Now showing 1 - 7 of 7
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    Item type:Publication,
    Innovations and Entrepreneurship in the Macedonian Business Sector
    (Inderscience Publishers, 2017)
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    Antovska, Marica
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    The paper starts by stressing the central role of entrepreneurship as a driving force for the dynamism and growth of modern economies. Then, the common factors contributing to low level of innovation activity in the Western Balkans are analysed. We then focus on how those factors limit the level and quality of innovation activity in the case of the Republic of Macedonia. It is pointed out that the following factors constrain the innovation activity in the Macedonian economy: the low level of R&D investments, the small share of the business sector in such investments, and a business climate which creates insufficient competitive pressure on firms to innovate and leaves room for political involvement in the business sector. Policy prescriptions include improvements in the coordination among relevant ministries/agencies supporting the SME sector and the cooperation between the business sector and the scientific community and educational system.
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    Efficiency of the fiscal policy and the fiscal multipliers – the case of the Republic of Macedonia
    (Economic Research Institute at the Bulgarian Academy of Sciences, 2016)
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    The aim of this paper is two-fold: to analyze the relevance of fiscal multiplier as concept used in assessing the efficiency of the fiscal policy in general, and to apply empirical analysis on the fiscal policy multipliers in the case of the Republic of Macedonia. On the first aspect, we emphasize the very different results obtained by the extensive empirical literature on the size and sign of fiscal multipliers, both for changes in taxes and changes in government expenditures. On the second aspect, we apply the VAR methodology in the analysis of the efficiency of the fiscal policy of the Republic of Macedonia during the period 2000-2012, so that we could be able to study the effects of various fiscal measures during the relatively good times preceding the global financial crisis and Great Recession as well as the effects of the various countercyclical fiscal measures aimed at alleviating the consequences of the macroeconomic downfall associated with those landmark events. One of the most interesting results of the empirical analysis in the paper is the negative sign obtained for the fiscal multipliers in the case of the Republic of Macedonia.
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    Item type:Publication,
    КАКО МОЖЕ ПРЕТПРИЕМНИШТВОТО ДА ПРИДОНЕСЕ ЗА ЗГОЛЕМУВАЊЕ НА ВРАБОТЕНОСТА НА МЛАДАТА ПОПУЛАЦИЈА ВО РЕПУБЛИКА МАКЕДОНИЈА
    (Национален центар за развој на иновации и претприемачко учење, 2014)
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    Невработеноста влегува во редот на најтешките макроекономски, социјални и политички проблеми со кои се соочуваат современите земји. Глобалната криза од 2007/2009 година посебно ги погоди младите (делот од работната сила под 25 години), со што уште повеќе се зголеми јазот помеѓу општата стапка на невработеност и стапката на невработеност на младата популација. Светските искуства покажуваат дека развојот на малите и средните претпријатија (МСП) и на претприемништвото даваат посебен придонес во креирањето на нови работни места и во зголемување на шансите за вработување на младите. Врз основа на таквите искуства и низ критички осврт на процесот на развој на малите бизниси и на претприемништвото во Македонија, селектираме неколку приоритети на економската политика кои можат да придонесат за развој на претприемништвото (посебно на виталните претприемнички процеси - иновативност, индустриски субконтрактинг, бизнис - инкубација, развој на ризичниот капитал и сл.) и за ублажување на високата невработеност на младата работна сила: (1) подобрување на инвестиционата клима, т.е. креирање на поволен претприемнички амбиент, посебно во сегментите врзани за заштитата на сопственичките права, борбата против корупцијата, подобрување на регулацијата на бизнисите, спречување на инволвирањето на политиката во бизнисот и сл; (2) креирање на капацитет за трансформација на локалните влади, т.е. оспособување на јавната администрација за покренување и имплементација на претприемничкиот процес во единиците на локалната самоуправа; (3) подобрување на квалитетот на претприемничкото образование и ширење на претприемничката култура низ комбинација на знаењата кои се стекнуваат во “училниците“ со вештините во практиката; (4) олеснување на пристапот на МСП до средства за финансирање на нивниот раст преку докапитализација на Македонската банка за поддршка на развојот и промоција на алтернативни форми за финансирање на бизнисите - посебно на ризичниот капитал; (5) понатамошен развој на активните пристапи преку критичко преиспитување на нивните практични ефекти.
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    Item type:Publication,
    Entrepreneurship, innovations and local economic development – the case of the Republic of Macedonia
    (Macedonian Academy of Sciences and Arts: Department of Social Sciences, 2014)
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    Antovska, Marica
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    The authors of this paper address the importance of small and medium size enterprises (SMEs), entrepreneurship and innovation for the local economic development in Macedonia. The analysis in our paper identifies the main challenges and priorities for the development of a dynamic SME sector and qualitative entrepreneurial processes in Macedonia. Such challenges and priorities can be "located" in the following areas: first, improvement of certain key segments of the investment climate and especially - abandoning the practice of involvement of politics in business, raising the quality of the local infrastructure and facilitating the access of SMEs to resources for financing their growth; second, building the capacity of the local governments for transformation; third, increasing the capacity of the business sector for introducing innovations, which present the main source of differentiation of products and services of companies compared to their competition, i.e. for enhancing the competitiveness of companies and for achieving economic profits and a more dynamic growth.
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    Item type:Publication,
    Економско-финансиски ефекти на локалните финансии: компаративна анализа на Р. Македонија и земјите од Југоисточна Европа
    (Универзитет „Св. Кирил и Методиј“ во Скопје, Економски факултет - Скопје, 2019)
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    Item type:Publication,
    FISCAL MULTIPLIERS – NEW KEYNESIAN VS NEOCLASSICAL PERSPECTIVE AND A POSSIBLE SYNTHESIS
    (Faculty of Economics, University of Nis, 2025-10)
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    Alternative Theories of Monetary Policy
    (University of Belgrade, Faculty of Economics and Business, Belgrade, Serbia, 2022)
    The outcomes of quantitative easing (QE) programs post-Great Recession have challenged the conventional theory of monetary policy. Alternative theories have offered their explanations for why expansionary policies did not produce inflation. In this context, this paper will apply a theoretical analysis to two alternative views of QE programs and their policy implications: the Fiscal Theory of Price Level (FTPL) and the Market Monetarism (MM). FTPL offers an explanation based on the intertemporal-government-budget equation in which the price level is a relative price of nominal government debt in terms of real resources government can extract via taxation (present value of expected budget surpluses). FTPL claims that QE basically substitutes one type of government liabilities for another type of government liabilities – (interest bearing) reserve money for government bonds, so the overall effect of the program may not be inflationary. The Market Monetarism (MM) is another alternative view to monetary policy. Although based on the quantity theory-of-money equation, MM explains why the FED policy during the Great Recession (particularly during 2008 and 2009) was in fact tight (relative to increased real demand for money). According to MM, the increase in base money due to QE programs was in fact offset by a decrease in money multiplier and a fall in velocity of money. But the key policy implication of the MM is that inflation targeting should be replaced by nominal GDP targeting. In this framework, monetary aggregates should be replaced by asset market prices, as indicators for the monetary policy stance and as policy targets. The paper will include assessment of the implications of the two theories for the issue of coordination between monetary policy and fiscal policy.