Stojkov, Aleksandar

Preferred name
Stojkov, Aleksandar
Official Name
Stojkov, Aleksandar
Main Affiliation
Email
stojkov.aleksandar@gf.ukim.edu.mk

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    Item type:Publication,
    The impact of macroeconomic and financial factors on shadow banking in the new EU member states
    (University of Rijeka, Faculty of Economics, 2020-01-31)
    Kjosevski, Jordan
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    The goal of this paper is to examine the impact of macroeconomic and financial determinants of the shadow banking dynamics in the selected 11 new EU member states using yearly data from 1999-2018. We apply three methods: fixed effects model, the difference-GMM and the system-GMM (Generalized Method of Moments). Empirical results provide evidence that the most important factors are the developments in the financial sectors (insurance and pension sectors), banking sector, money market rate, as well as the general economic growth. We also found that global financial crisis has a negative impact on the shadow banking growth. From the results we may conclude that traditional banks, insurance sector and pension funds are complementary with shadow banking. This results was opening new issues for macroprudential policy, bearing in mind the Basel III norms. Namely, one of the main goals of Basel 3 is to reduce procyclicality of bank lending, and the rise of shadow banking may have an impact on both capital-based regulation and income-based limits.
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    Item type:Publication,
    Rethinking Fiscal Decentralization in Relation to Regional Informality: Evidence from a European Transition Country
    (MDPI AG, 2026-07-07)
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    Stojkova, Aleksandra Maksimovska
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    Kjoseva, Elena Neshovska
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    This study investigates how a territorially uneven distribution of informal economic activity affects subnational fiscal capacity and potentially distorts fiscal equalization systems. Using a Multiple Indicators, Multiple Causes (MIMIC) model, we estimate the size of the informal economy across the eight statistical regions of North Macedonia over the 2008–2023 period. The estimated shares of regional informality are subsequently linked to indicators of fiscal dependence and local revenue performance. The findings suggest that regions characterized by larger informal economies tend to exhibit greater dependence on intergovernmental transfers and weaker effective fiscal autonomy. The analysis further indicates that intergovernmental transfer systems relying primarily on regional gross domestic product and realized tax collections may systematically underestimate the true economic potential of highly informal jurisdictions. The paper contributes to the literature by conceptualizing informality not merely as an informal economic activity, but as a structural distortion affecting the measurement of fiscal capacity and the functioning of decentralized public finance systems.