Faculty of Economics

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Corruption, Government Spending and Economic Growth: The Case of Central and Eastern Europe
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2023-12-15)
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Kozeski, Kristijan
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This study delves into the relationship between corruption, government spending, and economic growth in selected Central and Eastern European countries. The high prevalence of corruption and suboptimal allocation of public resources in these countries present a significant obstacle to increasing economic growth. These issues are particularly impactful in low and middle-income countries, where corruption persists longer. The effects of corruption can distort market signals and lead to inefficient allocation of resources, especially in the public sector. In addition to hampering public consumption, corrupt practices negatively impact a country's ability to increase economic growth and bridge the gap between high and low-income countries. By utilising fixed and random effects methods, this paper employs panel regression analysis to examine the impact of government spending and corruption on the economic growth of selected Central and Eastern European countries from 2011 to 2021. The study found that government spending, corruption perception, and control of corruption have a positive and statistically significant influence on economic growth in the selected countries.
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Do Wages Reflect Growth Productivity – Comparing the European East and West?
(Taylor & Francis Online, 2023-01-19)
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Gligorić, Dragan
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Kozeski, Kristijan
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The research determines the gap (Great Decoupling) between labour productivity and workers’ compensation in the two blocks of EU countries (Western versus Eastern). The division of countries into two groups provides a basis further to determine whether the previous socio-economic and political evolutionary development of these countries blocks still has a significant impact on the functional distribution of national income, on the extent to which labour productivity growth is transmitted to workers. The results are heterogeneous. In the sample of highly developed Western EU countries where higher levels of labour productivity, as well as high levels of technological development, lead to an increase in labour productivity to be followed by a lower increase in workers’ compensation. On the sample of Eastern EU countries, results indicate different relationships and the strength of causality between productivity and labour compensation. Central-East EU countries had a more positive relationship between real workers’ compensation and labour productivity, compared to the Southeast Europe (Balkan) countries where an increase in workers’ compensation causes a reduction in labour productivity. The results also offer a solid basis for understanding wage/income/productivity relationships d for creating policies for a more efficient distribution of national income.
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THE MINIMUM WAGE IMPACT ON LABOUR PRODUCTIVITY: THE CASE OF SELECTED SEE COUNTRIES
(Research Centre in Public Administration and Public Services, Bucharest University of Economic Studies, 2021-09)
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Kozeski, Kristijan
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Increasing the statutory minimum wage in most SEE economies, in the same time represents an increase in the main source of income, and providing a higher level of welfare for workers. However, in some SEE countries, despite the unsuitable economic indicators, and the slow recovery from the economic crisis, a sharp increase in the minimum wage is observed. The increase in these countries contributes to the growing part of the workers who receive minimum wage, which additionally burdens the economic system. In addition, the increase of the minimum wage should not be a substitute for the improvement of the conditions on the labor market and the labor market institutions, as well as the insignificant increase of the labor productivity that persistently fails to catch up with the increase of the labor productivity in Western Europe countries. In the previous period, on the example of Bulgaria, Romania, Croatia, North Macedonia, Albania and Serbia, there was a significant increase in the level of the statutory minimum wage. These countries, as economies in which in the previous period the highest rate of increase of the minimum wage was observed, will be the subject of research. Hence, a relationship analysis was conducted between the statutory minimum wage and labour productivity, using a panel-regression model. The countries are divided in two groups: non-EU member countries (North Macedonia, Albania and Serbia) and EU member countries (Bulgaria, Romania and Croatia). These groups are formed according to specific economic criteria (level of GDP and labour mobility) and non-economic criteria (EU membership). The aim of the paper is to discover the correlation and causal relationship between an increase in the statutory minimum wage and labour productivity. The results provide an indicative picture of how governments set the minimum wage, the extent of their increasing, and whether the increase in the minimum wage is to some extent related to the increase in labor productivity. The results indicate that in the first group of countries (North Macedonia, Albania and Serbia) the relationship between statutory minimum wage and labour productivity is strong and positive. Contrary, this relationship is weak and negative in the countries from the second group (Bulgaria, Croatia and Romania). The correlation analysis results are consistent with the estimates from the panel – regression.
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The impact of foreign direct investments od economic growth and trade: A panel approach of selected Western Balkan countries.
(Research Center in Public Administration and Public Services. Bucharest University of Economic Studies, 2021-09)
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Kozeski, Kristijan
According to recent trends, there is a focus on the interest in the Western Balkan economies to attract foreign capital in the form of foreign direct investment (FDI) as a source of external financing and economic recovery factor. In this paper, an attempt is made to analyze the movement and impact of FDI on economic growth and foreign trade on the example of the Western Balkans (North Macedonia, Albania, Serbia, Bosnia and Herzegovina, and Montenegro). This analysis aims to examine the correlation and causal relationship between FDI, economic growth and the foreign trade caseof each individual Western Balkan country. The inflow of foreign capital in the form of FDI in the Western Balkan countries has a positive impact on GDP growth, exports and imports. From the results, it can be concluded that the inflow of FDI into the Western Balkan countries has a positive effect on the economic growth and the increase of foreign trade. The analysis showed that FDI has a statistically significant and positive impact on GDP in the Western Balkan countries, and is a key precondition for intensifying foreign trade. This study provides a promising step towards developing a more comprehensive empirical research by a dynamic estimation procedure.
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The Impact of ICT on Labour Productivity – Europe vs. U.S.
(SHS Web of Conferences 129, 08021 (2021), 2021-12-16)
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Merdzan, Gunter
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Kozeski, Kristijan
Research background: The European economy has been experiencing declining productivity growth rates since the 1970s despite high investments in information and communication technologies (ICT). Investments in ICT are considered a key driver of productivity growth that serves as a basis for further improvements in living standards. However, despite the emergence of new technologies and industries, especially after 1995, European productivity growth has slowed and lagged behind the United States. The critical question is why? Purpose of the article: This article aims to examine the effects of ICT on the European labour market in the period when machines and systems such as artificial intelligence, new information technologies, the Internet of things, and other technologies are becoming increasingly interconnected and intertwined. Additionally, the article examines the key reasons why European productivity lags behind the U.S. and explains them. Methods: The panel regression method analyzes the productivity lag of selected European developed countries and emerging markets in 2007-2019. The article additionally makes a qualitative analysis of the benefits of new technologies on productivity in Europe compared to the U.S. Findings & Value added: The results of the econometric analysis applied in this article confirm the positive but insignificant impact of ICT investments on the labour productivity of the case of European developed countries in the post-Great Recession period. Thus, the article fills the gap in the research literature regarding the relationship between ICT investments and the labour productivity of selected European countries.
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Analysis of the interactions between real compensation growth and labor productivity growth in selected countries
(Faculty of Economics - Prilep, University "St. Kliment Ohridski" - Bitola, 2019)
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Kozeski, Kristijan
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Merdzan, Gjunter

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