Naumovska, Elena
Preferred name
Naumovska, Elena
Official Name
Naumovska, Elena
Main Affiliation
Email
elenan@eccf.ukim.edu.mk
15 results
Now showing 1 - 10 of 15
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Item type:Publication, 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 yourconsent settings
Item type:Publication, Panel data analysis of the impact of economic and institutional factors upon the FDI inflow in SEE countries(2018); ; ; The panel data analysis presented in this paper focuses on the impact of economic and institutional factors upon the attractiveness of the economies of South- East Europe (SEE): Albania, Bosnia and Herzegovina, Bulgaria, Macedonia, Montenegro, Romania, Serbia, Kosovo and Croatia for foreign direct investment (FDI). The analysis was done for a period of twenty years (1995-2015) in order to examine which determinants are significant for increased FDI inflow in the SEE countries on a basis of a holistic approach using multiple regressions. Taking into account both economic and institutional variables, the results of the analysis indicate both of them to be significant for attracting FDI. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, ANALYSIS OF THE IMPACT OF ECONOMIC FACTORS UPON THE FDI INFLOW IN SEE AND CEE COUNTRIES(Publishing house of the University of Bialystok, Poland, 2019-12-25); ; ; Purpose – The goal of this paper is to explore the possible influence of certain economic factors over the FDI inflow in South-East European (SEE) countries and Central and Eastern European (CEE) countries. We compare the situation in 7 countries from the region of South-East Europe: Albania, Bosnia and Herzegovina, Croatia, Kosovo, Macedonia, Montenegro and Serbia and 7 countries from the region of Central and Eastern Europe: Bulgaria, the Czech Republic, Hungary, Poland, Romania, Slovenia, and Slovakia. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Vector Error Correction Model on FDI and their Impact in the Republic of Macedonia(Faculty of Economics and Business, University of Zagreb and De Gruyter Open, 2018); ; ; The subject of this paper is the foreign direct investment (FDI) inflow in Macedonia and its impact upon the economic growth and development of the country. Its basic purpose is to analyse the interconnection of FDI with a number of economic, political and institutional variables in Macedonia. We decided to apply Vector Error Correction Model (VECM) on FDI impact upon the Macedonian economy. The FDI indicator is calculated as a function of certain fundamental economic variables (GDP growth rate, labor productivity rate, openness to trade, current account balance) as well as of Worldwide Governance Indicators (control of corruption, government effectiveness, political stability, regulatory quality and rule of law). Results obtained by the econometric model should provide relevant conclusions on the impact of the up-to-date FDI inflow upon the growth and development of the Macedonian economy. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, 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 yourconsent settings
Item type:Publication, 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 yourconsent settings
Item type:Publication, 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 yourconsent settings
Item type:Publication, QUANTITATIVE ANALYSIS OF THE IMPACT OF THE FINANCIAL MARKET ON THE ECONOMIC GROWTH(Economic Developement, 2023-04); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, МЕРЕЊЕ НА ЕФИКАСНОСТА НА БАНКАРСКИОТ СЕКТОР ВО РЕПУБЛИКА МАКЕДОНИЈА(Ss. Cyril and Methodius University in Skopje, Faculty of Economics - Skopje, Skopje, 2014); Ефикасноста во работењето на банките претставува критичен фактор за опстанок во услови на технолошки иновации, банкарски консолидации и засилена конкуренција во доменот на финансиските услуги. Во фокусот на вниманието е контролирањето на трошоците и понудата на квалитетни производи и услуги по прифатливи цени. Предмет на анализа на овој труд е мерењето на ефикасноста на банкарскиот сектор во Република Македонија (РМ) од два аспекти: прво, од аспект на вредноста на индикаторите за ефикасност на банкарскиот сектор на Република Македонија во споредба со земјите од Централна и Југоисточна Европа (ЦЈИЕ) и второ, од аспект на релативната ефикасност на секоја поединечна банка во рамките на целокупниот банкарски сектор, констатирана при примена на непараметарската методологија - анализа на обвиени податоци (DEA) и излезно-ориентиран CCR модел. Основна цел на овој труд е преку анализа на оствареното ниво на ефикасност на секоја поодделна банка во рамките на целокупниот банкарски сектор на РМ да се потенцираат банките кои во периодот 2007 – 2013 година бележат најниско и највисоко ниво на ефикасност и да се укаже на клучните подрачја на кои е неопходно да се дејствува за да се постигне поголема ефикасност при финансиското посредување во иднина. Дополнително, трудот има за цел преку констатирање на достигнатото ниво на ефикасност на целокупниот банкарски сектор на РМ во споредба со земјите од ЦЈИЕ во последните 10 години, да укаже на слабостите на домашниот банкарски сектор кои се причинители за помалку ефикасното работење и кои во иднина треба да се минимизираат следејќи го примерот на земјите кои бележат повисок степен на ефикасност во доменот на банкарското работење. - Some of the metrics are blocked by yourconsent settings
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); ; ; ;