Jovanovski, Kiril

Preferred name

Jovanovski, Kiril

Official Name

Jovanovski, Kiril

Main Affiliation

kirilj@eccf.ukim.edu.mk

Now showing 1 - 10 of 22

Some of the metrics are blocked by your
consent settings
IS THE PROFITABILITY OF THE MACEDONIAN BANKS DRIVEN BY HIGHER EFFICIENCY?
(Economic Development, 2023-04)
;
The question of how Macedonian banks managed to main- tain their performances and double their profits even during periods of slow credit growth and low financial intermediation is always contentious. This pa- per aims to identify the drivers supporting positive and stable returns in the Macedonian banking sector, aspiring to try to answer the question: Does higher efficiency drive the Macedonian banks’ profitability? The paper is focused on the determinants of bank profitability in the Macedonian banking sector. It aims to identify the drivers supporting positive and stable returns in 12 Macedonian banks for the period from 2007 to 2021. Using regression with time-fixed effects and a yearly data set compiled from revised individual financial reports of each bank, authors alternatively evaluate the impact of five independent variables (loan to deposits ratio, net-interest margin, overhead costs, equity multiplier, and fee income) on return on assets, set in the model as a dependent variable. Based on the results, it can be concluded that several factors, including net interest income, operating costs, and fee income, influence banks’ profit- ability. These variables significantly impact banks’ profitability, as indicated by the estimated coefficients of the panel data model. On the other hand, the loan-to-deposit ratio and assets-to-capital ratio were insignificant in the model, suggesting that they have little to no impact on bank profitability.
Some of the metrics are blocked by your
consent settings
EVOLUTION OF THE FINANCIAL SUPERVISION ARCHITECTURE IN THE EU MEMBER STATES - POTENTIAL LESSONS FOR REFORMING THE MACEDONIAN FINANCIAL REGULATORY FRAMEWORK
(Economic Development, 2020-04)
Nakeva ruzin, A.
;
The question of the role that the institutional design of the structure of financial supervision plays for efficient and effective execution of the financial oversight functions, has been subject of substantive empirical research over the past two and a half decades. In a quest for a more effective and efficient supervision over the financial industries, many countries across the world have restructured their national financial oversight systems in a direction of supervisory integration. The EU has not remained immune to this trend. Most member states have introduced reforms to their national oversight frameworks over this period, and particularly in the post-global financial crisis years, which in some cases has resulted in restructuring of the overall supervisory architecture. These reforms have not ended up with a single model of an oversight structure utilized across the region, i.e. the adopted models differ significantly among the member states, however, there is an evident tendency towards a more integrated supervisory structure. Even though the aspect of the institutional set-up of financial supervision is nowadays increasingly associated with the effectiveness of financial oversight, the conducted research in this domain in North Macedonia remains modest. The purpose of this paper is to depict the evolution of the national financial oversight structures across the EU member states, as also to explore the determinants influencing the choice of a certain model and degree of its integration. Based on the current state of affairs in this domain in the EU, the authors conclude that there is a need for an in-depth evaluation of the financial supervision architecture in North Macedonia. Such an analysis should contribute to, and result with a substantive discussion among the relevant stakeholders about the prospects of reforming the domestic financial supervisory framework.
Some of the metrics are blocked by your
consent settings
EVALUATING THE BANK EFFICIENCY IN EUROIZED ECONOMIES
(BH Ekonomski Forum, 2022)
;
Chkalovska milanovikj, S.
Financial euroization is a significant phenomenon in developing countries. The key financial institutions for macroeconomic stability in these countries are the banks. Conversion of most of the financial assets and liabilities into foreign currency creates a currency mismatch between the assets and liabilities in domestic and foreign currency. Banks in the role of intermediaries between depositors and borrowers face the risks of accepting foreign currency deposits and placing foreigncurrency loans. With this, financial euroization can impact the performance of banks. The paper’s main objective is to analyze the impacts of euroization on the performance of banks in North Macedonia, Serbia, and Bosnia and Herzegovina for the period from 2010 to 2020. For performance measure, we use bank profitability. The paper uses a pre-set empirical model, in which the dependent variable is ROA (annual data for the return on assets -as a variable for measuring the profitability of banks) and a set of independent variables, including the degree of euroization. The results suggest that the model is robust, and the variables are statistically significant. In conclusion, this outcome can be ascribed to the segmentation of the bank credit portfolio in credit denominated in domestic versus foreign currency credit denomination. Moreover, the degree of euroization proved to be statistically significant for predicting the performance of banks, hence is high bank management decision-making information.
Some of the metrics are blocked by your
consent settings
FACTORS FUELING ECONOMIC EXPANSION IN EMEs
(Faculty of Economics and Faculty of Business Administration, Tetova, Republic of North Macedonia, 2023)
Kamberi, A.
;
The economic growth of Emerging Market Economies (EMEs) has become a subject of great interest and importance in the global economy. This wide-ranging study undertakes a comprehensive exploration of the multifaceted factors that underpin and accelerate economic expansion in these diverse economies. We investigate six pivotal drivers: Foreign Direct Investment (FDI), Human Capital Index (HCI), Inflation, Tax Revenue, Government Spending, and Trade Intensity. Our analysis takes into account the intricate interplay of these factors and their collective impact on Gross Domestic Product (GDP) growth in EMEs. The research utilizes a multi-dimensional approach, incorporating statistical data, econometric modeling, and case studies to unravel the complex relationship between these variables. Key findings and insights generated by this study will prove invaluable to policymakers, investors, and scholars seeking to comprehend the evolving dynamics of EMEs. By shedding light on the drivers of economic expansion, this research aims to facilitate well-informed decisions that can further bolster the growth and development of these economies, ultimately contributing to global economic stability and prosperity.
Some of the metrics are blocked by your
consent settings
Determinants of Bank Credit Growth in Macedonia
(Ss. Cyril and Methodius University in Skopje, Faculty of Economics - Skopje, 2016)
;
;
;
The subject of this paper is the credit growth in the Republic of Macedonia and the way in which it contributes to the financial development process. Two types of approach are used in the paper in order to estimate credit growth in the Republic of Macedonia. The first is the statistical approach, based on deviations of the Credit/GDP ratio series in their long-term trend. The second is the econometric approach based on using an error correction model in order to explain the level of credit growth as a function of economic fundamentals. The basic purpose of this paper is to explore the two-way relationship between the sustainability of credit growth and key developments in macroeconomic and financial fundamentals. According to the obtained results the paper provides suggestions for maintaining sustainability of the credit growth in the Republic of Macedonia which would result with a positive impact on the financial sector development. Our findings show that the Macedonian banking sector has not experienced credit booms, even though a rapid credit growth and a deviation of the Credit / GDP indicator from its long-run trend in the period before the last financial crisis have been detected.
Some of the metrics are blocked by your
consent settings
Financial liberalization and the financial euroization
(Institute of Economics, Skopje, 2015)
;
;
The issue of financial liberalization is one of the most exploited topics in the late transitioning countries’ financial crises discussions. One thing the literature is seeking is what the role of the limited capital movements is. Particulary, does it send a signal to the possible investors that the country has something to hide that in terms of future macroeconomic policies will lead to financial crisis. Along with the debate of financial liberalization, the question on financial eurozation is also one important issue regarding emerging or transitioning economies. The debate on euroization is more concentrated on the determinants that in the end conclude that one very important incentive for investors to invest in instruments with foreign currency clause is the monetary credibility. The distrust of the ability for one country to maintain the inflation rate and exchange rate at a stable level merges these two issues (financial liberzlaition and euroization) in one. The first part of the paper presents two models, discussing the factors that affect domestic agents to invest abroad. The second part elaborates those factors on the case of Macedonia. Throughout the signals the deposit euroization is sending the macroeconomic policies which the paper is concluding that if the models are correct than there is no place for fear of large scale capital outflows in case of financial liberalization.
Some of the metrics are blocked by your
consent settings
MACEDONIAN STOCK MARKET EXCHANGE SUPPLY CHARACTERISTICS
(KNOWLEDGE - International Journal, 2023-02-15)
Financial development is fundamental for the country's economic growth. An important question related to financial depth is the development of the stock market exchange and banking sector. A quick overview of the data and literature shows how the banking sector is dominant in the developing and Emerging market country's financial industry. Furthermore, the financial depth measured with credit to GDP and stock market exchange capitalization to GDP ratios differs significantly among countries. On average, the stock market exchange capitalization of listed companies in emerging markets is below 10% of GDP. In contrast, developed countries have a stock market exchange capitalization of more than twice their annual GDP. A developed capital market’s role in promoting economic growth is highly imperious to all countries, North Macedonia inclusive. Given the previous, this study examines the characteristics of the North Macedonia stock market exchange supply, using secondary data covering the period of 2012 to 2022. The methodological approach combines several research methods – analysis, induction, deduction, synthesis, selection, and comparison. Findings reveal the existence of low market supply due to the small number of securities in everyday trading. From the analysis, the Macedonian stock exchange supply consists of five company shares with more than 80% of the total annual turnover. In distinction, the top 3 traded companies contribute to the total market turnover by more than 60%. More so, the Macedonian stock market exchange is not recognized to provide long-term public financing for any company. The results suggest little commitment from the Macedonian market participant, especially economic policies regarding national capital market development. Policies can start with empowering the national strategy for capital market development and the recent proactive approach of the Security regulatory agencies and Macedonian stock market exchange. The paper briefly reviews the main policy recommendations for boosting the securities supply. Those efforts have prospects of raising the market capitalization to GDP ratio of its todays around 20%. With an analysis of the Macedonian stock market exchange and policy actions, the paper's conclusions are regarding policy recommendations for overcoming the challenges for stock market exchange supply development. The first step is to start with the implementation of the National Strategy for Capital Market Development. Second, market participants should do more activities regarding the company's management attitudes towards going in public and listing their companies. Third, there is more room for financial education in capital market principles. Finally, the paper gives a solid basis for further research.
Some of the metrics are blocked by your
consent settings
PRICE DETERMINANTS OF THE CARBON EMISSION ALLOWANCES IN THE EU EMISSIONS TRADING SYSTEM
(Varazdin Development and Entrepreneurship Agency, 2023-03)
Kovacevska, S
;
As a consequence of the climate changes occurring at the global level, an international consensus has been reached to limit the global average temperature. To achieve the targets, in 2005 the Emissions Trading System of the European Union (EU ETS) was established, which limits the emission of carbon. Considering the crucial role of this system and its impact on a large number of social entities, the need for an analysis of the entire system appears. Furthermore, the focus in the Europe economy is set on power and heat generation, energy-intensive industrial sectors, and aviation. The goal of the paper is to determine the factors that affect the fluctuations of carbon allowance prices. The paper begins with a relevant literature review, followed by an analysis of the fluctuation of allowance prices in the system. The authors set up econometric models of Autoregressive Distributed Lag (ARDL)/bound test and Var Granger test to examine the impact of selected variables both defined as energy variables and economic activity, on the allowance price in the short- and long-term. The results of the analysis suggest that within the group of the energy variables, only natural gas has a statistically significant impact on the allowance price, while in the economic activity group variables, a significant impact is found with the indicator of economic sentiment, industrial production, and the S600 index. In the end, the authors give recommendations for further research and possible policy activity regarding the stronger carbon emissions reducion.
Some of the metrics are blocked by your
consent settings
The influence of the banking sector functions on economic activity in Macedonia
(Alexandru Ioan Cuza University of Iasi, 2015)
;
;
The subject of this paper is the way in which the banking sector in Macedonia contributes to the economic growth by performing five basic functions: savings mobilization, risk diversification, resource allocation, corporate control and easing exchange. The basic purpose of this paper is, through assessment of the relative importance of each of the functions of the banking sector and analysis of the relationship existing between the banking sector intermediation and economic growth (as measured by GDP) to investigate the impact of the banking sector on the real sector performance in the Macedonia. According to the obtained results the paper provides conclusions for opportunities and directions for increasing the efficiency of the banking sector in the Republic of Macedonia.
Some of the metrics are blocked by your
consent settings
Decision Tree Modelling FOR Entrepreneurial Intention
(The 11th Mutidisciplinary Academic Conference, Prague, 2017, 2017)
Kedmenec, Irena
;
Oreshki, Dijana
;
Vukovic, Ksenija
;
;

Jovanovski, Kiril

Filters

Settings

Sort By

Results per page