Faculty of Economics
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Item type:Publication, Stakeholder perceptions of migration policies and investment in human capital development: expert interview evidence from policymakers, labor market organizations and social partners in North Macedonia, Türkiye, Ukraine, and Ethiopia(2026-01-16); ; ; ; Introduction: Policies that combine human capital development and migration governance are necessary because migration alters the labor supply and skill distribution across economies. Through a cross-country approach, four migrant-origin countries, North Macedonia, Türkiye, Ukraine, and Ethiopia, that reflect various combinations of demographic pressures, institutional capacity, and conflict shocks are examined in this study. Methods: Using standardized qualitative expert interviews with policymakers, labor market intermediaries, and social partners, analyzed through a reflexive thematic analysis, the study explores the respondents’ perceptions and the channels through which education and migration policies, as perceived, interact to influence labor market outcomes. Results: Respondents reported that migration dynamics exacerbate structural unemployment, gender disparities, brain drain, and ongoing skill mismatches in all four countries. Interviewees highlight structural gaps in technical training and job-readiness in Ethiopia, while in Ukraine, a prime example of the disruptive effects of war, population displacement strains both education and the labor market. In North Macedonia and Türkiye, skill mismatches are pronounced by the notable emigration as well as the inefficiency of retention mechanisms. Among all studied countries, participants identified demand-based training and reliable institutional frameworks as crucial levers for reducing shortages and slowing the human capital depletion. Discussion: The comparative study emphasizes the need for policies that efficiently connect labor market demands, migration management, and education to achieve a balance between social demands and long-term socioeconomic growth. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Effects of Labour Market Measures and Policies on Improving Labour Market Performance in Central and South Eastern European (CSEE) Countries(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12); ; ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Revolutionising the document workflow using blockchain in banking sector(University of Nis, 2024); ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Role of Institutions in Economic Growth: A Systematic Literature Review(Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business, 2024); ; Purpose: This paper gives a systematic literature review of the research field of institutions and economic growth. The goal of the paper is to provide information on predominant trends in publishing studies, prevailing sentiments on the role of institutions, and emerging themes in the field, to identify gaps in the existing literature and possible avenues for further research. Methodology: The study systematically reviews papers on institutions and economic growth from the Scopus database following the PRISMA protocol. The research uses descriptive analysis (annual distribution of articles, frequently referenced papers, central and emerging topics), sentiment analysis, and keyword co-occurrence network analysis. Results: A total number of 78 papers published between 2006 and 2023 were analysed. The results suggest a growing interest in the subject, encompassing topics such as governance, human capital, trade openness, and the resource curse. Sentiment analysis suggests that most of the literature is optimistic about the impact of institutions on fostering economic growth. Keyword analysis indicates that institutions, governance, and economic growth remain key areas of interest, with increasing emphasis on region-specific research and empirical approaches. Conclusion: The prevailing research indicates that quality institutions play a crucial role in economic growth, enhancing the impact of other factors like financial development, trade openness, and human capital. The review underscores the pivotal role of institutions in sustaining long-term economic progress and suggests further exploration of less researched areas, such as regional development and entrepreneurship, and the utilisation of additional scientific databases to deepen our comprehension of institutional dynamics. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Institutions and economic growth in European post-transition economies(University of Rijeka, Faculty of Economics and Business, 2024); ; This paper discusses the role of institutions in economic growth in selected European post transition economies. During the 1990s, Central and Eastern European countries faced challenges adapting their political and economic systems to keep up with a rapidly changing global landscape. They needed new institutions like regulations, social norms, and organisations to support a capitalist economy. These institutions provide a framework for economic activity and guide individuals to act in ways that align with economic goals. They are crucial for creating a stable environment for economic growth, promoting investment and innovation, and reducing uncertainty, which is essential for economic success. To analyse this, we conduct an econometric analysis of 16 European post-transition countries from 1998-2019 using fixed-effect, Arellano and Bond’s first difference GMM estimator, and the system GMM estimator. The results indicate that institutions significantly impact economic growth. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, LABOR PRODUCTIVITY IN THE SELECTED SEE COUNTRIES: TRENDS AND DETERMINANTS(Ekonomski fakultet Univerziteta u Kragujevcu, 2024-04); ; This study examines labor productivity in the Open Balkan initiative countries (Albania, Serbia, and North Macedonia) and Southeastern Europe’s latest EU entrants (Bulgaria, Romania, and Croatia). In the study, macroeconomic and institutional factors, including the Gross National Income (GNI) per capita, the unemployment rate, the statutory minimum wage, and the labor freedom index are analyzed in relation to labor productivity. The study used econometric methods to identify the labor productivity determinants and discern the labor market differences between the two groups of countries. The key findings emphasize the pivotal role of economic development in Southeastern Europe, especially among the last EU entrants, fostering additional increases in labor productivity. The study reveals the significant influence of the labor freedom index on productivity, with nuanced implications for both groups of countries. Additionally, it highlights the tangible impact of the statutory minimum wage policies on labor productivity in the Open Balkan initiative countries, indicating potential shifts in the wage structures and broader economic landscapes. The interplay of variations in the unemployment rate emerges as a substantial factor shaping efficiency and overall productivity in the labor market across both groups. These findings provide valuable insights into the labor market complexities faced by the Open Balkan countries, underscoring the need to bridge the gaps for economic development catch-up. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, FOREIGN DIRECT INVESTMENT, DOMESTIC INVESTMENT, AND THE ROLE OF INSTITUTIONS IN CENTRAL, EASTERN, AND SOUTH-EASTERN EUROPE(Faculty of Economics, University of Belgrade, Serbia, 2024-09-29); The paper examines the relationship between foreign direct investment (FDI) and domestic investment in Central, Eastern, and South-Eastern European (CESEE) countries from 1995 to 2021. The primary hypothesis posits that FDI exerts a positive influence on domestic investment, with variations observed across diverse institutional contexts. The research utilises fixed effects and a one-step difference generalised method of moments (GMM) to determine whether FDI leads to an increase or decrease in domestic investment in CESEE countries. The findings indicate that FDI has a favourable and statistically significant influence on domestic investment. However, the coefficients for FDI are less than one, indicating that while FDI stimulates overall investment, it does not create a crowding-in effect where the rise in total investment surpasses the FDI inflows. When the data is split on the basis of institutional quality, it is evident that FDI continues to positively impact domestic investment in high and low-institutional- quality settings. The coefficients for FDI in both subgroups are less than one, implying that institutional quality does not substantially change the correlation between FDI and domestic investment. These results indicate the positive and significant impact of FDI on domestic investment, without crowding-in effects for the entire sample of CESEE economies and both subgroups that differ in institutional quality. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Role of Institutions in the Economic Growth of OECD Countries(2024-12); ; ; This paper analyses the role of institutional quality in determining the economic growth in the OECD countries from 1995 to 2021 concerning the institutional economics framework developed by North (1990) and further advanced by Rodrik (2000) and Acemoglu et al. (2005). Institutions are viewed as the formal and informal structures that regulate economic, political, and social activities and are considered the key to influencing economic performance through the minimisation of transaction costs, encouragement of innovation, and human capital development. The theoretical framework assumes that inclusive institutions foster sustained economic growth while extractive institutions stifle development by consolidating power and assets. This paper hypothesises that institutional quality positively influences economic growth in OECD countries. Using panel regression models and Employing the Fraser Institute’s Economic Freedom Index and the Heritage Foundation’s Index of Economic Freedom as measures of institutional quality, it examines how government size, property rights, regulation, and trade freedom affect growth. The findings reveal that institutional quality has a positive but varying impact on economic growth. In particular, small government, low taxes, and good monetary policy are positively related to higher growth rates. However, factors such as property rights and trade freedom have either weak or negative coefficients of correlation with growth. The results suggest that fiscal prudency and sound money supply policies are conducive to growth, but other institutional factors are not as straightforward in their influence on growth. This study is useful for policymakers who wish to improve economic growth through institutional change. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Effects of Remittances on Poverty and Inequality Alleviation in Selected Central and South-East European Countries(University of Belgrade, Faculty of Economics and Business, 2023); ; In recent decades, the countries from Central and South-Eastern Europe (CESEE) have experienced sizeable emigration, accompanied by growing remittance inflows. In some countries, especially developing countries, remittances present a significant source of foreign exchange inflow and of income for poorer families. However, empirical research on the impact of remittances on poverty and inequality has yielded mixed results. Most studies find that remittances help alleviate poverty, while the impact on inequality is more ambiguous. This paper empirically examines the impact of remittances on poverty and inequality in 16 countries from the CESEE region. Using the Generalized Method of Moments, we evaluate two specific panel regression models for the impact of remittances on poverty and income inequality in this group of countries, accounting for the different levels of economic development and different macroeconomic and institutional settings. In addition, the paper also examines whether different institutional quality impacts poverty and inequality. The paper’s preliminary results indicate that remittances reduce poverty and inequality in the analyzed countries. The results of this paper could have significant implications for policymakers. Given that institutions appear to be important in the way remittances are used and for the benefits that they provide, the best way for governments to ensure that remittances play a role in reducing poverty and income inequality is to foster better institutional quality. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Labour Market in Terms of the Fourth Industrial Revolution(Faculty of Economics - Prilep, 2019-10); ; ; Recently, many studies and analysis confirmed that the world is at the beginning of a powerful process of transformation that will radically change our lives, ways of working and communicating.The Fourth Industrial Revolution is expected to improve the computerization of manufacturing industry and focuses on equipping the production with high technology. Three main goals of Industry 4.0 could be highlighted as: (1) Reduction of the human factor in manufacturing thus eliminating human errors. (2) Achieving high level of manufacturing flexibility and creating conditions for designing products that meet the specific requirements of the consumer. (3) Intensification of the production process.This paper aims to present the main trends in this field, to explain the benefits of technology and digitalization for the global economy as well as to elaborate the importance of preparing different segments of society for effects from the Fourth Industrial Revolution onto the global labor market. This study obtains a panel data of six countries (France, Germany, Italy, Spain, UK and USA) for period between 1985 to 2017. The results have shown thatinformation and communications technology and multifactor productivity are variables whohave significant and positive impact on labor productivity while the variable average hours worked per person employed has a negative impact. Additional analysis of the demographic and socio-economic trends shows that the labor market will experience radical changes in the future.