Faculty of Economics

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    Climate risks and vulnerability of the local economy of the City of Skopje
    (2023-06-01)
    Climate change is a global problem that challenges humanity. Global warming, which is expected to bring extreme weather events, exposes human health, ecological systems, and ultimately the economy to great risks. Although the economy affects climate change, climate change also affects the economy. The effects of climate change on the economy in the short term can be positive or negative, but in the long term there is a consensus that global GDP will on average experience a significant reduction depending on the intensity of global warming. In addition to the small direct impact through disruption of economic inputs, the indirect impact through the transmission mechanism of productivity and investments on GDP is complex. However, climate impacts are not expected to have an equal negative impact on all economies in the world, and the Republic of North Macedonia is in the group of counties less vulnerable to climate change. In this paper, we will apply the SECAP methodology for assessment of climate risks and vulnerability of the local economy of the City of Skopje. For this purpose, we will do an in-depth analysis of the local economy through the sectoral approach. The City of Skopje is an administrative city, and the sectors that are most vulnerable to climate change, such as agriculture, forestry, fishing and construction, are marginal. An increase in the intensity of the extreme weather is expected, especially the increase in temperatures in all seasons with increased precipitation and flash floods. Therefore, an increase in climatic risks is expected in the local economy in the City of Skopje in relation to the current vulnerability. Аlthough some sectors would be negatively affected by climatic change, the general assessment is that the economy of the City of Skopje will remain moderately vulnerable to future climate risks. It is because of the expectations for strong adaptability of local businesses and change of business models according to the new economic conditions.
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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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    What is the role of innovation in productivity growth in Central and Eastern European countries?
    (Wiley-Blackwell on behalf of the European Bank for Reconstruction and Development, 2017)
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    The paper uses company level data from the Eurostat’s Community Innovation Survey 2008 and applies CDM model in order to estimate the links between R&D engagement, R&D intensity, innovation output and productivity in selected Central and Eastern European Countries – Bulgaria and Romania, and compares their performance with Germany. The results showed that different processes drive company's decision to engage in R&D in Bulgaria and Romania in comparison to Germany; R&D intensity is an important factor of product innovation in the observed CEE countries and product innovation leads to higher productivity in Bulgaria and Romania, while process innovation leads to higher productivity in Bulgaria, but not in Romania.
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    Evidence of innovation performance in the period of economic recovery in Europe
    (Taylor and Francis Group, 2018)
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    Stojkoski, Viktor
    This paper provides empirical evidence on the innovation performance in the European countries in the years of recovery from the global economic and financial crisis by using the CDM model of simultaneous equations. The model directly links R&D engagement and intensity to innovation outcomes measured either as process or as product innovation, and then estimates the effectiveness of the innovative efforts leading to productivity gains. The difference between the drivers of innovation systems and its influence over the productivity growth is analyzed between two different institutional settings in Europe. For that purpose a company-level dataset is used from the 2012 round of the Comunity Innovation Survey. Тhe results indicated that the recent financial crisis had negative influence on the companies’ willingness to innovate. The effect of the crisis led to further divergence in the innovation systems of these two institutional settings. Identifying the characteristics of the innovation systems and drivers of innovation during the turmoil shows that policy instruments on EU level should be oriented towards creation of competitive business environment, encouragement to adopt the best management techniques and organizational structures and improvement of well-functioning capital, product and labor markets.