Makreshanska mladenovska, Suzana
Preferred name
Makreshanska mladenovska, Suzana
Official Name
Makreshanska mladenovska, Suzana
Main Affiliation
Email
suzana@eccf.ukim.edu.mk
23 results
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Item type:Publication, Decentralisation and fiscal performance in Central and Eastern Europe(Taylor & Francis Ltd, 2021); This paper provides empirical evidence on the association between decentralisation and budget deficits of the general government for a panel of 11 former transition countries during 1991–2018, controlling for the effects of various demographic, institutional, and macroeconomic variables. We provide evidence that decentralising government activities in Central and Eastern Europe (CEE) has favourable effects on the fiscal position of general government. Also, we show that the greater reliance on intergovernmental grants as a source of finance of local governments does not have detrimental effects on the overall fiscal discipline. Therefore, we cannot support the so-called ‘common pool’ hypothesis, which predicts that intergovernmental transfers lead to higher public expenditure, thus exacerbating the fiscal imbalances of the general government. On the other hand, we show that the effects of revenue decentralisation depend critically on the specific measure of local government revenue. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Ефектите на јавниот долг врз економскиот раст – емпириска панел анализа за новите земји членки на ЕУ(Македонска Академија на Науките и Уметностите, 2019); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Global Economic Crisis-What Should NOT be Forgotten(Center for Economic Analyses, 2015); ; The global economic crisis opened a new chapter in economic policy and awakened economic science. Its severity, the various negative financial and economic shocks and the impotence of the economic policy response revealed new questions about the background and the causes of the economic crisis – what led to the emergence of the global economic crisis, are the causes new or already known, are there similarities with previous crises? The great number of analyses regarding these questions reveals different aspects that complete the whole picture of the causes, factors and lessons about the crisis that need to be remembered. This paper tries to offer an analysis of the causes and factors that contributed to the global economic distress by analyzing the global economic events that accumulated in the pre-crisis period. The main purpose is to synthesize and define the key direct and indirect economic events and developments that need to be considered by economic science and policy and that must not be forgotten in further analyses of the global economic development in the future. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Real Convergence in Central and Eastern Europe: An Empirical Analysis(Ss Cyril and Methodius University in Skopje, Faculty of Economics - Skopje, 2019); ; ; The process of integration of the former transition economies in the European Union (EU) is associated with numerous problems and challenges. The readiness and suitability of the country for integration within the EU is directly dependent on the achieved nominal and real convergence. Without this convergence, the integration process would face in the future risks of asymmetric shocks, which would generate poor economic performance in the absence of alternative adjustment mechanisms. This paper deals with the process of convergence of the Central and Eastern European (CEE) countries towards the EU and attempts to identify the main driving factors behind this process. In these regards, we first provide an overview of the real convergence through an analysis of several economic variables – rate of approximation of real GDP per capita and price levels, trade integration, harmonization of the economic structure and achievements in the labor market. In addition, we offer a formal econometric evidence on the main determinants of the convergence process, based on a panel data for 10 CEE countries during 2000-2015 period, estimated with fixed effects. The results of our study imply that higher savings and investment ratio, higher labour productivity, more efficient labour markets (lower unemployment) and macroeconomic stability (lower inflation and lower budget deficits) are conducive to real convergence. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Decentralisation and Income Inequality in Central and Eastern European Countries(Taylor & Francis, 2019); This paper provides empirical evidence for the association between fiscal decentralisation and income distribution for a panel of 11 economies from Central and Eastern Europe (CEE) during 1992–2016. We focus on three research topics: the effect of decentralisation on income inequality; the effects of the structure of subnational government finance on income inequality; and the validity of the Kuznets hypothesis. The main findings from the empirical exercise are as follows: first, we provide firm evidence on the presumed favourable effects of fiscal decentralisation on income distribution in the CEE countries; second, our empirical model suggests that the effects of fiscal decentralisation on income inequality are dependent on the source of finance of subnational governments, i.e. intergovernmental transfers may have a role in income equalisation; third, we cannot confirm the validity of the Kuznets hypothesis in CEE countries. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE IMPACT OF FISCAL DECENTRALIZATION ON ECONOMIC GROWTH IN THE CEE COUNTRIES(Varazdin Development and Entrepreneurship Agency, Varazdin, Croatia / University North, Koprivnica, Croatia / Faculty of Management University of Warsaw, Warsaw, Poland / Faculty of Law, Economics and Social Sciences Sale - Mohammed V University in Rabat, Morocco / Polytechnic of Medimurje in Cakovec, Cakovec, Croatia, 2019-12); There has been a global trend of public sector decentralization over the last few decades, justified by the fact that transferring public revenues and expenditures from central to local government level is expected to deliver greater public sector efficiency, higher economic growth rates and better overall macroeconomic performance. In this paper, we empirically investigate if fiscal decentralization enhances or hinders economic growth in Central and European (CEE) member countries of the European Union. Using panel data for the period 1992-2012, we try to determine whether fiscal decentralization, measured as the share of local government revenues/expenditures in general government revenues/expenditures has a positive effect on the GDP per capita growth rate. According to our findings, fiscal decentralization has an adverse effect on the economic growth rate in the CEE countries. This is in line with the argument that in developing countries decentralization could fail to deliver the expected positive impulse on growth if certain economic and institutional preconditions are absent. A negative impact is also found to come from the size of the public sector and inflation. On the other hand, the improvement of the fiscal balance and the openness of the economy have a positive impact on growth. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, THE STRUCTURE OF FINANCIAL INSTRUMENTS IN FINANCIAL SYSTEMS IN SELECTED EUROPEAN COUNTRIES – COMPARATIVE ANALYSIS(2023); ; Hristovski, GoranThe significance of financial systems in the contemporary world is distinctly illustrated by the fact that financial assets and liabilities often surpass the entire economy. The recent decades have witnessed a rapid liberalization of financial markets and the globalization of the world economy, which has led to a rigorous importance of financial instrument in the whole economy. The role of financial instruments in shaping economic developments is evident during both upturns and downturns. Firstly, variations persist among European nations in the ratio of financial assets and liabilities to GDP. Countries like the UK, France, Belgium, and Denmark exhibit higher indebtedness ratios, attributed to advanced markets, the presence of non bank financial intermediaries, and a long standing tradition of commercial openness. In contrast, the Balkan region tends to have lower financial liabilities to GDP ratios. Secondly, the analysis reveals improvements in net financial worth across all countries except North Macedonia. Notably, Germany, Bulgaria, Croatia, and Italy consistently maintained a net lender position throughout the period, while other countries experienced variations, with North Macedonia witnessing a continuous deterioration in net financial worth. Furthermore, national disparities persist in the composition of financial assets and liabilities by instrument. Between 2013 and 2021, a noteworthy trend was the reduction in loans and debt securities, coupled with an increase in equity and investment funds. This shift was particularly pronounced in Belgium, Denmark, Germany, France, and the USA, with Turkey being the exception showing an opposite trend. Addressing concerns about the financial position of the non financial corporations and the household sector, here has been a clear increase in equity and investment funds in non financial corporations, simultaneously, reliance on loans has generally decreased, except for Turkey, which exhibits the opposite trend. Equity and investment funds emerged as the preferred investments for households, followed by insurance technical reserves. Deposits and debt securities decreased during the period 2013 2021. Notably, even in North Macedonia, which has an intermediary based financial system, equity and investment funds play a dominant role in the overall financial system. This is influenced by idiosyncratic factors, such as the significance of small firms issuing other equity. Despite these insights, financial accounts data remain underutilized in the analysis of financial structures. Future research could explore more sophisticated measurements of financial ratios using financial accounts data. Recognizing the strong interconnections between sectors, assessing financial interrelations becomes crucial for a comprehensive understanding of markets and identifying system wide risks. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Factors driving the gross public debt dynamics: The case of Republic of Macedonia(Ss Cyril and Methodius University in Skopje, Faculty of Economics - Skopje, 2019); The global financial and economic crisis has placed a significant strain on public finances in many economies. Since sound public finances are crucial for price and financial stability and for economic growth, concerns about rising debt commitments have led to a renewed interest in the analysis of debt sustainability in the last decade. This paper discusses the concept of fiscal sustainability and investigates the factors driving the public debt dynamics in the Republic of Macedonia over the period 2004- 2021. Although the level of indebtedness is still moderate (below 50% of GDP), the public debt dynamics from 2008 is worrying (public debt has doubled in only 7 years). The starting point for assessing debt sustainability is the government budget constraint equation. This equation explains the evolution and accumulation of government debt by three main factors: the primary balance, the “snowball” effect, and the deficit-debt adjustment. The conventional debt sustainability analysis showed that the general government debt ratio over the period 2004-2017 increased moderately as a result of a significant increase in the primary deficit (by 16 p.p.), that was almost completely offset by the positive “snowball” effect. In addition, we found that in the pre-crisis period (2004-2008), the general government debt ratio declined significantly, mainly as a result of a positive “snowball” effect but also because of the primary surplus. Contrary to pre-crisis developments, the general government debt ratio increased significantly (by 19 p.p.) in the post-crisis period (2009-2017), due to the significant primary deficit increase, while the positive “snowball” effect was moderate. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Real Convergence in Central and Eastern Europe: An Empirical Analysis(Faculty of Economics, Skopje, 2016); ; ; The process of integration of the former transition economies in the European Union (EU) is associated with numerous problems and challenges. The readiness and suitability of the country for integration within the EU is directly dependent on the achieved nominal and real convergence. Without this convergence, the integration process would face in the future risks of asymmetric shocks, which would generate poor economic performance in the absence of alternative adjustment mechanisms. This paper deals with the process of convergence of the Central and Eastern European (CEE) countries towards the EU and attempts to identify the main driving factors behind this process. In these regards, we first provide an overview of the real convergence through an analysis of several economic variables – rate of approximation of real GDP per capita and price levels, trade integration, harmonization of the economic structure and achievements in the labor market. In addition, we offer a formal econometric evidence on the main determinants of the convergence process, based on a panel data for 10 CEE countries during 2000-2015 period, estimated with fixed effects. The results of our study imply that higher savings and investment ratio, higher labour productivity, more efficient labour markets (lower unemployment) and macroeconomic stability (lower inflation and lower budget deficits) are conducive to real convergence. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, DESCRIPTIVE ANALYSIS OF THE FINANCING OF LOCAL SELF-GOVERNMENT UNITS WITH SPECIAL REFERENCE TO THE MUNICIPALITY OF STRUMICA(2024)
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