрализациска реформа и користите од новиот систем на локално (финансиско) управување и формулирање на препораки за иднината на децентрализацијата во контекст на економски развојот во регионот на Југоисточна Европа. Во географски контекст, трудот се фокусира на следните држави: Албанија, Босна и Херцеговина, Бугарија, Македонија, Словенија, Србија, Хрватска, Турција и Црна Гора.
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Интертемпорален пристап кон тековната сметка на билансот на плаќања: Препораки за Република Македонија
(Iustinianus Primus Law Faculty, 2016-06-01)
Aleksandar Stojkov
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Social Responsiveness and Service Performance of Local Government: The Case of Macedonia
(Faculty of Law in Zagreb, 2016-01-12)
Aleksandra Maksimovska
;
Aleksandar Stojkov
Bringing services closer to the citizens is one of the primary goals of local government. Various social groups seek different social treatment and action. This paper examines whether local authorities are responsive and equally open to all those groups, or if they simply spend budget resources in order to carry out their responsibilities as required by the law. The paper brings into light the new concept of social responsiveness of local governments. Being socially responsive requires being more than just open; it implies addressing needs in order to keep citizens satisfied regarding a wide spectrum of public services. The main result of the paper is an assessment of the nexus between local government social responsiveness and local service performance in basic areas (communal services, education, culture, and other competences; economic development; and fiscal assignments) in the case of Macedonia.
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Commerce de marchandises entre le Canada et l'Union européenne: un état des lieux avant l'AÉCG
(Montreal: Presses internationales Polytechnique, 2016-06-22)
Thierry Warin
;
Aleksandar Stojkov
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Drivers of European Transition Countries’ External Current Accounts: An LSDVC Approach
(Routledge, 2016-06-13)
Aleksandar Stojkov
;
Thierry Warin
The sizable and persistent external imbalances of European transition countries have attracted surprisingly little empirical attention. Although increasing external account deficits may be accompanied by accelerated growth rates, they also come with substantial risks. This article identifies and compares the main determinants of the widening and persistent external current account deficits of fifteen European transition countries vis-à-vis the EU-15 countries. It assesses the validity of the intertemporal approach of current account determination through bias-corrected least-squares dummy variable models (using three dynamic panel techniques) and data for thirty European countries during the 1994–2013 period. It concludes that the external accounts of European transition countries have been counter-cyclical and largely driven by faster growth of government consumption and investment as compared to their trading partners. After the outbreak of the global economic crisis, their external accounts improved due to lower private consumption and a significant rise in precautionary savings.
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DIS Union of the Core and the Periphery
(International Journal of Economics and Financial Issues (IJEFI), 2017-12-11)
Igor Velickovski
;
Aleksandar Stojkov
;
Ivana Rajkovic
This paper investigates the drivers of shock synchronization using quarterly data for 27 European countries over the period 1999–2013 and taking into account the difference between core and peripheral euro area and European transition countries. The results from panel error-correction models suggest that the euro area core has not been a strong magnetizer of the shock convergence of peripheral and transition countries since the euro’s inception as a result of the offsetting effects of the various factors that affected the shock convergence process. In particular, the demand shock convergence was supported by the intra-industry trade developments and, to some extent, by the trade intensity, at least for the peripheral countries, but their effects were offset by divergent fiscal policies, production structure changes and financial flows. On the other hand, supply shocks registered a divergent tendency that was mainly driven by trade intensity flows and uncoordinated fiscal policies. These findings challenge the endogeneity hypothesis and support the specialization paradigm, which is concerning evidence for the future stability of the euro area.

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