Institute of Economics

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CIRCULAR ECONOMY AND SUSTAINABLE GROWTH EVIDENCE FROM NORTH MACEDONIA
(Institute of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, Republic of North Macedonia, 2025-11)
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Josimovska, Tea
Abstract: Sustainable economic growth has become a central priority for countries striving to balance economic development with environmental protection and social well-being. The concept of the circular economy (CE), which emphasizes resource efficiency, waste reduction and innovation is in icreasingly recognized as a pathway to achieving long-term sustainability. Estimating an extended Cobb–Douglas production function that incorporates traditional growth drivers (capital, labour) alongside sustainability-related variables (resource productivity, renewable energy,), the paper tests the hypothesis whether the higher resource productivity and renewable energy use, contributes positively to GDP growth while reducing environmental pressures (decreasing CO₂ emissions). The estimation is made with ARDL model and use annual time-series data for North Macedonia (NM) covering the period from 2000 – 2023. The research findings* reveal that economic growth in North Macedonia is driven by the traditional factors, especially labour. Also, a 1% increase in resource productivity is associated with a 0.75% increase in GDP is strong and direct validation of the circular economy concept. It shows that North Macedonia can achieve economic growth not just by extracting and using more resources, but by using them more efficiently. This finding directly supports the idea of "decoupling" economic growth from environmental degradation.
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NORTH MACEDONIA’S DEMOGRAPHIC FUTURE: INSIGHTS FROM THE POPULATION PROJECTIONS
(Ss. Cyril and Methodius University in Skopje, 2025-11-02)
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DEMOGRAPHIC CHANGES IN NORTH MACEDONIA – EFFECTS AND CONSEQUENCES ON ECONOMIC GROWTH
(Institute of Economics - Skopje, 2024-05)
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Petkovski, Vladimir
This paper aims to analyze the demographic changes occurring in the Republic of North Macedonia and their impact on the economy, with a specific focus on labour market dynamics, aggregate demand and supply shifts, regional development disparities, and implications for economic growth. Through this analysis, the paper seeks to identify key challenges and propose strategic measures to address them. The research utilizes data from the 2021 census and other relevant sources to examine the demographic trends in the Republic of North Macedonia, including population decline, aging, and emigration patterns. By examining these interrelated factors, the paper aims to provide insights into the challenges faced by the Macedonian economy and propose policy recommendations to promote sustainable development and address demographic challenges effectively
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Gender inequality on the Macedonian labour market
(2019)
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Djambaska, Elizabeta
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The labour market is facing different forms of inequality and discrimination against workers on the basis of gender, age and health. Gender gaps are one of the most pressing challenges. Globally, women are substantially less likely than men to participate on the labour market and to find jobs. Their access to quality employment opportunities is limited. Many researches have shown that there is a significant difference between the genders, in terms of the wage levels, occupation, working hours, economic status, duration of the unemployment etc. The research hypothesis of the paper is that Republic of Macedonia has gender inequality on its labour market, seen through different position of men and women regarding their economic activity, employment and unemployment. The aim of the paper is to identify the level of gender inequality and the differences between men and women on the Macedonian labour market. The paper consists of two segments. The first is focused on the theoretical aspects of the gender inequality, as well as on the measures and indicators which can determine the scale of gender inequality. In the second part, the situation on the Macedonian labour market regarding the position and differences between men and women is observed. For that purpose, the economic activity, employment and unemployment of men and women (by age, educational attainment, economic status, working hours, sectors of activity, occupations, wages and other) is analyzed. The results of the analysis show that the position of women was and remains worse than of the men. It is seen in their lower participation in the economic activity and employment in the country, in the higher unemployment rates, longer unemployment, lower wages, in an increase of the average time to find work, in the proportion of women in traditionally female occupations etc. The gender inequality demands more attention in order to improve existing legislation and to implement labour market policies which will ensure higher participation of women on the labour market. Therefore, the paper, also, notes some recommendations to overcome the unfavorable situation of women on the Macedonian labour market. The study of the gender inequality on the Macedonian labour market is made for the last decade, using the available data from the State Statistical office of the Republic of Macedonia. For the purpose of the research, reports, data and statistical analyses on gender inequality from different international institutions (Eurostat, World Bank, World Economic Forum and International Labour Organization) are also used. Concerning the methodology, the study is based on the qualitative methods such as: analysis of literature and documents and deductive reasoning, as well as on the quantitative method of descriptive statistics
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Market capitalization and factors of its determination – the case of Republic of Macedonia
(Annals of the University of Petroşani, Economics, AUPE Romania, 2016)
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Djambaska, Elizabeta
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Georgieva Svrtinov, Vesna
The development of the capital market considered thru the market capitalization coefficient (in total amount and in percentage changes) in relation with the GDP of the Republic of Macedonia is the subject of research of this paper. The analysis identifies and explains the factor of capital market development. The focus of the paper is to determine the effects of different factors on the capital market development in the Republic of Macedonia. For these purpose a multivariate linear regression is conducted using the data from 1997-2013. The analysis indicates that the capital market in the Republic of Macedonia is small and underdeveloped. Therefore the economic growth factors taken into consideration for the research have not shown considerable impact on the capital market due to its underdevelopment
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Capital market and the determinants of development in the Republic of Macedonia
(Economic Development, Journal of the Institute of Economics – Skopje, 2017-02)
Djambaska, Elizabeta
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This paper considers the capital market in the Republic of Macedonia. The analysis identifies and explains whether capital market development is influenced by economic growth. The focus of the paper is to determine the effects of different factors on the capital market development in the Republic of Macedonia. For these purpose a multivariate linear regression is conducted using the data from 1997-2013. The analysis indicates that the capital market in the Republic of Macedonia is small and underdeveloped. Therefore the economic growth factors taken into consideration for the research have not shown considerable impact on the capital market due to its underdevelopment.

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