Faculty of Economics
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Item type:Publication, Engines and Constraints of Growth in the Western Balkans: Insights for EU Convergence(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12); Gacova, KatarinaThis paper investigates the determinants of GDP growth in nine Western Balkan countries over the period 2000 – 2023 using an unbalanced panel dataset. The analysis incorporates gross fixed capital formation, exports and imports of goods and services, final and household consumption, labor force growth, and inflation as explanatory variables. To address cross-sectional dependence and unobserved heterogeneity, the study employs a three-model econometric framework, including two-way fixed effects, correlated random effects, and random effects specifications. The results demonstrate that investment, exports, and final consumption are the most robust and statistically significant drivers of GDP growth, while imports consistently exert a negative effect. Labor force growth is positively associated with output but only becomes significant under more robust specifications, whereas inflation shows no systematic impact. The findings highlight the dual role of external competitiveness and domestic demand in sustaining growth, while underscoring structural vulnerabilities linked to import dependence and weak labor market absorption. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Harnessing Regional Trade Agreements as Catalysts for Climate - Smart Trade: The Case of Western Balkan Countries(Novi Sad School of Business, 2024); ; The concept of climate-smart trade is gaining momentum as trade agreements increasingly incorporate provisions to balance economic growth and environmental conservation. While in the past, environmental and climate issues played a minor role in international trade agreements, recently there has been a growing trend towards incorporating climate-smart provisions, particularly in regional trade agreements (RTAs). These provisions aim to promote sustainable development, pursue international environmental goals, ensure a level playing field, and enhance environmental cooperation. The paper analyzes the emergence of environmental and climate-related provisions in free trade agreements. It attempts to define them, explain how they are incorporated into free trade agreements, and assess the reasons for the increased number of such provisions. The paper then briefly analyses statistical data related to the types of environmental and climate-related provisions contained in FTAs, before going into details of the climate-smart provisions of the regional trade agreements in the Western Balkans. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Harnessing Regional Trade Agreements as Catalysts for Climate-Smart Trade: The Case of Western Balkans Countries(Association of Economists and Managers of the Balkans – UdEkoM Balkan, 2023-12-07); ; The concept of climate-smart trade is gaining momentum as trade agreements increasingly incorporate provisions to balance economic growth and environmental conservation. While in the past, environmental and climate issues played a minor role in international trade agreements, recently there has been a growing trend towards incorporating climate-smart provisions, particularly in regional trade agreements (RTAs). These provisions aim to promote sustainable development, pursue international environmental goals, ensure a level playing field, and enhance environmental cooperation. The paper analyzes the emergence of environmental and climate-related provisions in free trade agreements. It attempts to define them, explain how they are incorporated into free trade agreements, and assess the reasons for the increased number of such provisions. The paper then briefly analyses statistical data related to the types of environmental and climate-related provisions contained in FTAs, before going into details of the climate-smart provisions of the regional trade agreements in the Western Balkans. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Impact of Remittances on Economic Growth in Western Balkans - A Panel Approach(Ss Cyril and Methodius University in Skopje, Faculty of Economics - Skopje, 2021-11-13); ; ; The migration is one of the constitutive features of Western Balkans’ historical specificity, which significantly changed Balkan societies in the last two centuries. One crucial effect of intensive emigration is high remittances. Cross-country analyses and evidence from household surveys suggest that migration and remittances reduce poverty in the origin communities. In addition, remittances lead to increased investment in education, health, and small businesses. The diaspora can be a source of capital, investment, knowledge, and technology transfer. The inflow of remittances can contribute to the economic development of the remittance-receiving country, provided that the country can use these funds to finance investments that will enable it to produce export or investment goods to replace imports. This paper examines the impact of remittances on economic growth in the Western Balkans (North Macedonia, Serbia, Albania, Kosovo, Montenegro, and Bosnia and Herzegovina) last two decades. The relationship between economic growth, remittances, final household consumption, domestic investments, and trade is examined through a panel approach. The paper uses annual data obtained from the World Bank World Development Indicators. The results of the empirical analysis help determine the relationship between remittances and economic growth and provide a solid base for policymakers to direct remittances into productive investments. The general conclusion for the region is the need to implement policies that will strengthen the financial system to enable a more significant positive impact of remittances from migrants on economic growth. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Influence of Trade and Institutions on Economic Growth in Transitional Economies: Evidences from Countries from Central and Eastern Europe and Western Balkans(Institute of economic sciences, Belgrade, Serbia, 2017)