Faculty of Economics
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Item type:Publication, How Do Fiscal and Monetary Policies Interact in Small Open Economies? Evidence from the Western Balkans(2026)This paper examines fiscal–monetary policy interactions in Albania, North Macedonia, and Serbia using country-specific Bayesian vector autoregressions estimated on quarterly data for 2010Q1–2024Q4. The models combine a euro-area block with domestic output, fiscal, monetary, and inflation variables, while block-exogeneity restrictions capture the small-open-economy structure. The results reveal substantial cross-country heterogeneity. Positive output-gap shocks are short-lived, but fiscal responses differ markedly: Albania reacts countercyclically, whereas North Macedonia and Serbia respond procyclically. Monetary reactions to output shocks are generally weak, while inflation shocks trigger clear tightening in Albania and especially Serbia, but a weaker response in North Macedonia. Fiscal tightening is followed by a positive output response in all three economies, pointing to non-Keynesian fiscal effects. Direct fiscal–monetary interactions are limited, as monetary tightening does not generate robust fiscal responses and monetary reactions to fiscal shocks remain weak and countryspecific. Overall, macroeconomic stabilisation appears to depend more on country-specific policy regimes and monetary autonomy than on systematic fiscal–monetary coordination. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, PROFESSIONAL SKEPTICISM AND THE IDENTIFICATION OF IRREGULARITIES IN PUBLIC SECTOR AUDITS: EVIDENCE FROM STATE AUDITORS(University of Belgrade Faculty of Economics and Business Publishing Centre, 2026-10-16); ; Mitrevska, MonikaProfessional skepticism is a fundamental element of auditing, supporting the critical evaluation of audit evidence, sound professional judgment, and the identification of circumstances requiring further scrutiny. While professional skepticism has been extensively examined in private-sector auditing, considerably less empirical attention has been devoted to its role within Supreme Audit Institutions (SAIs). This study examines professional skepticism among state auditors and its relationship with their perceived ability to identify significant irregularities in public sector audits. It further considers organizational support, professional training and experience, and perceived organizational and institutional pressures as contextual factors surrounding skeptical audit behavior. The study employed a quantitative, cross-sectional research design based on a structured questionnaire completed by 35 state auditors employed by the State Audit Office of the Republic of North Macedonia. The results indicate a high reported level of professional skepticism and reveal a strong positive association between professional skepticism and auditors' perceived ability to identify significant irregularities. All individual skeptical behaviors were positively and significantly associated with irregularity identification, with the strongest relationships observed for avoiding premature conclusions, actively searching for contradictions and inconsistencies, and considering alternative explanations. The findings extend behavioral auditing research to the comparatively underexplored SAI environment and highlight professional skepticism as an important behavioral attribute associated with irregularity-sensitive auditing and public sector accountability. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, IMPACT OF ENERGY PRICES ON ECONOMIC GROWTH IN NORTH MACEDONIA: EVIDENCE FROM AN ARDL MODEL(Ss. Cyril and Methodius University in Skopje, 2026-06-01); ; - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, FROM INFORMAL USE TO RESPONSIBLE INNOVATION: A PROPORTIONATE GENERATIVE-AI GOVERNANCE FRAMEWORK FOR SMES(2026); - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, ASSESING THE IMPORTANCE OF DIGITAL AND SUSTAINABLE TRADE FACILITATION MEASURES FOR WESTERN BALKANS COUNTRIES TRADE(Juraj Dobrila University of Pula, 2026); Predrag Bjelic - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Auditing the Sustainable Development Goals: Institutional and gender dimensions in a transitional context(Informa UK Limited, 2026-06-24); ; ; - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Local self-government audit reporting in selected Balkan countries: a comparative content analysis of supreme audit institutions' reports(Emerald, 2026-08-28); ; ; Purpose This study evaluates the transparency and reporting practices of local self-government (LSG) audit reporting across four Supreme Audit Institutions (SAIs), North Macedonia, Montenegro, Croatia and Slovenia, over the period 2015–2024. It examines how SAIs communicate municipal audit results, the extent to which reporting practices align with internationally recognized accountability principles and how differences in institutional contexts are associated with variation in reporting patterns. Design/methodology/approach The study employs a longitudinal comparative content analysis of 40 annual reports, operationalised through a novel Local Audit Transparency Index (LATI) comprising four dimensions: structure and visibility, audit scope and findings, follow-up and implementation, and accessibility and transparency. Binary scoring and theory-informed interpretation (principal–agent, accountability neo-institutionalism) are used to analyze cross-country differences. Findings The results reveal significant heterogeneity in LSG audit reporting practices. North Macedonia, Slovenia, and Croatia attain similarly high LATI scores, though with different profiles: North Macedonia demonstrates consistent structural visibility and accessibility; Slovenia exhibits comprehensive coverage across scope-related indicators; and Croatia records full indicator coverage in the follow-up dimension in the final years. Montenegro shows comparatively lower LATI scores, with reporting focused on individual municipal audit excerpts and limited disclosure of follow-up information. Research limitations/implications The study is limited to publicly available annual reporting practices and does not assess individual audit reports, internal SAI procedures or causal institutional determinants. Future research should integrate interview-based evidence, link LATI scores to objective municipal financial outcomes and extend the framework to additional EU and non-EU SAIs to examine broader applicability. Originality/value This study offers the first decade-long, multi-country evaluation of LSG audit reporting practices in the Western Balkans. It introduces the LATI as an operational framework for assessing audit transparency in subnational audit reporting and translates abstract accountability concepts into observable empirical indicators. The analysis provides comparative evidence on how reporting patterns differ across institutional context and highlights variation in follow-up disclosure at the municipal level. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Modernizing Internal Auditing Education: Bridging Traditional Competencies and Interdisciplinary Challenges(Springer Nature Switzerland, 2026); ; ; ;