Stojkoski, Viktor

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Stojkoski, Viktor

Official Name

Stojkoski, Viktor

Main Affiliation

Now showing 1 - 10 of 32

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“Differences in the Impact of Innovation Relationships on Firms’ Productivity: Evidence from CIS 2014”
(Taylor & Francis online, 2022)
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In this paper we explore the complementarity and substitutability relationships between different innovation activities (firm, market, organizational and process innovations) by utilizing cross-sectional data taken from the Community Innovation Survey - CIS2014 for two groups of countries: Central and Eastern Europe and Western European countries. Our findings suggest that the relations between different innovation pairs have a substitute nature. We rationalize our results by conducting a robustness analysis for each country separately and we discovered a wide range of different complementary relationships. These relationships are dependent on the underlying country that is subject of the analysis.
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"Evidence of Innovation Performance in the period of economic recovery in Europe”
(2020)
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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.
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Ergodicity breaking in wealth dynamics: The case of reallocating geometric Brownian motion
(American Physical Society (APS), 2022-02-07)
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Karbevski, Marko
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How Do Firms Respond to Minimum Wage Increases in Macedonia?
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12)
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Jovanovikj, Branimir
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Income inequality and mobility in geometric Brownian motion with stochastic resetting: theoretical results and empirical evidence of non-ergodicity
(The Royal Society, 2022-04-11)
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Jolakoski, Petar
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Pal, Arnab
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Sandev, Trifce
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Kocarev, Ljupco
We explore the role of non-ergodicity in the relationship between income inequality, the extent of concentration in the income distribution, and income mobility, the feasibility of an individual to change their position in the income rankings. For this purpose, we use the properties of an established model for income growth that includes ‘resetting’ as a stabilizing force to ensure stationary dynamics. We find that the dynamics of inequality is regime-dependent: it may range from a strictly non-ergodic state where this phenomenon has an increasing trend, up to a stable regime where inequality is steady and the system efficiently mimics ergodicity. Mobility measures, conversely, are always stable over time, but suggest that economies become less mobile in non-ergodic regimes. By fitting the model to empirical data for the income share of the top earners in the USA, we provide evidence that the income dynamics in this country is consistently in a regime in which non-ergodicity characterizes inequality and immobility. Our results can serve as a simple rationale for the observed real-world income dynamics and as such aid in addressing non-ergodicity in various empirical settings across the globe.
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The role of multiplex network structure in cooperation through generalized reciprocity
(Elsevier BV, 2019-10)
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Utkovski, Zoran
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André, Elisabeth
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Kocarev, Ljupco
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Firm Profits and Government Activity: An Empirical Investigation
(The Institute of Economics, Zagreb, 2022-06-15)
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Madjoska, Joana
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Jolakoski, Petar
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Jovanovic, Branimir
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Firm profits play a pivotal role in government activity. In times of crises, when profits are low, governments increase their size. Also, if firm profits rise to a level far above what would have been earned in a competitive economy, firms might gain market power, which in turn might influence the activity of the government. But are these changes in the activity of the government also efficient? In this paper, we perform a detailed empirical study on the potential effects of firm profits and markups on government size and effectiveness. Using data on 22 European countries for a period of 17 years and an instrumental variables approach, we find that there exists a robust relationship between firm gains and the activity of the state, in the sense that higher firm profits reduce government size and effectiveness. Even in a group of developed countries, such as the European countries, firm power may affect state activity.
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OPTION PRICING WITH HEAVY-TAILED DISTRIBUTIONS OF LOGARITHMIC RETURNS
(World Scientific Pub Co Pte Lt, 2019-11)
Basnarov, Lasko
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Utkovski, Zoran
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Kocarev, Ljupco
<jats:p> A growing body of literature suggests that heavy tailed distributions represent an adequate model for the observations of log returns of stocks. Motivated by these findings, here, we develop a discrete time framework for pricing of European options. Probability density functions of log returns for different periods are conveniently taken to be convolutions of the Student’s [Formula: see text]-distribution with three degrees of freedom. The supports of these distributions are truncated in order to obtain finite values for the options. Within this framework, options with different strikes and maturities for one stock rely on a single parameter — the standard deviation of the Student’s [Formula: see text]-distribution for unit period. We provide a study which shows that the distribution support width has weak influence on the option prices for certain range of values of the width. It is furthermore shown that such family of truncated distributions approximately satisfies the no-arbitrage principle and the put-call parity. The relevance of the pricing procedure is empirically verified by obtaining remarkably good match of the numerically computed values by our scheme to real market data. </jats:p>
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Determinants of budget deficits: The effects of the COVID-19 crisis
(National Library of Serbia, 2022)
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Jolakoski, Petar
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This paper revisits the discussion on the determinants of budget balances and investigates the change in their effect in the context of the COVID-19 crisis. The analysis uses data on 43 countries and a system generalised method of moments approach. The results show that the overall impact of the global pandemic has led to a disproportionate increase in the estimated effects of the macroeconomic determinants on the budget balance. We also find that more developed economies were able to implement higher stimulus packages for the same relative level of primary balance. We believe that one of the factors affecting this outcome is that more of their government debt is held in domestic currency.
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Augmenting the availability of historical GDP per capita estimates through machine learning
(Proceedings of the National Academy of Sciences, 2024-09-16)
Koch, Philipp
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A. Hidalgo, César
Can we use data on the biographies of historical figures to estimate the GDP per capita of countries and regions? Here, we introduce a machine learning method to estimate the GDP per capita of dozens of countries and hundreds of regions in Europe and North America for the past seven centuries starting from data on the places of birth, death, and occupations of hundreds of thousands of historical figures. We build an elastic net regression model to perform feature selection and generate out-of-sample estimates that explain 90% of the variance in known historical income levels. We use this model to generate GDP per capita estimates for countries, regions, and time periods for which these data are not available and externally validate our estimates by comparing them with four proxies of economic output: urbanization rates in the past 500 y, body height in the 18th century, well-being in 1850, and church building activity in the 14th and 15th century. Additionally, we show our estimates reproduce the well-known reversal of fortune between southwestern and northwestern Europe between 1300 and 1800 and find this is largely driven by countries and regions engaged in Atlantic trade. These findings validate the use of fine-grained biographical data as a method to augment historical GDP per capita estimates. We publish our estimates with CI together with all collected source data in a comprehensive dataset.

Stojkoski, Viktor

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