Faculty of Economics

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Evaluating the Effects of Consolidation of Macedonian Mobile Markets
(EBES Publications, 2018)
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significantly changed. The final goal of these changes was to increase competition in the telecoms industry, forcing operators to raise quality of services and reduce their prices. But on the other hand, as a result of the liberalization of the telecommunications market, application of new telecommunication technologies, and as well as the effects of regulatory pricing intervention, telecom operators are faced with shrinking revenues and profitability. Despite traffic growth in the period 2014-2018, revenue levels of telecom companies has remained stagnant. Therefore it is not a surprise the fact that over the period 2002 - 2015 a total of 1024 competition policy cases have arisen in EU telecoms markets, where more than a half are merger control cases. Results from a number of empirical studies for ex-post evaluation of merger decisions, suggest that a merger may have negative price effects and positive effects on investment transformed into better quality of services for consumers. Macedonian telecommunications market was not excluded from this trend of merging between mobile operators. The proposed merger between mobile operators VIP and ONE was cleared with remedies in July 2015. In the public, there is an open debate about the effects of this competition authority’s decision on consumer welfare and market performances. Hence, the main objective of this paper is to quantify the impact of the approved merger decision between the second and third mobile operators on market performance and consumer welfare in the Macedonian mobile market. For the purposes of this research, we applied reduced-form econometric methods using a difference-in-differences (DiD) approach, which is an established and widely used methodology in the ex-post evaluation studies. We compared the evolution of the market competition and performances indicators, both before and after the decision. As a control group we used mobile markets data of selected countries from South East Europe. Analysis Mason DataHub, Eurostat data, OECD, World Telecommunication/ICT Indicators database were the main data sources for our analysis. The key outcomes of this research study are particularly important for the regulatory authorities, in the period that is characterized by the introduction and implementation of costly innovations such as 4G and 5G services, and in a context where mobile operators are lobbing for a bigger market consolidation and for a more lenient merger control in order to be able to invest effectively.
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Physical capital investments and labour productivity across countries-Panel approach.
(Varazdin Development and Entrepreneurship Agency, Varazdin, Croatia / University North, Koprivnica, Croatia / Faculty of Management University of Warsaw, Warsaw, Poland / Faculty of Law, Economics and Social Sciences Sale -Mohammed V University in Rabat, Morocco / Polytechnic of Medimurje in Cakovec, Cakovec, Croatia, 2019-12)
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Kozheski, Kristijan
It is recognized that gross capital formation has a direct, but also anindirectimpact on the labour productivity.Physical capital naturally has an important role for the economic growth and labour productivity. It has always been seen as potential determinant for enhancing productivity growth.Based on an intensive and a comprehensive literature review, the aim of the paperis to analyze the extent of correlation and causal relationship between gross fixed capital formation and labour productivity on different group of countries for the period 2004 –2016. The countries which are subject of the analysis are divided into three groups based on the geographical location and their economic and structural performance. In order to examine the correlation between the gross fixed capital formation and labour productivity, it is used an uncentered correlation coefficient. Foranalyzing the casual relationship between variables inlcuded in this study, an econometric panel regression analysis of the three groups of countries is employed. Therefore, an attempt is made for an econometric analysis based on panel data. The results of the correlation analysis show a positive correlation in the individual groups of countries analyzed in this study. It pointed out that the degree of correlation differs between the individual panel analysis. Moreover, such a conclusion can be drawn basedon the results obtained from the regression panel analysis. That is, the causal relationship in individual country groups is statistically significant and positive. On the other hand, on average the different coefficients of the β coefficients indicate a different degree of causality between the gross fixed capital formation as an independent variable and the labour productivity as the dependent variable in the different groups of countries. The strength of the causal relationship is quite different given the economic, structural and other characteristics of separate group of countries.
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Gross fixed capital formation and productivity in Southeastern Europe
(Faculty of Economics & Business, University of Zagreb., 2019)
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Capital formation is considered to be an important factor of economic growth both in theoretical and empirical literature. It is generally agreed that the main purpose of economic development is to build capital equipment on a sufficient scale to increase productivity in the economy. Therefore, capital formation makes development possible even with increasing productivity. It is also recognized that gross capital formation has a direct, but also an indirect impact on the productivity. Based on an intensive and a comprehensive literature review, the aim of the paper is to examine the impact of fixed capital investments on productivity in the countries of Southeastern Europe in the period from 2000 to 2017. Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Macedonia, Montenegro, Romania, Serbia and Slovenia are part of the analysis, except Kosovo which is not a subject of the study due to a lack of data. Beside Southeastern Europen countries, the research is done at the European Union level, and Germany and France are also included as a two leading economies in the European Union. The paper starts from the assumption that fixed capital investments determine the marginal labour productivity, which in turn determines the demand for labour and the employment. In other words, greater investments in fixed capital will increase the marginal labour productivity, which will increase the demand for labour and the employment. In the paper, a regression analysis and correlation are implemented in order to determine and predict the impact of fixed asset investments on productivity. Testing of the series of fixed assets investment and productivity is done by applying the Unit Root test using the Augmented Dickey - Fuller test. Also, a cluster analysis is made and the k-mean clustering method is applied. Results of the study show that changes in productivity are largely explained by changes in gross fixed capital formation at European Union level and in Germany and France, and in these countries there is a higher coefficient of correlation between investments in fixed assets and productivity. A high correlation coefficients are also obtained in Southeastern European countries that are members of European Union, primarily Slovenia, Greece and Romania, while in Croatia this coefficient is slightly lower. An only exception from Southeastern European countries that are members of the European Union is Bulgaria, which has a very low coefficient of correlation between investments in fixed assets and productivity. In nonEuropean Union countries of Southeastern Europe (Macedonia, Serbia, Bosnia and Herzegovina, Montenegro and Albania), changes in productivity cannot be generally explained by the changes in fixed capital investments, and in these countries there is a very low correlation coefficient between gross fixed capital formation and productivity. Using the cluster analysis based on the k-mean clustering method, three clusters are defined: Cluster 1: Croatia and Romania; Cluster 2: Albania, Bosnia and Herzegovina, Bulgaria, Macedonia, Montenegro and Serbia; and Cluster 3: France, Germany, Greece Slovenia and 278 the European Union. Cluster analysis shows that in Cluster 3, which is defined with countries that have high GDP per capita, high employment and low unemployment, the impact of gross fixed capital formation on productivity is greater. On the other hand, in Cluster 2, that includes non-European Union countries (exception is Bulgaria, which is a member of European Union), and is defined with lower GDP per capita, low employment rates and high unemployment, gross fixed capital formation has not a significant impact on productivity.
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Education and its effects on the labour market in Macedonia.
(Faculty of Economics Pale, 2019)
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Human capital represents the most valuable asset held by most individuals. Peopleaccumulate human capital through investments in schooling and training. Governments subsidizemany forms of human capital accumulation including primary, secondary and post-secondaryschooling.Education plays a central role in preparing people to enter the labour market, offering themthe opportunity to improve and increase their knowledge, skills and abilities. In recent decades, therehas been rapid expansion of higher education across many countries. This has had important andprofound effects on labour markets and the way in which employers use highly educated labour.Thelevel of education is one of the key predictors of long-term success in the labour market, it is related tothe likelihood to be employed, the amount of salary and the quality and social attractiveness of the job.Therefore, the aim of this study is to identify and analyze the relationship that exists betweeneducation and labour market in Macedonia. In order to reach this aim, information included in thestatistical yearbooks (secondary data), reports and in different researches that have been made indifferent countries are analyzed and interpreted. This study provided evidence for the positive effectsof education on the labour market in Macedonia. There is a positive link between the level ofeducation and access to work and another positive effect of education on the labour market is relatedto the level of income.
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The impact of human capital on economic growth in Macedonia
(Faculty of Economics – Skopje, 2019)
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The role of human capital in a country’s growth process is of great importance. As a separate factor of production, it contributes to solving key economic problems in the process of globalization, especially in economies based on knowledge. The aim of this paper is to illustrate the impact of human capital on the economic growth of Macedonia in the period from 2000 to 2016 through the usage of an econometric analysis of time series of human capital indicators which are widely accepted in theory and empirical research. It is about education and health, i.e. the educational qualifications of employees and their life expectancy. For that purpose, a regression analysis followed by an examination of stationarity of time series is used, as well as the necessary conditions for selecting the best model from all of the available alternatives. The results show that there is a positive link between human capital and economic growth in Macedonia. Also, educational qualifications and life expectancy have a positive effect on GDP per capita in Macedonia for the analyzed period. All of the variables show statistical significance, but higher education qualifications have proved to be an indicator of human capital with the greatest impact on the economic growth in Macedonia. Therefore, the economic policy-makers should accept and promote education and health as healthy economic investments which raise not only the quality of life, but also increase the productivity of the market and thus the output in the country.
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Законитости во управувањето со системите
(Култура АД - Скопје, 2014)
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Evaluating the effects of consolidation of Macedonian mobile markets
(Eurasia Business and Economics Society (EBES), 2018-10)
;
In the last two decades regulatory framework and structures of European telecom markets have significantly changed. The final goal of these changes was to increase competition in the telecoms industry, forcing operators to raise quality of services and reduce their prices. But on the other hand, as a result of the liberalization of the telecommunications market, application of new telecommunication technologies, and as well as the effects of regulatory pricing intervention, telecom operators are faced with shrinking revenues and profitability. Despite traffic growth in the period 2014-2018, revenue levels of telecom companies has remained stagnant. Therefore it is not a surprise the fact that over the period 2002 - 2015 a total of 1024 competition policy cases have arisen in EU telecoms markets, where more than a half are merger control cases. Results from a number of empirical studies for ex-post evaluation of merger decisions, suggest that a merger may have negative price effects and positive effects on investment transformed into better quality of services for consumers. Macedonian telecommunications market was not excluded from this trend of merging between mobile operators. The proposed merger between mobile operators VIP and ONE was cleared with remedies in July 2015. In the public, there is an open debate about the effects of this competition authority’s decision on consumer welfare and market performances. Hence, the main objective of this paper is to quantify the impact of the approved merger decision between the second and third mobile operators on market performance and consumer welfare in the Macedonian mobile market. For the purposes of this research, we applied reduced-form econometric methods using a difference-in-differences (DiD) approach, which is an established and widely used methodology in the ex-post evaluation studies. We compared the evolution of the market competition and performances indicators, both before and after the decision. As a control group we used mobile markets data of selected countries from South East Europe. Analysis Mason DataHub, Eurostat data, OECD, World Telecommunication/ICT Indicators database were the main data sources for our analysis. The key outcomes of this research study are particularly important for the regulatory authorities, in the period that is characterized by the introduction and implementation of costly innovations such as 4G and 5G services, and in a context where mobile operators are lobbing for a bigger market consolidation and for a more lenient merger control in order to be able to invest effectively.
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THE IMPACT OF PREFORMANCE EVALUATION PROCESS ON HEALTHCARE EMPLOYEES AS A FACTOR FOR MOTIVATION AND QUALITY OF THEIR WORK
(Institute of Knowledge Management - Skopje, 2018-12)
Georgievska Cvetanovska, Mila
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The performance evaluation process is used to conduct an objective assessment of the performance and the effectiveness of the employees, the compliance with the organizational values and hierarchy and the achevement of the standards of the organization. The employee performance evaluation is an exceptionally important segment in healthcare organizations. The managers (directors) of the healthcare organizations have to recognize the employees that efficiently complete their tasks, detect the need and the type of training necessary to improve their performance and adequately reward the most prominent employees. Taking into account the relevance of the topic, the subject of research in this papers is precisely the analysis of the performance appraisal of the employees, as a process that should help obtaining a clear picture of how successfully the tasks of a given position are performed and how much they contribute to achieving the strategic goals of the organization. Hence arises the problem of this research, which is the absence of a quality system for evaluation and assessment of the performance of the healthcare workers. Two research goals have been pursued, both scientific and practical. The scientific goal of the research is to provide quality performance evaluation of the healthcare workers, which leads to faster development of the organization and sustainable efficiency of the market, whereas the practical goal of the research is to utilize the obtained results in the creation of an efficient system for evaluating the performance of the healthcare workers who will integrate the quality work standards, thereby improving the motivation and the quality of work. The relevance of the topic will be explored and proven by defining a hypothesis that reads: If a health care organization adopts a quality system for evaluating the work of its healthcare workers, then the healthcare employees will strengthen their skills which will lead to increased motivation and work quality. To prove the hypothesis, an empirical research was conducted using a standardized instrument, i.e. a questionnaire containing 10 statements and a Likert scale: strongly agree, partly agree and disagree. The questionnaires contained closed-ended questions whereby the respondents could choose one of the answers offered. The survey was conducted in 2 private healthcare organizations in December 2017. The representative sample includes 73 doctors and 27 nurses/orderlies. In the process of analyzing the findings of the research, a deductive method, comparison method and a method of objectivity and relevance were applied. In the conclusion of the papers, on the basis of the obtained results, guidelines will be proposed for improvement and implementation of a quality performance evaluation system in the private and public health care.
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Austerity of fiscal stimulus in times of crisis – an old debate without consensus
(Institute of Knowledge Management - Skopje, 2017-12)
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The latest global economic and financial crisis has once again drawn the attention of economists to the debate whether it should be saved or spent in times of crisis. A number of more or less different concepts and schools have been developed in response to the role of the government and the character of the economic policy that needs to be implemented in times of crisis. Regardless of the differences between these concepts, they can all be grouped into two global approaches: interventionism and stimulating on the one hand and liberalism and saving on the other. The first approach, known as the Keynesian concept, advocates the idea of a necessity of fiscal intervention and increased consumption in times of crisis, while the second approach, known as neoliberalism or a monetary concept, is against fiscal intervention and argues that the government should create a stable environment, to refrain from excessive consumption and to stimulate austerity. These two global approaches represent two different perceptions of reality, given that they recommend the use of completely different economic policy instruments to achieve the same goals. Examples of economic crises through history and the stance and reaction of economic policy in such conditions unambiguously show that there is no universal macroeconomic concept that is applicable in all countries and at all times. On the contrary, economic history shows that classical school prevailed at certain times by favoring the concept of "liberal market" over fiscal intervention, while in others the concept of fiscal intervention and increased government consumption prevailed. That is, the past confirms that the liberalism and the concept of fiscal intervention changed after certain periods of time. Usually, the selected and applied concept initially yielded good results, but then it begins to generate serious problems and contradictions, which makes it untenable and requires a change in the direction of economic policy. The issue of choosing economic policy is particularly relevant for certain EU Member States, which, despite the consequences of the latest economic and financial crisis, face a debt crisis. One of the main dilemmas for these countries is whether to pursue an austerity policy that stabilizes public finances but deteriorate the economic growth or a policy of encouraging economic growth through increased consumption, but which additionally increases indebtedness and questions its sustainability and effect on economic growth in the future. The debate is further complicated taking into account Eurozone member states, where national fiscal policy plays a much larger role, given that member states cannot conduct their own monetary policy. The paper examines these two conflicting concepts, citing arguments for and against their application, and explores their practical application during the latest global economic and financial crisis.
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PHYSICAL CAPITAL INVESTMENTS AND LABOUR PRODUCTIVITY ACROSS COUNTRIES – PANEL APPROACH
(Varazdin Development and Entrepreneurship Agency, Varazdin, Croatia / University North, Koprivnica, Croatia / Faculty of Management University of Warsaw, Warsaw, Poland / Faculty of Law, Economics and Social Sciences Sale - Mohammed V University in Rabat, Morocco / Polytechnic of Medimurje in Cakovec, Cakovec, Croatia, 2019-12)
;
;
Kozheski, Kristijan
It is recognized that gross capital formation has a direct, but also an indirect impact on the labour productivity. Physical capital naturally has an important role for the economic growth and labour productivity. It has always been seen as potential determinant for enhancing productivity growth. Based on an intensive and a comprehensive literature review, the aim of the paper is to analyze the extent of correlation and causal relationship between gross fixed capital formation and labour productivity on different group of countries for the period 2004 – 2016. The countries which are subject of the analysis are divided into three groups based on the geographical location and their economic and structural performance. In order to examine the correlation between the gross fixed capital formation and labour productivity, it is used an uncentered correlation coefficient. For analyzing the casual relationship between variables inlcuded in this study, an econometric panel regression analysis of the three groups of countries is employed. Therefore, an attempt is made for an econometric analysis based on panel data. The results of the correlation analysis show a positive correlation in the individual groups of countries analyzed in this study. It pointed out that the degree of correlation differs between the individual panel analysis. Moreover, such a conclusion can be drawn based on the results obtained from the regression panel analysis. That is, the causal relationship in individual country groups is statistically significant and positive. On the other hand, on average the different coefficients of the β coefficients indicate a different degree of causality between the gross fixed capital formation as an independent variable and the labour productivity as the dependent variable in the different groups of countries. The strength of the causal relationship is quite different given the economic, structural and other characteristics of separate group of countries.

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