Iustinianus Primus Faculty of Law
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Item type:Publication, CBDCs – a (r) evolution of money(Faculty of law in Nis, 2023-11)Zafiroski, JovanThe monetary landscape is changing at a pace that is never seen before. The incumbent players are faced with challenges coming from international events that are changing the post war monetary order while technological breakthroughs alter the traditional understanding of money any payments. The process of digitalization of money and the emergence of different forms of private digital money that are decentralized and out of the official monetary system managed or supervised by a central bank is the most serious challenge for the future of the current monetary system. The central banks are well aware of this challenge and are trying to be proactive and to adopt to the new circumstances. They try to use all the benefits from the new technology while providing a state backed money that has the state authority behind them. Thus, the central bank digital currencies as a new form of central banks money are vastly researched by almost all the leading central banks. The CBDCs should ensure the existence of a risk-free central bank money in a highly digitalised and cashless economy. The debate for a possible launch of the CBDCs should also include a debate for the legal aspects of the introduction of this new form of money. This debate is primarily focused on changes in the monetary law, monetary sovereignty and the effects on the financial and banking system. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Taxing the Big Tech in the European Union(Springer Cham, 2023-11) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Macedonian Monetary Sovereignty in Times of Blockchain Revolution(Faculty of law "Iustinianus Primus", Skopje, 2022-12)Zafiroski, JovanThe adoption of the Constitution of the Republic of Macedonia established the Macedonian central bank as one of the pillars of the Macedonian monetary sovereignty. In the first years of the country’s independence the central bank was facing a unique challenge in establishing the Macedonian national currency the denar which was done in a period of transition of the Macedonian economy from socialistic to market economy amid wars and political instabilities in the region. Thirty years after the monetary independence, the monetary sovereignty is challenged not only by the process of creation and use of private money i.e. cryptocurrencies but also from the process of creation of digital central bank money called central bank digital currencies. After a brief review of the historical moment in establishment of the Macedonian monetary sovereignty the text will discuss different questions related to the effects of digitalization of money on the Macedonian monetary system and the challenges for the Macedonian central bank in this respect. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Tax competition in the Western Balkans an open door tax policy for reaching of desired economic goals – is it enough?(Економски факултет во Ријека, Хрватска, 2020) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Coping with the EU Fiscal Compact: Cross Section Analysis of the Legal Framework and Economic Results by the Candidate Balkan Countries(Verlag C.H.Beck, IOR Munchen, 2018) - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, Central Bank Digital Currencies – an Innovation in the Realm of Money(University of Rijeka, Faculty of Economics and Business, 2021)Zafiroski, JovanPayment services are one of the core central banking activities. Payment related inno vations promote safe and sound payment systems that are allowing faster transactions. Central bank digital currencies (CBDCs) have potential to revolutionize the payment system while having effects on the monetary policy and financial stability. Currently, many of the leading central banks in the world are considering the possibility for launch of CBDCs. The paper analyses the phenomenon of the CBDCs. It aims to examine the role of the central banks in the realm of digital money while exploring their design as an alternative for cash. The legal basis for issue of the CBDCs, the relation with the legal tender in the country and other legal issues are particularly examined. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The bail-in principle – responsible banks for a sound financial system(University of Rijeka, Faculty of Economics and Business, 2019)Zafiroski, JovanSince January 2016 the Single Resolution Mechanism became fully operational. As a second pillar of the European banking union it should provide equal treatment of the credit institutions when they are facing problems and when a bank failure is probable or occurs. Also, the Single Resolution Mechanism contributes to broader objectives of the banking union for achievement of deeper market integration and breaking the link between the sovereigns and banks. The financial crisis from 2008 has shown that even failures of the big international banks are possible. It is difficult to justify the situation when the bank’s profits are always private and are distributed between the shareholders and the management while loses are covered by taxpayers. This dilemma goes beyond the problems of morality and has direct effects of the countries’ public finances and the level of public debt. It is hard to justify the bank bail-outs. The negative consequences of the problems facing credit institutions were more emphasized on the EU financial mar ket. The newly created Single Resolution Mechanism includes a solution to this problem which puts the responsibility and consequences of the bank difficulties to the bank itself. Thus, the newly created bail-in principle gives power to the resolution authorities to cancel shares and to write down or to convert liabilities of a bank. The text explains the bail-in principle and discusses the possible effects that it might have on the stability of the financial sector in the Eurozone. Also, the effects of the digitalization of money and the reduction of cash in the transactions are examined. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Idea for a Multi – Speed Europe and the Process of EU Enlargement(BISI, Nice, 2020)Zafiroski, JovanSeventy years after the start of the process of its creation, the world’s biggest and richest economic space, the European Union, is facing many challenges. The recent COVID 19 pandemic has provoked an economic “tsunami” and put in jeopardy the European unity. Amid these circumstances the debate for the future of Europe is more than important. The Rome Declaration from 2017 offers a possibility for different forms of integration for the Members of the EU i.e. multi-speed Europe. This will have a major impact as on the current structure of the EU as well as on the enlargement process. As the EU is heading towards uncharted territory the candidate and potential candidate countries should continue to work on reforms. The paper explains the roots of the idea for a multi-speed Europe and analyses the possible consequences for the Western Balkan countries in the integration process for EU membership. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Coping with the EU Fiscal Compact: Cross Section Analyses of the Legal Framework and Economic Results by the Balkan Candidate Countries(Verlag C.H. Beck Munchen, 2018)