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For fulfilling the objectives of the economic growth, policy makers mostly rely on the effects of fiscal policy measures and instruments, to strive for its improvement and harmonization. In this regard, the main aim of this paper is investigation of the interrelationship and connection between the fiscal policy and its impact on the unemployment rate and economic growth, focusing the analysis in the Republic of North Macedonia. Since there is no universal model for the application of measures and instruments of fiscal policy and their combination, this paper highlights the application of the measures of these policies in developing countries such as the Republic of North Macedonia, in order to achieve financial stability. By applying the VAR technique, this paper analyzes the effects of the public revenues and expenditures on the unemployment rate and GDP growth in the Republic of North Macedonia for the time period 2000q1 - 2022q4. Finally, the results imply that fiscal policy has a significant effect on the economic growth of the Republic of North Macedonia, while there is no evidence for a significant nexus between unemployment rate and public revenues and expenditures in the Republic of North Macedonia. [ABSTRACT FROM AUTHOR]

Taxation plays a crucial role on the economic growth of both developed and developing countries and is seen as important tool through which the government achieves important goals and finances its public expenditures. The main aim of this paper is to investigate the effects of taxation and tax regime change in the case of the Republic of North Macedonia for the time period 2000 – 2017, by incorporating quarterly time series of real GDP growth rate, Personal Income Tax, Corporate Income Tax, Labor force participation rate and Gross fixed capital formation as well as a dummy variable regarding the time period of the tax regime change has been employed. One of the main justifications for changing the tax regime from progressive to flat tax rate was to achieve an improvement of the employment, by reducing the unemployment rate. Thus, having into consideration the main objective of this paper, firstly it is analyzed the effects of taxes on the economic growth through co-integration methodology and later to investigate how the tax regime change has affected the economic growth in Republic of Macedonia by analyzing two different time periods, first when was applicable progressive tax rate from 2000 – 2006, and then the second time period 2007-2018, when was applicable flat tax rate, by applying the VAR model and by creating a dummy variable indicating the period t > 2007q1. The results imply that the effect of the change of the tax regime was insignificant and inefficient for the case of the Republic of North Macedonia. [ABSTRACT FROM AUTHOR]

Banks' liquidity is a critical phenomenon that must be constantly monitored and managed in order for bank to achieve an appropriate maturity transformation of liabilities into assets, while maintaining an appropriate level of profitability. Additionally, liquidity as a critical point in the management of the bank's assets indirectly affects the growth, development, but also the functioning of the banks in general. The purpose of this research is to determine the factors that affect the liquidity of banks in the Republic of North Macedonia measured through gross loans to total assets ratio. In order to determine which factors affect the liquidity of the banks in RNM, the regression model includes secondary data on micro-factors affecting the liquidity of the banking sector, ie NPL / Gross loans (non-fin.), ROAA, Cost to income ratio, Loan growth, Deposit growth, CAR and secondary data on macroeconomic factors. ie GDP growth, inflation and unemployment. Furthermore, the empirical research continues to focus more on the individual groups of banks by size, in order to determine the micro factors that have a significant impact on the liquidity of large, medium and small size banks in the Republic of North Macedonia for the time spin 2005q1 - 2020q1. [ABSTRACT FROM AUTHOR]

This paper tries to determine the impact of the change of tax regime in Republic of Macedonia, where from being a progressive tax rate until 2006 it became flat tax for the time period 2007 - 2017. In order to analyze such effects on economic growth of the Republic of North Macedonia for the time period 2000 - 2017, quarterly time series of real GDP growth rate, Direct tax divided into Personal Income Tax and Corporate Income Tax and a dummy variable regarding the time period of the change has been employed. One of the main justifications for changing the tax regime from progressive to flat, was that this change will reflect in the improvement of the employment, thus will reduce the unemployment rate. Moreover, the main objective is to investigate how the tax regime change has affected the economic growth in Republic of Macedonia, analyzing the two different time periods, first when was applicable progressive tax rate from 2000 - 2006, and then the second time period 2007-2017, when was applicable flat tax rate, by applying the VAR model and by creating a dummy variable indicating the period t > 2007q1. The results imply that the effect of the change of the tax regime is insignificant and inefficient for the case of the Republic of North Macedonia. [ABSTRACT FROM AUTHOR]

Endogenous growth model suggests that the role of education and health in promoting economic growth is significant and positive, thus emphasizing the vital interest and importance of the policymakers regarding the productive public expenditures for fostering economic growth of their country. There has been an increased interest among policy makers and scholars regarding the nexus between productive public spending and economic growth, with emphasizes on its effects on developing countries. In addition, this paper tries to investigate the impact of public spending on education as important tool for enhancing the economic growth of developing country such as the Republic of North Macedonia, for the time spin 2000-2018, by using Johansen cointegration, VECM and Granger causality test. Moreover, main objective is to determine if productive expenditures have positive impact on economic growth in Republic of North Macedonia as well as investigate the relationship between productive public expenditures and economic growth. Further, ADF test it is used for determining the stationarity of the time series 2000q1 - 2018q4, Johansen co-integration test has been used to determine the co- integration relationship among these variables while, VECM it is applied in determining the longrun nexus among productive expenditures and economic growth. The results of the empirical analysis reveal that the data are not stationary in their level but they become stationary in their first difference, while the results of Johansen test for co-integration indicate the existence of one co-integrating vector, thus indicating the existence of long-run significant effects of productive public expenditures in economic growth. Moreover, such results highlight that improving education and health quality at all levels is imperative for the countries growth as well as highlight important implications for fiscal policymakers in order to foster the economic growth in the context of productive public spending. [ABSTRACT FROM AUTHOR]