UACS Collection of Abstracts 2011 - University American College ...

UNIVERSITY AMERICAN COLLEGE SKOPJECollection of abstractsof published papersand papers presented at conferences3

IntroductionIn order to encourage scientific research, the University American College Skopje as of thisacademic year (2010‐2011) established the practice of publishing abstracts of the publishedpapers and the papers presented at conferences by its faculty. The main objective of thisactivity is to promote research and to spread information among the faculty about theresearch areas and interests of the others. In addition, this work is expected to help inbuilding the comparative advantage over other Universities in our country that UACS startedto build recently.Marjan PetreskiVice‐Dean of Research and Scientific CooperationSchool of Business Economics and ManagementUniversity American College SkopjeSkopje, May 20115

Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationBojadziev M., Blazevski Mojsoska N., Boshnjakovska D., Stefanovska M.,Krliu V., Janakievska J. And Saracini V.Fifth Annual International Conference on European Integration“Work Place as Motivator – Comparative Study of Employees in Businessand Public Administration in Macedonia and neighboring countries”One of the main differences between Europe and United States has beenthe level of economic and cultural integration, the latter beingcharacterized with a higher level of integration. The “social clause”contained in the Treaty of Lisbon underlines that social issues,strengthening common interests and respecting differences must beconsidered in order to produce economic and social development in EUcountries.In this regard, present paper identifies and examines factors,considerations and aspects from the jobs of white collar employees thatcontribute to their satisfaction and motivation at the working place in fourcountries in different stages of their EU membership ‐ Republic ofMacedonia, Kosovo (UNMIK), Bulgaria and Turkey.The exploration of the subjective concept of job satisfaction would beconducted by implementing the Job Diagnostic Survey developed byHackman and Oldham (1974) among white collar workers in the for profitand non for profit sector.The results of the study are expected to contribute to the identification oforganizational issues related to job satisfaction and motivation of workersin for profit and not for profit sector. Moreover, the availability of theseresults will facilitate future efforts by behavioral scientist to understand thedisparities of effectiveness of job enrichment methods between countriesat different stages of their EU integration and economic development. Inaddition, results from previous studies (Hackman and Oldham, 1974;Kamdron, 2005) will be used as control group.job satisfaction, motivation, job diagnostic surveyAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractMarjan Bojadziev, Ilijana Petrovska, Nada SekulovskaProceeding of the International Conference Skopje, 12‐13 November, 2010The Challenges Of The Marketing Communication Strategy During TheGlobal Economic Crisis In The Financial IndustryThe marketing communication strategy of the financial services in the lastyears is permanently changing. The financial services specifics and the7

KeywordsJEL classificationglobal trends as globalization; global financial crisis, technologydevelopment and the customer diversification are influencing themarketing communication strategy. This paper is researching thechallenges of the marketing communications strategy model during theglobal financial crisis and the influence of different macro environmentalfactors on the contemporary marketing communication strategy model.For this research will be used a primary research with an online surveyregarding the marketing communications of the banks in Macedonia.Taking into consideration the latest world trends in the banks' marketingcommunications; especially influenced by the last global financial crisis weare comparing the challenges in the marketing communications strategymodel in the world and the influences on the Macedonian bankingmarketing communications strategy.This model is comparing several specifics of the marketing communicationsmodels as the communications approach and the appeal, thecommunication's budget allocation according to the banks products andusage of different marketing communications activities. As the advertisinghad the biggest participation in the previous bank's marketingcommunication strategy, it is the objective of this research to find out theparticipation of rest of the marketing communications activities as publicrelations, sales promotions, guerilla marketing, internet marketing andexperience marketing in the current bank 's marketing communications'strategy model.Marketing communications, global financial cnS1S, public relations,communications appeal, budget allocation, PR, internet and experiencemarketing.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsKristina Bocevska, Marjan Bojadziev5. Simpozijum ,,Reciklazne Tehnologije i odrzliv Razvoj”, 12‐15 Septembar2010 god.Human Resource Management In A Supportive Role Of SustainableDevelopment & Waste ManagementNowadays more over becomes active the subject of Sustainabledevelopment as well as waste management. In parallel with that, the wasteeconomy in the companies becomes significant issues, because it affectsthe costs in overall business. Different governments introduce differentRevenue Generating Programs: Could include: an increase in state fundsallocated for these purposes solid waste disposal fees, or solid wastefacility permit fees. Also, as a significant part related with this subject is theinfluence of management of human resources. This paper is, theoreticallyto present the links between the HR management and Sustainabledevelopment waste management & economy.8

JEL classificationAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationMarjan PetreskiThe Youth Economists Journal, 8(14), p.149‐165.Output volatility in Macedonia: A role for the exchange rate?The study aims to empirically explore the relationship between exchangeraterigidity and output volatility for Macedonia, building on the flaws ofthe existing, though scarce literature on the topic. Specifically, it carefullyconstructs the output volatility regression; considers the measure ofoutput volatility; and accounts for the endogeneity bias doubted to bepresent in the respective literature. Moreover, it utilizes a Hodrick‐Prescottdefinition of volatility, to avoid persistent series which are obtained byusing rolling standard deviations. The empirical investigation covers theperiod 1998:Q1 ‐ 2009:Q2 and uses a GMM estimator. We find that, ingeneral, a TOT shock opts to increase output volatility, but under a moreflexible regime, it starts to affect the output fluctuations negatively,implying a role of a buffer. Quite the contrary, when nominal shocks(monetary and/or fiscal) hit the economy, a more rigid alternative of theexchange rate is preferable.exchange‐rate regime, output volatilityE58, F41, F43Author(s) Mojsoska‐Blazevski, N. and Petreski, M.Journal of paperappearanceConference of paperappearanceTitle of the paperAbstract5 th Annual conference – UACS, Skopje, Macedonia, 20. May 2010.Macedonian export performance and the potential gains from the EUintegrationThe objective of this paper is to assess Macedonian export performance asa function of the economic performances of its main trading partners in apanel context. We also let relative prices to play a role in the whole story.In general, results suggest that Macedonian export is highly dependent onforeign demand, in particular on EU demand. Relative prices areinsignificant. FTAs are found to increase Macedonian export by half, but noadditional gains are approximated from the CEFTA agreement. This is alongthe lines of the conclusion that EU economy plays a strong role forMacedonia, and hence CEFTA countries, including Macedonia are rapt totrade with the EU in lieu to among themselves. In a separate section, in aqualitative fashion the paper discusses potential benefits for Macedoniantrade of the new Lisbon Treaty and the further EU integration in general.9

KeywordsJEL classificationMacedonia, export, gravity model, Lisbon Treaty, EU economic integrationF13, F15, F41Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationMarjan PetreskiInternational Journal of Money and Banking, 3(1), p.69‐99.The XVth Spring Meeting of Young Economists (SMYE‐2010), University ofLuxemburg, Luxembourg, 15‐17. April 2010.Exchange‐rate regime and output volatility: Empirical investigation withpanel data.The study aims to explore the relationship between exchange‐rate regimesand output volatility, building on the flaws of the existing, though scarceliterature. It discusses the measure of output volatility; explores theendogeneity bias doubted to be present in the literature; tests nondynamicvs. dynamic model. The empirical investigation covers the post‐Bretton‐Woods era (1976–2006) and includes 169 countries. It is foundthat sufficiently large terms‐of‐trade shocks will spur output volatilityunder fixed, limited‐flexible and flexible exchange‐rate regime as comparedwith a floating regime, but the marginal effect is estimated to be the mostsevere under a peg (longer than five years).exchange‐rate regime; output volatility.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractMarjan PetreskiFIW Working Paper N° 57.Chicago Workshop on Institutional Analysis, Chicago, Illinois, USA, May 15‐21, 2011.An Overhaul of a Doctrine: Has Inflation Targeting Opened a New Era inDeveloping‐country Peggers?The aim of this paper is to empirically examine the effect of a regimeswitch, from exchange‐rate targeting (fixed exchange rate) to inflationtargeting, on monetary policy in developing economies, hence adding toevidence on whether inflation targeting along with a managed floatprovides a better monetary policy compared to exchange‐rate targeting.For this purpose, a group of developing countries that have historicallyexperienced such a switch is analysed. This is done by an augmentedinterest‐rate rule a‐la Taylor (1993; 2001). Two methodological approachesare used: switching regression and Markov‐switching method. Althoughboth approaches have different drawbacks which compensate, still bothlead to the conclusion that inflation targeting represented a real switch indeveloping countries. The period of inflation targeting was characterizedby: a more stable economic environment; by more independent monetarypolicyconduct; and by strict focus on inflation. Estimates suggest that the10

KeywordsJEL classificationaugmented Taylor rule is estimated with a Markov‐switching method foreach of the nine switchers over the period from the early 1990s to end‐2009, using monthly data. In general, results suggest that inflationtargeting represented a real switch in eight emerging economies. Resultssuggest that central‐bank reaction to inflation moderated under inflationtargeting. The effect of the output gap is found to be statistically significantin only half of the countries and also suggests reaction moderation. Theexchange rate does not reveal any significant effect in either regime. In thecase of the Czech Republic and Poland, a third intermediate regime isidentified, being associated with the economic developments in these twocountries prior to establishing a full‐fledged inflation targeting. In Hungary,monetary‐policy conduct can be described by one regime only, which islikely to reflect the combined strategy of targeting both the exchange rateand inflation it followed nearly over the entire investigated period.monetary‐regime switch; inflation targeting; CESEE‐3; Markov switchingE42, E52, E58Author(s) Petreski, M. and Mojsoska, N.Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classification E24, C51, J31.6th Annual International Symposium on Economic Theory, Policy andApplications, Athens, Greece, 25‐28 July 2011.Real Wages in the Manufacturing Industry in Macedonia: with reference tocrisis period.In this paper we analyze the determinants of real wages in FYRMacedonia’s manufacturing sector. We emphasize the macroeconomicaspects involved, and use econometric panel data techniques to model thebehaviour of real wages for the period 2005:1‐2010:3, using monthly data.The main conclusion is that real manufacturing wages are persistent inrecession times and highly influenced by the ‘external’ variables, like thereal effective exchange rate and the tariff burden. This in turn suggests thatthe manufacturing sector in FYR Macedonia is highly dependent on theforeign trade, which comes with doubled intensity in recession times.Hence, for policymaking purposes, the paper suggests that the appreciatedcurrency will negatively reflect onto real manufacturing wage.Furthermore, the paper does not find empirical support for the ‘youngindustry’ argument, i.e. for protecting industries in times of recession;quite the contrary, it suggests that the removal of import barriers isneeded to achieve full price competitiveness.real wages, recession, foreign trade, Generalized Method of Moments.Author(s)Journal of paperappearanceMarjan Petreski12

Conference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationChicago Workshop on Institutional Analysis, Chicago, Illinois, USA, May 15‐21, 2011.An Overhaul of a Doctrine: Has Inflation Targeting Opened a New Era inDeveloping‐country Peggers?The aim of this paper is to empirically examine the effect of regime switch,from exchange‐rate targeting (ERT; fixed exchange rate) to inflationtargeting (IT), on monetary policy in developing economies. A group ofdeveloping countries that have historically experienced such switch isanalysed versus a control group of comparable countries that, in the sameperiod, continued to target the exchange rate. The economic model used isfairly‐classical Taylor rule, augmented with the exchange rate. The period is1991:1‐2009:12. Two methodological approaches are used: panel switchingregression and Markov‐switching method, with special account of switchendogeneity.Results from the panel switching estimation suggest that IT representedreal switch in the investigated countries. Under IT, these countries becamemore concerned with combating inflation, but their reaction moderatedcompared to the period before and to the control group, because of thebackground of a more cautious monetary policy. Still, the price they paidfor this is higher level of interest rates. However, this approach could notreveal whether overall volatility in the economy changed with the switch toIT. Moreover, it is argued that although countries have date when theyofficially switched to IT, this does not necessarily have to be reconciledwith the moment of the real switch, i.e. the latter might be obscured. Toovercome these potential drawbacks, the Markov‐switching approach isemployed, whereby regime switching is an outcome of unobservablerandom variable. Although both approaches have different drawbackswhich compensate, still both lead to the conclusion that IT represented realswitch in developing countries and that the period of IT was characterizedby more stable economic environment, by strict focus on inflation and,possibly, by consideration of the business‐cycle position.inflation targeting, exchange‐rate targeting, monetary regime switch,developing economiesE42, E43, E52Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractMarjan Petreski, Branimir Jovanovic2010 CES China Conference – China, 19‐20. June 2010.A New Approach to Analyzing Monetary Policy in ChinaAny attempt to model monetary policy in China has to take into accounttwo ‘specifics’ of the Chinese monetary policy: the reliance on severaloperational instruments, both quantitative (open market operations,discount rate, reserve requirement) and qualitative (selective creditallowances, window guidance etc.), as well as the combined strategy13

KeywordsJEL classificationpursued by the People’s Bank of China, i.e. the two intermediate targets ‐the exchange rate and the money growth. In this paper we analyzemonetary policy in China using a small, three‐equation New Keynesianmodel, accounting for these issues. Our results suggest that monetaryauthorities in China consider stabilizing inflation and output gap whenmaking their decisions. Intermediate targets, in particular the growth of themonetary aggregates, appear to be important determinants of themonetary‐policy behaviour, implying that their omission might be a seriousdrawback of the analysis. We also find that omitting the qualitativeinstruments can lead to wrong conclusions about the monetary‐policyconduct.New Keynesian model, Chinese monetary policy, GMME12, E43, E52Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationDimche LazarevskiInternational Conference on Applied Financial Economics; Research andTraining Institute of East Aegean (INEAG), National and KapodistrianUniversity of Athens and Department of Statistics and Actuarial‐FinancialMathematics of University of the Aegean. 30 June ‐ 02 July 2011Foreign Investors’ Influence Towards Small Stock Exchanges Boom AndBust: Macedonian Stock Exchange CaseThis paper aims to answer the question if and how much the foreigninvestors influence the boom and bust of small stock exchanges. Itexamines the impact of the foreign investors’ turnover towards small stockexchange turnover, particularly the Macedonian Stock Exchange. Based onthe Macedonian Stock Exchange data for the period of January 2006 to July2009, I find strong evidence that for a small and open stock exchange suchas the Macedonian Stock Exchange, foreign investors substantiallycontributes to the Stock Exchange boom and bust.Stock Exchange, Foreign Investors, Turnover, Linear RegressionC35, G01, G12, N24, O16Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractNikica Mojsoska‐BlazevskiJournal of Political ThoughtInvestigating Private And Social Returns To Education In Macedonia WithReference To Policy ImplicationsKnowledge and ideas are fundamental components of the New Economyand determine the growth of living standard and job creation.Consequently, government policies can boost long‐run economic growth14

KeywordsJEL classificationthrough investment in knowledge and, hence, increase and deepen theknowledge base of the economy including research, education, skills andtechnological innovations. Labour market is the mechanism through whichhuman capital (labour) is allocated to its most productive use and whereincentives are set for individual investment in human capital through wagepremiums to educated workers (Jurajda 2003). This study aims atexamining empirically the private returns to education in Macedonia and toprovide investigation of potential positive externalities steaming frommore educated population, given that social returns to education are morerelevant than the private ones for determining the “optimal” level of publicinvestments in education (McMahon 2004; Kara 2009). For our empiricalanalysis, we use large statistical sample, for the period 1998‐2002. Theeconometric model that we use is based on the Mincer earnings functionthat is theoretically founded in the Human Capital Theory.Our empirical findings suggest that Macedonian labour market createsconsiderable incentives for private educational investment. This findingdoes not provide justification for the recent government policy inMacedonia of expanding the capacity of state universities and increasingthe state subsidies to private spending on higher education. Nevertheless,a review of the literature on social benefits (McMahon 2006; Kara 2009)suggests two possible arguments in support of state subsidies to highereducation that rest on i) possible non‐market private returns which mightbe neglected by individuals; ii) higher social than private returns toeducation, which are yet likely to prevail until certain level of development(for instance, up to universal primary education).Returns to education, human capital theory, subsidies to educationI21, J08, J24Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractNikica Mosjoska‐BlazevskiFirst International Conference on Emerging Research Paradigms in Businessand Social Sciences, organized by Middlesex University Dubai (to be held inNovember, 2011)Detaxication: The effect of labour costs on employment in MacedoniaThe objective of this paper is to investigate the effect of the tax and socialcontributions’reforms on employment in Macedonia, through estimating alabour demand function over the period 1998:Q1‐2010:Q3. The paperdisaggregates the total tax wedge on income‐tax wedge and socialcontributionswedge, to be able to capture the argument that the mainburden on labour in transition economies is stemming out from the socialcontributions and not from the income taxation, mainly due to thedominance of low‐skilled jobs in those countries. We also control for theintroduction of the gross‐wage concept as of 2009, which is argued to haveexerted some effect onto reducing the informal economy. We find asignificant effect of the social‐contributions reduction on employment inMacedonia ranging from 0.9 to 3.1 percentage points. Contrary to this, the15

KeywordsJEL classificationeffect of the income‐tax wedge is found insignificant. Moreover, theestimates about the gross‐wage concept and the associated measures, lendsome evidence that the reform affected the transferring of a part of theinformal into formal employment, hence most likely shrinking the greyeconomy in the country.flat tax, social contributions reform, labour demand modelЈ23, Ј32Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationNikica Mojsoska‐Blazevski, Marjan PetreskiReforms and Economic Development in Transition: Serbia and WesternBalkan, Belgrade, May 7, 2011The Intra‐regional Trade as a Milestone for the New Growth in SEEThe Great Recession of 2007‐2009 has proved the non‐sustainability of the“growth model” that relied on expansion of domestic demand throughrapid credit growth, remittances, and FDI injections, as well as on increasedexports mainly due to favorable terms of trade and strong global demand(Bartlett and Monastiriotis, 2010). But, what would be the new and,arguably, the better growth model? According to Sanfey and Zeh (2010),greater openness and expanding trade could be part of the new growthmodel for South Eastern European economies (SEE). This especially holdsfor the intra‐regional trade that has been very low so far, with CEFTA‐2006playing a little role in expanding the intra‐regional trade.Hence, the objective of this paper is to empirically examine thedeterminants of bilateral trade of Macedonia, with particular emphasis onthe trade with the EU and CEFTA‐2006 countries. The standard Gravitymodel is used to measure the determinants of the bilateral trade in a panelframework. Results suggest that Macedonian GDP per capita and foreignGDP per capita play significant role in explaining bilateral trade. WhenMacedonian trade with EU is investigated only, then domestic income haslarger magnitude than compared to the entire sample. Importantly, noadditional gains have been approximated from FTAs and from CEFTA‐2006,in particular. Potential explanation of this can be the still existent non‐tariffbarriers across the SEE countries, in terms of the technical, sanitary andphyto‐sanitary barriers to trade, the time and costs to export and import,improvement of infrastructure related to trade and so on.Author(s)Journal of paperappearanceNikica Mojsoska‐Blazevski, Marjan PetreskiConference of paper 6 th International Conference of the UACS, May 201116

appearanceTitle of the paperAbstractKeywordsJEL classificationDoes Cultural Heritage Affect Job Satisfaction: The divide between the EUand transition economiesDo the citizens of the Eastern, ex‐communist countries share the samevalues and beliefs as citizens of the Western countries? What aboutMacedonians? Whereas economists are certain about the convergence ineconomic performance and catch‐up effect that Eastern countriesexperienced in their accession to the EU, there is still a small body ofliterature on the convergence of culture. In particular, there are twocompeting theories, the first one stating that economic prosperity bringsconvergence in cultures, whereas the opposite one argues that traditionalvalues persist despite the economic and political progress (Inglehart andBaker, 2000).Moreover, while there is a growing body of multi‐disciplinary literatureinvestigating the determinants of job satisfaction, ranging from humanresource management, to sociology, psychology, labour economics, etc.,the issue of culture and its effect on worker’s well‐being has largely beenneglected (Fargher et al, 2008).In this regard, the aim of this study is twofold: i) to examine the factorsinfluencing worker’s job satisfaction stepping aside the conventionalfactors (personal background variables, individual labour marketcharacteristics, organisational culture, etc) and introducing the basiccultural values and beliefs; and ii) to investigate the relative importance ofculture on job satisfaction in Eastern Europe (that are New Member States)and Western Europe and Macedonia as an accession country. Our empiricalinvestigation is based on the European Values Study 2008, which providedetailed information for 44 countries, including Macedonia, on jobsatisfaction, socio‐demographic characteristics, as well as citizen’ssubjective view on family, religion, work, child‐parent ties, tolerance, etc.We use ordered probit regressions to analyse the significance and size ofthese characteristics on worker’s job satisfaction.job satisfaction, culture, convergence, MacedoniaJ2, P2, P3Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractElena MakrevskaInternational Conference on International Business, CRIISEA, University ofPicardie (Amiens, France). 19‐21 May 2011, Thessaloniki, GreeceThe New Improved Process of SecuritizationBursting out the housing price bubble in United Stated of America was thebeginning of the financial crisis in the American banking system. Because ofthe interconnection of the financial markets, the process of globalizationand the interdependence of the countries in the world, crisis almostimmediately spread through the world causing drastic consequences to theworld economies. The most often used reason for international spreading17

KeywordsJEL classificationout the effects of the crisis is the process of securitization, one of the mostimportant financial innovations in the banking industry.This paper explains the process of securitization with its complexity offinancial transactions between the subjects in the process. The process ofsecuritization brought many advantages for the banks at the beginning.But, as it become more “popular” it grew more complex and opaque,making it increasingly difficult for investors to obtain a clear picture of therisks involved.The loose regulation, led to less transparency and stability in the financialmarkets. Credit rating agencies were following the initiative for higherprofit and were underestimating the risk. The securitization become fastway for generating profit. The market was not able to regulate itself.So, it needs to be re‐regulated with several structural changes in thefuture. The transparency should be improved, followed by appropriate duediligence and of the firms. Evaluation of the risk should not rely only on thecredit rating agencies.The new banking model should reestablish the confidence of the investors.That can be made only by applying high regulation standards regardingcapital requirements and leverage ratios.The bottom line is that the process of securitization will continue to beused in the future, but with improved fundamentals by higher regulationand increased pressure of the competition. The crisis changed the rules,and so the securitization market.Securitization, regulation, financial crisisG21; G28Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractElena MakrevskaSixth Annual International Conference On European Integration ,,Constructing Europe As A Global Power: From Market To Identity?”University American College Skopje, 19 May 2011, SkopjeResilience of the EuroThe European Union (EU) nowadays is facing the most severe debt crisis.While Germany is rebounding very successful from the economic recessionIreland, Greece and Portugal are faced with significant difficulties. Theprospect of the single currency is drowning as a result of the debt anddefault fears that put a question mark over the whole EU.This paper critically assesses the widely used projections of the EU andappropriateness of different budgetary strategies in order to sustain thefiscal balances and stability of the Euro. This paper suggests that there arethree possible solutions for “rescuing” the Euro:First, EU to continue with the strong enforcement of the rescue scheme.This is a serious step, having in mind that the burden of adjustment of the18

KeywordsJEL classificationbudget deficit will be inherited to future generations. Countries need toachieve higher rates of growth and stability on medium term in order tocover today’s losses.Second, elimination of the countries which are not in compliance with theMaastricht rules. If the countries stay, they won’t have control over theirmonetary policies. If they leave Euro zone, that will lead to increase of theinterest rates on a higher level than today. Either their citizens will facelarge declines in their living standards as their currency falls against theEuro or they will be demanding large increase of the wage that will implyhigh inflation. There are two sides of the solution, and none of them iseasy.Third, exit of Germany from the Euro zone or the division of the Euro zoneinto two sub‐regions (one with strong currency and the other one withadjustable exchange rate).All the solutions are in favor of further sustainability of the Euro. But inmodern market economies, market powers make the final decision.fiscal sustainability, budget deficit, Euro, default, debt crisisF15; E52Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsTome Nenovski, Elena MakrevskaThe International Conference on „Present Issues of Global Economy” – the8 th Edition “OVIDIUS” UNIVERSITY OF CONSTANȚA FACULTY OF ECONOMICSCIENCES, 16 – 17 April, 2011, Constanca, RomaniaAdjustment of the Macedonian Monetary Policy with the European UnionMonetary PolicyStrategic goal of Republic of Macedonia (RM) is membership in EU. Thatroad is apparently long. There are lots of reasons. Among them is the needfor adjustment of particular instruments of the macroeconomic policy ofRM.The main instruments of macroeconomic policy in every country are fiscaland monetary policy. For the fiscal policy in RM can be said that in bigportion is adjusted to Maastricht criteria. But we can’t say the same for themonetary policy.Sixteen years in row in RM is implementing monetary strategy of fixedexchange rate. That kind of strategy contributes for sustainingmacroeconomic stability. From the other side, rates of economic growthwere low or with negative values. External trade deficit have permanentlyupward trend. Unemployment rate is pretty high.Those results impose the question about adequacy and sustainability ofexisting monetary strategy or it should be changed with targeting inflation.strategies, exchange rate; synchronization; inflation; Euro19

JEL classificationE52Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationTome Nenovski, Elena MakrevskaThe International Conference on „Present Issues of Global Economy” – the8 th Edition “OVIDIUS” UNIVERSITY OF CONSTANȚA FACULTY OF ECONOMICSCIENCES, 16 – 17 April, 2011, Constanca, RomaniaMacedonian Denar (MKD) Depreciation, Introduction of the New ForeignExchange Regime or Introduction of the Euro?Before the beginning of the world economic crisis, countries from Easternand Central Europe (CEE) had tremendously high rates of economic growth.Their growth was stimulated mostly with foreign investments and hugeamounts of loans that came from the Western countries.However, as a result of the current economic crisis, global liquidity issharply decreasing. Access to foreign capital gets more difficult. Inflow offoreign currencies from export of goods and services is being reduced. Thatcaused an abrupt decrease of the inflow of foreign currencies and pressureon the exchange rates of the domestic currency. Countries with fluctuatingexchange rate experienced depreciation of their currencies. Countries withfixed exchange rate faced the need of significant reduction in their foreignreserves in order to prevent the depreciation of their currencies.The second scenario happened in Republic of Macedonia (RM). That raisedthe question whether the devaluation of the Macedonian denar is neededor new foreign exchange regime should be introduced?liquidity, currency, rate; depreciation; EuroE42Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractZoran PoposkiNyhedsvisen: Public Interfaces, Vol. I., no. 1, edited by Christian UlrikAndersen, Geoff Cox and Jacob Lund, 6‐7. Aarhus: Digital AestheticsResearch Center & Center for Digital Urban Living, Aarhus University,March 2011. ISBN: 87‐91810‐18‐3 / EAN 9788791810183Public Interfaces Conference and PhD workshop, Centre for Digital UrbanLiving, Digital Aesthetics Research Center, Department of AestheticsStudies, Aarhus University, Denmark, 12‐14 January 2011Reclaiming The Urban Landscape By Art And ActivismDrawing on the engagement with public space of artists as diverse as BracoDimitrijevic, Mirjam Struppek and Oliver Ressler, as well as the author’sown artistic practice, this paper explores the transformation of urban spacein the post‐socialist cities of Eastern Europe, and former Yugoslavia inparticular, focusing on examples of creative reuse, artistic conversion andsocial re‐writing of the urban landscape in the face of massive economic,20

KeywordsJEL classificationpolitical and social changes.Public space, urban studies, architecture, artAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationZoran PoposkiUrban Conflicts Conference, Queen’s University Belfast, UK (19‐21 May2011)The Right To The CityDrawing on insights from major theorists of public space, this paper willexplore the ethno‐national divisions in the city of Skopje, Macedonia. As asite of intersection of numerous ethnicities, religions and cultures, Skopje isa deeply divided city along ethnic and religious lines. These divisions evenmanifest themselves in physical terms, with the predominantly ethnicMacedonian and Christian Orthodox population located in one part of thecity, and the ethnic Albanian and Muslim in another, divided by a river thatruns through the center of the city and serving as a visible border betweenthe two communities. This gap has even widened in the wake of the 2001inter‐ethnic conflict in Macedonia.public space, borders, divided cities, urban segregation, Skopje, MacedoniaAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperZoran PoposkiBook of Proceedings from the 5th International Interdisciplinary SymposiumEncounters of Cultures, Vol. I., edited by Ljiljana Subotic and IvanaZivancevic‐Sekerus, 437‐442. Novi Sad: Faculty of Philosophy, University ofNovi Sad, 2010. ISBN 978‐86‐6065‐040‐75th International Interdisciplinary Symposium Encounters of Cultures, NoviSad: Faculty of Philosophy, University of Novi SadEncounters On The BorderAbstract Borders delineate living space: they define the known, the ordered world –cosmos, beyond which lies the unknown, chaos. At the same time, they arethe markers of difference, helping define the cultural identity of one groupvis‐à‐vis outsiders. Since they are a place where differences meet/confronteach other, borders produce conflicts.However, borders are not just an area of separation of two entities. Theycan also serve as a meeting point, as a zone of encounter. They connect aswell as separate; they are thresholds that lead to the experiencing of theother. Drawing on poststructuralist feminist theory and contemporary art,this paper will explore the contradictory nature of borders, and at the sametime, it will attempt to demonstrate the necessity to go beyond these olddichotomies, and find (construct) a third place, a space of no constraints.21

KeywordsJEL classificationborders, identity, difference, cultural encounterAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationZoran PoposkiCultural Space and Identity in a Post‐Socialist Context, Academy of Theatre,Radio, Film and Television, University of Ljubljana, Slovenia, 8‐10September 2010Reclaiming The CityIn his seminal work, The Production of Space, Henri Lefebvre makes adistinction between representational space (appropriated, lived space,space‐in‐use), spatial practices (everyday activities of reclaiming andpopulating space, determining its segments, and territorialization of needsand desires within that space), and representations of space (planned,controlled, ordered space) “passively experienced” by its users. Urbanspaces often start as representations of space (a square, a park arematerialized projections of the spatial visions of urban planners, scientistsand social engineers), but through its use people appropriate it, sociallyproduce it into representational space (i.e. symbolic spaces directlyexperienced through images and symbols). Spatial practices, concernedwith the production and reproduction of material life, rely onrepresentations of space and representational spaces to provide them withthe spatial concepts and symbols/images necessary for spatial practices tooperate.Public space, spatial practices, urban studies, architecture, artAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractAna TomovskaJournal of Peace Education, 2010, 7 (2) pp. 121‐138Contact as a Tool for Peace Education? Reconsidering the ContactHypothesis from the Children's PerspectivesThe contact hypothesis has arguably been the leading theoretical paradigmfor educational interventions in divided societies. However most of thestudies with children have been quantitative, focusing on contactoutcomes and failing to take account of children’s views. Therefore thispaper presents the findings of a qualitative study of 10–11‐year‐oldProtestant children from two schools in Northern Ireland. The findingsreveal children’s competency in engaging with exploration and explanationof broader societal factors, as well as the contact situation events.Therefore, this paper argues that broader context and children’s22

KeywordsJEL classificationperspectives should be considered in any contact situation so that thequality of contact can be improved and planned contact interventions canlead to positive change.contact hypothesis; children; Bronfenbrenner; divided societies; qualitativemethodologyNot applicableAuthor(s)Journal of paperappearanceConference of paperappearancTitle of the paperAbstractKeywordsJEL classificationAna TomovskaWorld Council of Comparative Education Studies Conference in Istanbul,World Council of Comparative Education Studies, Istanbul, 14‐18 June 2010Children's Identity and Peace Education Efforts in Contested Spaces inNorthern Ireland and the Republic of MacedoniaA number of interventions aimed at improving the intergroup relations inconflict affected societies have been implemented and studied. Howeverthe views and experiences of 10‐11 year old children have rarely beentaken in perspective.Therefore, by using qualitative data this paper will present the perspectivesof 10‐11 year old children from conflict affected areas in Northern Irelandand Republic of Macedonia. By drawing upon Bronfennbrenner's ecologicaltheory and Bourdieu's notion of habitus the interconnectedness of varioussocietal factors and systems to children's habitualised ways of thinkingabout their own and the identity of the other group will be illustrated. Thepaper also accentuates that children are active creative thinkers engaged increating their own dynamic ethnic identity and pictures of their own andthe other ethnic group. Children's ethnic identity is based on informationfrom different sources, defined in relation to their experiences with theother ethnic groups and expressed differently in different situations. As aresult successful educational interventions should engage the children insubtle processes of identity exploration by focusing on issues relevant tothe children leading to gradual change, in an atmosphere perceived as safeand positive by the children.contact hypothesis; children; Bronfenbrenner; Bourdieu; divided societies;qualitative methodologyNot applicableAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAna Tomovska‐MisoskaInternationally published book, Publisher: Verlag Dr. Muller. Year: 2010.Children, Social Context and the Contact Hypothesis: ComparativeEthnographic Case Studies of 10‐11 year old Children in Northern Ireland23

AbstractKeywordsJEL classificationand the Republic of MacedoniaUsing education for promotion of tolerance and good interethnic relationsis very important in conflict affected societies, faced with issues of ethnicand national identity, prejudice and division, such as Northern Ireland andthe Republic of Macedonia. Therefore, this book provides insight into theways of promoting better intergroup relations among children using intergroupcontact. Furthermore, it offers a fresh look at inter‐group contact byusing qualitative methodology in researching children and combining thetheoretical underpinnings of the contact hypothesis with Bronfenbrenner'secological theory and Bourdieu's notion of habitus. In doing so the bookshows that contact does not happen in isolation and highlights theimportance of the wider sets of contexts within which children and contactprogrammes are located and their connection with children’s habitualizedways of thinking and behaving.This book can serve as a valuable source of information for academics andprofessionals working in the field of peace education, interculturaleducation and on programmes aimed at improving inter‐group relations byproviding new theoretical perspective on the contact hypothesis.children, contact hypothesis, Bourdieu, Bronfenbenner, Northern Ireland,Republic of Macedonia.Not applicableAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationAna TomovskaArticle in International Edited Book, P. Calogiannakis, l.G. Karras and C.C.Wolhuter (eds) Education in South Eastern Europe, Year: 2011Improving Intergroup Relations through Education in Republic ofMacedonia: Lessons from 10‐11 year old ChildrenEducation can serve as a tool for promotion of better intergroup relationsin conflict affected societies such as Republic of Macedonia. Therefore thispaper provides one possibility for implementing changes within theeducation system that can contribute to improvement of the inter‐ethnicrelations. By drawing upon Bronfenbrenner’s bioecological system theoryand 10‐11 year old children's experiences the paper shows theinterconnectedness of different parts of the system and provides ideas forchanges on different levels of the educational system. The paper suggestschanges in line with the critical multiculturalism paradigm and moreimportantly in line with the children's everyday experiences.children, contact hypothesis, ecological system theory, inter‐ethnicrelations.Not applicableAuthor(s)Elena Bundaleska24

Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationJournal of Entrepreneurship and Innovation, Ruse, BulgariaCompetitive Advantage of the Region, RUSE Scientific Conference, BulgariaOrganized by: Ruse University, 29‐30 October, 2010Employee Motivation – A Guide For Entrepreneurs: Managing PeopleThe success of a good entrepreneur does not depend only on his/herinnovativeness, education, specialized knowledge, talent, boldness, butalso very much on his/her abilities to manage people. The aim of thisarticle is to suggest practical recommendations for entrepreneurs on howto develop or improve their people management skills. Therecommendations are not all‐inclusive. They are just a starting point. Eachentrepreneur should develop from there, based on personal experience.Entrepreneur, Management Skills, Motivation, Delegating, InstructingAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationIgor VelickovskiApplied Economics, First published on: 15 December 2010 (iFirst),forthcoming issue, impact factor: 1.538MAER‐Net Colloquium, Hendrix College, Conway, USA, October 1‐2, 2010Constraints on Exchange Rate Flexibility in Transition Economies: A Meta‐Regression Analysis of Exchange Rate Pass‐ThroughThis article uses Meta‐Regression Analysis (MRA) to investigate exchangerate pass‐through to domestic prices, highlighting differences betweentransition and developed economies. A total of 23 studies yielded 575coefficients measuring exchange rate pass‐through to import prices andconsumer prices for 23 developed and 12 transition economies. The MRAresults confirm the finding of many particular analyses that exchange ratepass‐through is less than complete. In addition, exchange rate passthroughis higher to import prices than to consumer prices; and exchangerate pass‐through is higher in the long run than in the short run.Regarding transition and developed economies, MRA suggests that there isno statistically significant difference in exchange rate pass‐through toimport prices. Yet, exchange rate pass‐through to consumer prices issignificantly and substantially higher in transition than in developedeconomies. This finding is consistent with the caution of many monetaryauthorities in transition economies regarding exchange rate flexibility.meta‐regression analysis, exchange rate pass‐through, import prices,consumer prices, monetary policyE58, F41, P51Author(s)Journal of paperMarija Todorova25

appearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationLanguages at War: Policies and Practices of Language Contacts In Conflict,University of Reading and Imperial War Museum London, 7‐9 April 2011The role of interpreters in conflict mediationThroughout history interpreters have played a key role in situations ofviolent conflict, especially between different cultures. They are importantin the process of communication between military forces and the localpopulation, processing of data or investigating war prisoners. Moreover,interpreters are an important factor in conflict resolution, in their capacityas facilitators of peace negotiations, conferences and agreements.This research stems from my personal experience working as an interpreterfor UNHCR first in Macedonia and then in Prishtina, Kosovo during andimmediately after the Kosovo crises. With my doctoral research I willattempt to prove, through interviews with interpreters and users ofinterpreting services, that interpreters have an active role in the process ofconflict mediation resembling that of mediators. Accordingly, they needspecific skills, knowledge and experience, in order to fulfill this rolesuccessfully. This will be done using the case study of the Kosovo andMacedonia. In Kosovo the peace negotiations between the Serbian andKosovo teams were facilitated by the international community representedby Martti Ahtisaari. In Macedonia, EU representative Francois Leotard andUSA representative James Perdue, together with official and unofficialleaders from the country signed the Ohrid Framework Agreement, puttingan end to the violent conflict between the Macedonian and Albaniancommunities.Interpreters, conflict mediation, Macedonia, KosovoAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractMarija TodorovaFirst International Conference on English Studies English Language andAnglophone Literatures Today (ELALT), Department of English, Faculty ofPhilosophy, University of Novi Sad, 19 March 2011(Un)Translatability of Mythology In LiteratureIn literature many of the names and events can be traced in some form tomythology. English mythology draws its roots predominantly from Norseand Celtic mythology, and like the conglomerate society which itrepresents, is one which has an entirely idiosyncratic nature of its own.Macedonian contemporary literature encloses evidence of great myths andto a large extent is determined by the myths that are typical for the Balkanregion, including the Slavic mythology.All these alone create many challenges for literary translators. Furtherconfusion has been added through translations of the names of mythicalcreatures, adding to the murky waters which surround mythical elements.26

KeywordsJEL classificationAs illustration I will compare and discuss solutions offered in Macedoniantranslations of English authors, especially Tolkien’s works, and Englishtranslations of Macedonian authors, concentrating on Slavko Janevski’s andVlada Uroshevic’s novels.Finally, the paper should bring deeper insight into best translationstrategies/practices when it comes to translating fantasy literature andmythological creatures.mythology, translation, mythological creatures, Tolkien, UroshevikjAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationMarija TodorovaFrom Teaching to Learning, Current Trends in ELT, South‐East EuropeanUniversity, Tetovo, 9‐ 11 April, 2010Learning to talk is learning to translateThe use of translation has been a fundamental part of language teachingsince the very beginning. Indeed, it must be the oldest language‐teachingtool of all. In his essay “Language and The Human Spirit”, Jim Cummins(2003) observes that “there is an inseparable linkage between theconceptions of language and human identity that we infuse in ourclassroom instruction.” Duff (1989: 7) summarizes succinctly: “Translationdevelops three qualities essential to all language learning: flexibility,accuracy, and clarity. It trains the learner to search (flexibility) for the mostappropriate words (accuracy) to convey what is meant (clarity).” Recentlywe have seen the use of translation in learning a foreign language is muchmaligned by language teachers. However, translation is widely used inlearners’ foreign language learning process. It appears that learners oftenuse translation as a learning strategy to comprehend, remember, andproduce a foreign language. Revisiting the pros and cons of usingtranslation (more precisely, the mother tongue) in the teaching andlearning of a foreign language, I will try to justifies the use of translation inthe English as a Foreign Language classroom and encourages thedevelopment of this as a useful fifth language skill. The use of L1, if usedproperly and judiciously, is a needful, and worthy, pedagogical ally in theteaching, and learning, of English language across all levels.Relatively little research attention so far seems to have been devoted to aconsideration of the use of translation in language learning. Thus, thispaper aims to inspire further research of the role of translation in ESLcontext, and promote cooperation between teachers of language and oftranslation.Translation, ELT, language skills27

Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationMarija TodorovaInternational Symposium “Translation and Cultural Mediation”,International Mother Language Day, UNESCO, Paris, 22‐23 February 2010Globalizing the Local in Today’s MarketThis paper will attempt to demonstrate the effects of globalization ontranslation and the concept of cultural identity development in the contextof “small languages”, taking the example of the Macedonian publishingmarket and translation practices. Arguing that translation is central todebates about language and cultural identity, and seeing globalization asintrinsically linked to translation, it shows why consideration of the role oftranslation and translators is a necessary part of safeguarding andpromoting linguistic and cultural diversity of cultural production in smalllanguages. As a cultural practice, translation is deeply implicated inrelations of domination and dependence, equally capable of maintaining ordisrupting them. In developing countries such as Macedonia, translationshave played a critical role in enriching indigenous languages and literatureswhile supporting reading and publishing. However, this leaves domesticworks undersubsidized and limits the development of domestic languages,literatures and readerships. Conclusions are drawn about the new role ofthe translator in small countries which is one of an expert for interculturalcommunication in an internationalized world.small languages, globalization, literary translation, cultural identityAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractMarija TodorovaОгледало XII бр. 145, декември 2010, стр. 10Поетиката на книжевниот превод, Меѓународна средба на книжевнипреведувачи, Унија на книжевни преведувачи на Македонија, 23 август2010 година, Тетово и ЛешокПоетиката на преведувањето сликовнициОвој текст беше мотивиран од мојот најнов волонтерски ангажманкако преведувач за Меѓународната дигитална библиотека за деца(http://en.childrenslibrary.org). Во рамките на овој проект досега имампреведено десетина сликовници. Сликовниците беа напишани вооригинал на англиски јазик, од автори и илустратори од повеќеразлични земји: Бери Луис од САД, Ханс Вилхелм по потекло одГерманија, Андреа Петрлик Хусеиновиќ по потекло од Хрватска,Џанаки Суријарачи од Шри Ланка. Иако многу различни по својатасодржина, моето искуство со преводот на овие сликовници ме наведеда размислувам за сличностите, за предизвиците и специфичнитекарактеристики на преведувањето на овој посебен тип на литературатаза деца.28

KeywordsJEL classificationПреведувањето сликовници не се заснова само на напишаниотјазик/текст. Поетиката во сликовниците има два дополнителниаспекти:Аудитивниот или акустичниот – сликовниците најчесто сечитаат на глас, Визуелниот – составен дел на литературата во сликовницитепокрај текстот е и илустрацијата.Значи, читателот на сликовниците е истовремено и гледач и слушател.Сликовници, превод, поетика, аудио‐визуелен преводAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractBogoljub JankoskiPublisher: VDM Verlag"Trends and Challenges of the Contemporary Central Banking ‐ A CaseStudy for the National Bank of the Republic of Macedonia"The issue of the main challenges of the contemporary central bankingduring the past two or three decades has triggered numerous debates anddiscussions throughout the world, attracting the attention of both thepractitioners (central bankers) and the academic circles. The mostimportant challenge for the central banks is certainly the efficientmanagement and governance. Independence, responsibility andtransparency are the main postulates on which the efficient central bankmanagement and governance are based. The significance and theimportance of the central banks' independence are reflected in the factthat it is the necessary precondition for accomplishing the legallydetermined objectives, tasks, and functions of central banks. In order todetermine the level of central banks' independence and to examine thebasic relations between the independence and the main macroeconomicindicators, it is necessary to predetermine independence criteria.Independence criteria are the basis for construction of the main analyticalset of instruments for measuring central bank independence. Thenumerous empirical studies which examined the relation between thecentral bank independence and the macroeconomic performances indicatethat the central bank independence is in negative correlation with inflationand with fiscal (budget) deficits. They have not identified positivecorrelation between the independence and the increase in the grossdomestic product. Performed measurements of the legal independence ofthe NBRM by using a larger number of indexes indicate a rather high levelof legal independence of the National Bank of the Republic of Macedonia.Operational efficiency of central banks is defined as accomplishment ofbest results in its functioning and pursuing its main objective ‐ pricestability at lowest cost, i.e. by using smallest amount of resources.Operational efficiency could be measured by using indices which are29

KeywordsJEL classificationspecially designed for that purpose. Central banks have an extremelyimportant task in the forthcoming period: to implement successfully the 10core Basel principles for systemically important payment systems; toenable the conduct of efficient internal audit based on internationallyaccepted standards and practices; to enable pro‐active approach for theresearch function, which implies forecasting and projecting economic andmonetary variables and factors; to conduct strategic management andplanning; to manage human resources effectively, etc. The analysis of thearguments, pro and contra, for accepting the inflation targeting strategy,leads to the conclusion that the inflation targeting strategy is really achallenge for the NBRM in the forthcoming period. Its successfulimplementation implies realization of numerous macroeconomic andinstitutional assumptions, as well as increase in the NBRM's capacity foranalyzing and forecasting the developments of the most importantmacroeconomic and monetary variables. NBRM regularly and carefullymonitors and analyzes the experiences of other countries whichparticipated or still participate in the Exchange Rate Mechanism ‐ ERM 2. Inthis respect, the arguments pro and against entering of the Republic ofMacedonia in ERM 2 are analyzed, having in mind the concrete economicconditions and circumstances in the Republic of Macedonia.efficient central bank management; independence, transparency andresponsibility of the central banks; operational efficiency; independencemeasurement indices; operational efficiency measurement indices;monetary strategies; independence and operational efficiency of theNBRM; exchange rate mechanism ‐ ERM 2.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperSapuric ZoranUNESCO, CHAIR IN BIOTTHICS International Conference on BioethicsEducation: Contents, Method Trends, Book of AbstractsName of the conference : UNESCO, CHAIR IN BIOTTHICS InternationalConference on Bioethics Education: Contents, Method Trends, UNESCO,University of Haifa Israel, Zefat Academic College, Israel, The InternationalCenter for Health, Law and Ethics, 02‐05.2010 Zefat, IsraelEnvironmental Ethics Education And Quality Of The Environment30

AbstractKeywordsJEL classificationThe quality of the environment in modern society has large importance.The quality of the environment is essential element of human health andtotal quality of human life. Environmental ethics gradually but permanentlycontributes for changes of dominant human opinion about ownsurroundings. Those produce stronger activities toward protection andimprovement the environment and new ways in the environmentalmanagement. All these activities are based on the moral values have deepethics roots.Modern environmental policies and environmental legal regulations arebased on ethics values. Environmental ethics studies the moral values andthe links among the human beings and the nature and the wholeenvironment. Ethical elements are very important in contemporaryenvironmental thought and practice. The practical objective of theenvironmental ethics and bioethics as a very important part of theenvironmental ethics is to provide environmental policies andenvironmental regulation with the moral pillars. The contemporaryenvironmental ethics is facing various dilemmas, such as in case of therelationships among production bio diesel and the necessity of theagriculture space for production of food; in case of genetic modify food etc.For successful solution of huge global environmental problems we needstronger promotion of environmental ethical and bioethical values throwthe effective environmental ethical education and in frame of thisbiotechnical education. Environmental ethics and bioethics education ofeducation will be strong pillars for more effective activities for theprotection the nature and the environment, producing the social changesin the relations between the human beings, society and the nature and thewhole environment.In The Republic of Macedonia environmental elements have become a partof environmental policies since beginning the twenty first century, butthere is no any progress in the developing the thought about relationshipamong ethics and environment. Also the debate about these issues is juston the beginning. That’s why we need to promote and involveenvironmental education.Environment, ethics, bioethics, education, policy, legal regulationAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractSapuric ZoranSEE Review, Volume five, Number TwoContemporary Challenges Of The Concept For Sustainable DevelopmentThe development of the concept for sustainable development is one of themain topics of the modern world. This concept gets into every sphere ofthe human existence. The sustainable development is an open conceptwhich outlines the needs for changes of the economic and socialdevelopment which have to be related to the needs for protection and31

Keywordsadvancement of the environment. The unsustainable usage of naturalresources resulted in global threat to the environment, and according tomany evidences by different world scientists, even in a threat to the humansurvival in general. Therefore the awareness that urgent measures need tobe undertaken is increasing constantly, which means a more intensiveimplementation of this concept at a global level. But, global activities meanmeasures and activities at a national, regional and local level as well.The successful implementation of the concept of sustainable developmentmeans series of activities towards the development of new technologiesoriented towards the more sustainable and ecologically cleanerproduction, energy efficiency, and a greater energy production fromrenewable sources, as well as a scientific, economic and social progressfrom which the global society will benefit. This also implies reduction ofpoverty and balance of huge disproportions in the development, as well asintensive caretaking for the needs of future generations. This modernconcept is one of the most serious challenges the humanity is facing withnowadays.sustainable development, concept, economic development, socialdevelopmentAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractSapuric ZoranEurope After Lisbon Treaty, University American College Skopje, FifthAnnual International Conference on European Integration, may 2010The Lisbon Treaty And EnvironmentThe impact of the Lisbon Treaty on the further development of the policyand the law in field of the environment, sustainable development andrenewable energy will be huge. Consequences from the transboundarypollution damage produce rising the necessity of the European commonmeasures for the protection and improvement the environment and moreefficient implementation the concept of sustainable development, as oneof the core objectives of the European common activities. The EuropeanUnion, as a world leadership in the environmental sphere, with the LisbonTreaty takes over the stronger responsibility for the global environmentalprotection.By the European Union Treaty environmental policy must be integratedinto the economics, social, energy, agriculture, transport and otherCommunity policies. After the entered into force the Lisbon Treaty,y thelinks between the sphere of the environment and economy sphere andother mentioned spheres will be much stronger.Since 1973, EU` environmental policy has developed spectacularly. TheTreaty of 1957 did not contain any provisions on the environment. SingleEuropean Act defines the protection of the environment. Maastricht Treatydefines the environment as one of the objectives of Union activity. Treatywas amended by the Treaty of Amsterdam and Treaty of Nice. Thosetreaties continuous the strengthened the European Union activities in the32

KeywordsJEL classificationenvironment and sustainable development. Lisbon Treaty expands thecommon acting in field on the environment and more coherent energypolicy.Lisbon Treaty, European Union, environment, environmental policy.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractSapuric ZoranЗборник на трудови од Советување ,, Опасни места на патиштата воРепублика Македонија ии нивното отстранувањеОпасни места на патиштата во Република Македонија ии нивнотоотстранување, Репубчички совет за безбедност на сообраќајот напатиштата, Скопје јуни 2010Правна Регулатива Поврзана Со Црните ТочкиЦрните точки се една од најголемите причини за сообраќајнитенезгоди. Во правната регулатива на Европската унија во последновреме се повеќе внимание се посветува на секции, односно делницина патиштата на кои постои висока зачестеност на сообрќајни незгодина патиштата, (high accidents concentration sections). Овие секции сеисто така една голема причина за настанување на сообраќајнитенезгоди. Оттаму утврдување на прецизна и јасна методологија заопределување на црните точки и на означените секции на патиштата, емногу важно за подигнување и одржување на безбедноста насообраќајот на патиштата. Притоа е неопходно и прецизно правнорегулирање на оваа проблематика.Националната стратегија на Република Македонија за унапредувањена безбедноста на сообраќајот на патиштата, 2009‐2014, изготвена одстрана на Републичкиот совет за безбедност на сообраќај, а усвоена одСобранието на Република Македонија, во ноември 2008 година, јапрепознава важноста на проблематиката на црните точки, како еднаголема закана за безбедноста на сообраќајот на патиштата и укажувана потребата од интезивирање на активности и мерки за намалувањеи целосно елиминирање на овие делови од патот. Оттаму се јавувапотребата од практичната имплемнтација на оваа Стратегија, што ќепридонесе за унапредување на бебедноста на сообраќајот напатиштата.Иако на ниво на Европската унија сеуште не постои единственаметодологија за единствено определување на поимот на црните точки,Унијата презема интезивни мерки за дополнување на правнатарегулатива во правец на унифицирано определување на црните точки.Во оваа смисла се преземаат активности за долнување на Директиватаза безбедно управување на инфраструктура на патиштата.Поради големите неповолни ефекти од егзисирање на овие црниточки, Република Македонија треба да преземе итни мерки иактивнсоти со цел на справување со неповолнте последици одпостоењето на црните точки. Една од почетните активности треба дабиде насочена кон изготвување и усвојување на законската регулатива33

KeywordsJEL classificationкоја ќе утврди единствена методологија за определување на црнитеточки и за справување со истите.правна регулатива, опасни места, Европска унија, сообраќај.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationElena DavitkovskaSixth Annual International Conference on European Integration:Constructing Europe as a Global Power: From Market to Identity, UniversityAmerican College Skopje, May 19 th 2011European Administrative SpaceThe European Administrative Space, Acquis Communitaire, is defined as aset of principles, method of functioning and manner of regulating variousspecific areas of the administration, which principles and standards ensurethe unity of functioning of different administrative systems amongdifferent establishments in the EU.While using the comparative, the legal, and the method of analysisthroughout this publication, I will try to present the theoretical and legalbasis of EAS’s (non) existence.The following legal postulates comprise the EAS:1. National legislation of EU member states which regulate administrativeissues in the respective country,2. Regulations (conventions, directives, programs) adopted by EU bodies,providing unique principles of work and organization which refer to theadministration, included in the acquis communitaire and3. Case law of the European court of human rights which refer to the workof the administration.While analyzing the above mentioned basis for (non) existence of the EAS, Iwill try to present the theoretical approaches which refer to it, deferringfrom absolute denial of EAS’s existence, to its full acceptance andinsistence. The basis of the European administrative space represents theconsensus between member states concerning basic components of goodgovernance, which especially include rule of law principles, such as:reliability and prudence (legal certainty), openness and transparency,responsibility, efficiency, economy and effectiveness (the well known 3Eprinciples), but also the technical and managerial capacity, organizationalcapacity and citizen’s participation in the decision – making process.EAS, administration, principles, acquis communitaire, transparency,accountability, openness, 3E, recommendations34

Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationElena Davitkovska; Ivan StefanovskiOne Decade After the Ohrid Framework Agreement. Lessons (to be)Learned from the Macedonian Experience. Center for Research and PolicyMaking, June 24 – 26, 2011The Future Of Good Governance In Ethnically Mixed Municipalities InMacedoniaSince the signing of the Ohrid Framework Agreement (OFA) and thebeginning of the decentralization process, the preservation of stable inter –ethnic relations has been one of the biggest challenges in Macedonia. Inthe past ten years, the Macedonian society has been a good example forstable interethnic relations at local level. This paper should give a briefoverview concerning the current situation in few ethnically mixedMacedonian municipalities (e.g. Gostivar, Tetovo, Debar, Struga, Gazi Baba,Butel etc.) focusing on the following issues:‐ The level of cooperation between different ethnicities in the decisionmaking process quantitatively measured through thorough analysis ofminutes from municipal councils and municipal council commissions;‐ The status and level of ethnic diversity of civil servants in the respectivemunicipalities;‐ Possible minorization through mono‐ethnic policies;‐ The level of accountability, responsibility and transparency of therespective municipalities.Conclusions and recommendations for achieving high level of goodgovernance and inter – ethnic cooperation in the future will be produced.governance, civil service, inter‐ethnic cooperation, OFA, decision – makingprocessAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKlisarovska Elena; Kostovski NinkoSixth Annual Conference on European Integration. Constructing Europe asa Global Power: From Market to Identity?The corporate cross‐cultural management as a source of answers to thecultural identity issues in European Union, Polycentric not EthnocentricCultureDoes the EU common decision making and defense policy ultimately leadto a common EU culture? Does the institutional EU reference will induce apersonal EU reference? Does no‐physical‐borders policy really lead to “noborders” identity of the EU citizens? Although the examples of consensuspro or contra are many, the disagreements are even more frequent. The35

KeywordsJEL classification F2, F20, F22, F23,advocates of the common EU identity are rare, people and scholars ingeneral do believe that the EU will not ultimately prevent them from beingFrench, Germans and so on. However, it is almost impossible to avoidrecognizing the presence of the other extreme, the evident“ethnocentrism” which has been seen in the history of EU. Despite theefforts leading to a real Pan‐European identity through steps like The 500million EU citizens, but no borders, Euro ‐ one currency, EU commonpolicies, it seems that the national heritage, the local languages and thevarious national identities, will effectively obstruct the way to creation ofthe hypothetical United States of Europe.Bearing in mind the Bruter’s “European dual identity” (2005) and theineffectiveness of the concept of the “embraced differences” envisioned bythe current multiculturalism in the EU countries, the need for differentapproach to the issue is obvious. To fulfill the three objectives of the EUinstitutional framework as defined by the Treaty of Rome andreemphasized in the Treaty of Maastricht (Gastelaars & de Ruijter, n.d.) willbe one of the most challenging, if not the critical issue that will ultimatelydetermine the overall prospects of EU. It is becoming obvious that theobjectives of Europe as an important power factor in the world, thecommunity that will serve as model for human rights and democracy and aSociety that will not only preserve but to effectively promote the existingnational states, will be extremely challenging task. The contemporarycorporate management offers concepts that can lead to achievement ofcommon, while not suppressing the individual goals, values and culture.Even more, these individual specifics can be used for creation ofdeveloping best practice, the concept of continuous improvement in whicheverybody learns form the best in particular area of the social life. The aimof this paper is to contribute to the project of future Europe, by presentingan insight into the set of best‐practices of cross‐cultural management inthe corporate world. Presenting the European countries as companies andthe EU as a state in which they do business, we believe will helpunderstanding the big picture, by looking at the small.Key words: EU identity, cross‐cultural management, ethnocentrism,polycentrism, dual cultural identity.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKlisarovska Elena20 th BETA Annual Conference, Creativity in Language Teaching – ReachingOut to the New Generation of LearnersMarketing Techniques in the ESL ClassroomHave you ever asked yourself why students after years of learning Englishstill do not know when to use the Present Simple Tense and when to usethe Present Continuous Tense? Or why there is a common misconceptionamong (adult) students that must is stronger than have to? Many of Englishlanguage teachers ask themselves the same question: How can they not36

KeywordsJEL classificationknow this?Well, the answer to these questions is manifold but it identifies the samecore problem in all – the teaching.There are techniques used in the business world for creating goodmarketing campaigns through imprinting lasting images in the viewer’sbrain. This presentation shows how these business techniques can be usedin the English language classroom for improving the teaching process interms of creativeness and effectiveness.Key words: ELT, marketing, knowledge gapAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationJovanka Jovanchevska‐Milenkoska20th Linguistic Days in Prague, 26‐28 May, 2011Comparative morphosyntactic analysis of temporal adverbials in Englishand Macedonian – possibilities and problemsTemporal adverbials have been investigated by major linguists in English,but there is a gap in the Macedonian linguistics concerning this topic. Somebasic foundations have already been established by Macedonian linguists,but not as thorough morphologywise/ syntaxwise nor semanticswise. Thispaper explores the possibilities for positive implications of such research inMacedonian. The research involved investigation of corpus translationsfrom Macedonian into English translated by English native speakers toascertain the relevance. The comparison was based on several criteria:morphological, syntactic, semantic and positional. The findings of temporaladverbials in Macedonian alternate from clear in morphological view toobscure in positional view, but nevertheless they specify the possibilities orinability for intervention in the specifications of time adverbials inMacedonian linguistics.linguistics, time adverbials, implicationsLinguisticsAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperJovanka Jovanchevska‐Milenkoska4th International Online Language Conference (IOLC 2011), September 3 &4, 2011, International Online Knowledge Service Provider (IOKSP)Comparison of Time Adverbials in English and Macedonian in a Corpus ofWritten Works Translated from Macedonian into English by English NativeSpeakers37

AbstractKeywordsJEL classificationThis paper deals with time adverbials as lexical temporal sentenceelements, and presents the results of a time adverbials research in Englishand Macedonian. The research treats differences and similarities of timeadverbials from morphological, syntactical, and positional point of view.Corpus in this research is mainly literary and fewer academic workstranslated (fully or partly) from Macedonian into English by English nativespeakers. Main accent was put on the positional features of time adverbialsin both languages.The problems encountered in the course of the research are discussed inthis paper as well, such as: the translator, the type of chosen corpus, thetheoretical grammatical background present in both languages, theexistence of national corpora, etc.The paper emphasizes the importance of time adverbials in a linguisticsystem and aims to help: language teachers and learners to use timeadverbials correctly without the influence of the mother tongue;Macedonian translators to be able to formally identify and placesemantically different English time adverbials in their most preferredpositions; and linguists to deepen the knowledge of Macedonian as well asEnglish time adverbials, and further develop the field of lexical temporalmarkers in the study of linguistics.time adverbial, linguistics, positionLinguisticsAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationJovanka Jovanchevska‐Milenkoska6th International ELTAM‐IATEFL‐TESOL Conference Empowering teachers fornew challenges in ELT , ELTAM (English Language Teachers’ Association ofMacedonia), Skopje, Macedonia, on 30th and 31st October 2010Time adverbials and their interaction with other temporal markers in thesentenceLanguages are able to express time through various grammatical, lexical, andother types of means. This paper explores time adverbials in the Englishsentence and their interaction with other temporal markers, such as tense,lexical aspect (Aktionsarten), inner lexical temporal meaning of themorphological elements in the sentence as well as their implications,position and scope of the time adverbials in the sentence, etc.Temporal markers, time adverbialsLinguisticsAuthor(s)Journal of paperappearanceConference of paperStojcevska Biljana, Popov Oliver, Milenkoski AleksandarEUROSIM 2010, 7 th EUROSIM Congress on Modeling and Simulation,38

appearance EUROSIM, Prague, Czech Republic ‐ September 6‐10, 2010Title of the paperAbstractKeywordsJEL classificationIterative System for Simulation of E2E Transport Protocols in HeterogeneousNetworksThe Internet is characterized by the ever‐increasing number of connections,nodes and places of presence, kinds of topologies, transmission mediatechnologies, the yearly growth in user communities by magnitudes, thevariety and the potential of innovative applications, combined with theeconomic, social, cultural and political ramifications. While constantly beingmeasured and evaluated, explored and studied, the Internet is arguablyimpossible to be used for experimentation and investigations in order to testand validate the modifications of the existing network protocols or theintroduction of new ones. Studies are commonly done using laboratoryconditions through tests beds or simulation environments. The ns‐2 networksimulator is a well‐known open source tool extensively used and extendedby the academia, who also needs a standardized set of topologies, traffics,and metrics to validate and verify the results of their efforts. The tcpeval isone of these tools tool designed to provide a standard starting researchframework. The goal of the paper is twofold: using ns‐2 and tcpeval as toolsfor creating a simulation platform enriched with data gathering system andevaluation of the performance of an end‐to‐end transport scheme based onan original TCP modification.Simulation, E2E Protocols, Transport Protocols, ns‐2, tcpeval, HeterogeneousNetworksAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractMilenkoski Aleksandar, Stojcevska BiljanaInternational Journal of Distributed and Parallel systems (IJDPS) Vol.1, No.1,September 2010Loss Differentiation Algorithms Vs. Congestion Control Schemes: DynamicsAnd PerformanceThis paper carefully analyzes the behavior of different congestion controlschemes when used in combination with Loss Differentiation Algorithm.Three types of congestion schemes are discussed: delay‐based, bandwidthestimation and AIMD, with one TCP variant representing each congestionscheme. We simulated two network scenarios with diverse link and trafficproperties and evaluated the congestion schemes with integrated LossDifferentiation Algorithm in each of them. The integrated LossDifferentiation Algorithm is ideal, i.e. it makes no errors in its judgment. Thebehavior of the schemes is analyzed from aspect of: the properties of theemployed mathematical functions, the effect of presence or absence ofadditional network load (reverse and background traffic), and the achievedthroughput. The results show very diverse scene and pinpoint theimportance of the careful and delicate design of the congestion avoidanceaction when a non‐congestion loss is detected.39

KeywordsJEL classificationLoss Differentiation Algorithms, Congestion avoidance, Congestion controlschemeAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationMilenkoski Aleksandar, Stojcevska Biljana, Popov OliverSIMUTools2011, 4th International ICST Conference on Simulation Tools andTechniques, Institute for Computer Sciences, Social Informatics andTelecommunications Engineering, Barcelona, Spain ‐ March 21‐25 2011System for Transport Protocol Evaluation with Automatic Calculation ofStatistical Accuracy and Distributed and Parallel ExecutionThe architecture and the performance of a system for gathering andprocessing simulation data is in the focus of this paper. The system is basedon the ns‐2 network simulator and the tcpeval evaluation tool for TCP andTCP related protocols. The paper promotes the concept of simulationreplication as central to achieve statistical accuracy of the simulation results.Inter alia, one of the main system design objectives is the efficient executionof the simulation experiments with the proper number of replications thatmay be determined either manually or automatically to attain the presetaccuracy during the evaluation process. The later assures that in each case ofthe specific set of simulation runs their number does not exceed the minimalone required by the designated accuracy. Moreover, the use of interprocessand inter‐thread communication provided by Open MPI and OpenMP makesthe execution of the system possible over a multiprocessor distributedarchitecture that eventually reduced the time needed to achieve the desiredprecision. The results of extensive benchmark tests show significant gains intime while using all metrics native to tcpeval, which clearly indicates thebenefits of deploying a platform for simultaneous execution.TCP evaluation, distributed execution, statistical accuracy, parallel executionAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractSnezana HristovaCompetitiveness and Economic Development: Challenges, Goals and Meansin a Knowledge based Society, Association for Sustainable Education,Research and Science Second Online International Conference, Romania,December 2010Building A Knowledge‐Based Society: The Case Of Republic Of MacedoniaWhen a society becomes knowledge‐based, it faces challenges on a varietyof levels. How and why knowledge is produced and shared, where it isproduced, how knowledge spillovers affect new knowledge creation andparameters of use, changes in strategic decision making in knowledge‐based40

KeywordsJEL classification M20, M29, D8.environments and how public policy can and should adapt all are crucialissues. Today, we are living in a chaotic transition period to a new agedefined by global competition, faster flow of information andcommunication, increasing business complexity, and pervasive globalization.The pace of change has become so rapid that it took a different type of firmsto be dominant and marked entirely new era of business. The shift toknowledge as the primary source of value makes the new economy led bythose who manage knowledge effectively – who create find, and combineknowledge into new products and services faster than their competitors.Knowledge‐based economy has created a new discipline of economics. Vastquantity of information and knowledge has been concentrated incompanies. Nowadays, each company collects and develops knowledge, andrepresents a learning organization. It is for this reason that a new disciplinehas been developed – knowledge management. The actualization of the"knowledge factor" as a solution to the general problems of economicgrowth is a very important and controversial subject of economic policies inmany countries.This paper aims to provide empirical and theoretical analyses of issuesrelating to creation and use of knowledge in the knowledge‐based economy.First, we provide some theoretical argumentations. Then, we discuss aboutknowledge policy as a main strategic tool for achieving growth andcompetitiveness in the European Union. Last, but not the least, weinvestigate the past and current situation on this matter in the Republic ofMacedonia and then the paper ends with some suggestions for improving itsfuture situation.Knowledge creation, Economic growth, Management knowledge, GlobalCompetitiveness Index.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractSnezana HristovaOman International Business Conference, College of Commerce& Economics,Sultan Qaboos University, Muscat, Sultanate of Oman, February 2011An Investigation Into The New Product Life Cycle: Success Or FailureLaunching new products to market quickly and successfully is a prerequisitefor acquiring a competitive advantage. In this paper, the New productdevelopment (NPD) process has been discussed in the context of weighingand predicting the success in innovation and development of new products,as well as delivering the appropriate strategy for the product life cycle. Themain question of this research paper is what makes a new productsuccessful. It provides a vital insight into the factors that separate successfrom the failure of the innovated products. Therefore, it reviews the findingsof theoretical and empirical work into the success factors of new productdevelopment. It is the prime objective of this paper to summarize the mostimportant findings in a compact and structured way. In addition,shortcomings of previous empirical work on NPD success factors will be41

KeywordsJEL classificationdiscussed and suggestions for improvement in future empirical NPD studieswill be made.New product development (NPD), Innovation, Strategy, Success, Failure etc.M1Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationIrena AvirovicWorld Bank International Conference, On Poverty and Social Inclusion in theWestern Balkans, (Brussels, Belgium, December 14‐15, 2010)Patterns Of Migration From MacedoniaThis paper focuses on the diversity of migration pattern of the Macedonianand Albanian migrants from Skopje after the independence in 1991. Througha case study of Macedonian and Albanian migration during the transitionperiod until today, it investigates possible differences of their migrationpatterns and explores whether these two ethnic migrant groups reproducethe patterns of division present within contemporary Macedonian societywhen abroad.Albanians; ethnicity; Macedonians; migration; segregation.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractSuzana Panova NikiforovaFifth Annual International Conference on European Integration "Europe afterthe Lisbon Treaty" , UACS, 20 May 2010, SkopjeBuilding The EU’s Identity: A Brand Management ApproachOne of the most accurate topics among the EU integration promotersnowadays is the definition of the EU identity. Communicators from the EUinstitutions are striving to reach out its citizens and get their support.Politicians has also realized that promoting Europe outside its boundariesand inside among its citizens is a critical issue that needs specialmanagement. The problem of communication that does not appropriatelyreach its target audience causes severe problems in the projections of thecommunication messages and results with non correspondent EU image. TheLisbon Treaty further strengthened the EU external and internal uniqueentity and provide basis for solid definition of its identity. This paper dealswith the issue of identity in a special and so far almost unexplored way i.e.building the identity by using the brand management approach. It representsa theoretical research of the existing branding techniques and models forbuilding identity and provides an integrating analyses resulting with theauthors proposal of an urgent need of using those techniques for buildingthe EU identity. The success of the destination branding has given reliableevidences that such an approach can lead to a successful branding of EU42

KeywordsJEL classificationstarting with the identity building. Once having built the EU identity andtreating the EU as a unique brand entity, a valuable ground will beestablished for the preparation of targeted, successful and well acceptedcommunication strategies of the EU institutions. And those will help thecreation of the desirable image of the EU, one being mirror of its internalrich and unique identity.EU identity, branding, communication, institutions, image.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationAnita Angelovska Bežoska; Jane Bogoev; Ana Mitreska and Maja KadievskaVojnovikCroatian Economic Survey (Vol. 13; No. 1; April 2011, pp.57‐104).International Conference on Fiscal Policy in the Crisis and Beyond: ShorttermImpacts and Long‐term Implications, Economic Institute of Zagreb,Croatia,25 November 2010Investigating The Cyclical Behavior Of Fiscal Policy In The Republic OfMacedonia During The Period Of TransitionThe main aim of this research is to investigate the cyclical behavior of fiscalpolicy with respect to output gap fluctuations in the Republic of Macedoniaduring the period 1991‐2009. We use two different fiscal policy measures: a)the cyclically unadjusted primary budget balance and b) the cyclicallyadjusted primary budget balance as a proxy indicator of the fiscal policystance. This analysis also aims to explore whether there was a substantialchange in the fiscal policy behavior prior to 1996 due to the turbulent initialperiod of transition and the switch in monetary policy strategy. Weadditionally control for other factors that also seem to have had a significantimpact over the fiscal policy behavior, such as the armed conflict in 2001 andthe impact of public debt as a proxy indicator of budget financingconstraints. The estimated results with respect to both measures, thecyclically unadjusted and cyclically adjusted budget balance, indicatedifferences in the fiscal policy behavior prior to and after 1996. Moreprecisely, the results imply that the fiscal policy behavior prior to 1996 wasprocyclical, whereas afterwards the fiscal policy became countercyclical.These results are robust to different measures of the output gap anddifferent frequency of the data sets.fiscal policy, cyclically adjusted balance, output gap, monetary policy changeC35, D10, I31,P20Author(s)Journal of paperappearanceConference of paperappearanceIlijana Petrovska, Marjan Bojadziev, Nada SekulovskaThe Challenges to Economic Theory and Policy in the Aftermath of the GlobalEconomic Crisis, Economic Faculty Skopje, University “Sts Cyril and43

Title of the paperAbstractKeywordsJEL classificationMethodius” – Skopje, 12‐13 November 2010The Challenges of the Marketing communication strategy during the GlobalEconomic crisis in the Financial industryThe marketing communication strategy of the financial services in the lastyears is permanently changing. The financial services specifics and the globaltrends as globalization, global financial crisis, technology development andthe customer diversification are influencing on the marketingcommunication strategy. This paper is researching the challenges of themarketing communications strategy model during the global financial crisisand the influence of different macro environmental factors on thecontemporary marketing communication strategy model.For this research used will be a primary research with an online surveyregarding the marketing communications of the banks in Macedonia. Takinginto consideration the newest world trends in the banks’ marketingcommunications; especially influenced by the last global financial crisis weare comparing the challenges in the marketing communications strategymodel in the world and the influences on the Macedonian bankingmarketing communications strategy.This model is comparing several specifics of the marketing communicationsmodels as the communications approach and the appeal, thecommunication’s budget allocation according to the banks products andusage of different marketing communications activities. As the advertisinghad the biggest participation in the previous bank’s marketingcommunication strategy, it is the objective of this research to find out theparticipation of rest of the marketing communications activities as publicrelations, sales promotions, guerilla marketing, internet marketing andexperience marketing in the current bank’s marketing communications’strategy model.marketing communications, global financial crisis, public relations,communications appeal, budget allocation, PR, internet and experiencemarketingAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractIlijana Petrovska, Nada Sekulovska3 rd International Research Conference „Modern Management: Problems,Hypotheses, Research”, State University – Higher School Of Economics,Faculty Of Management, Moscow, Russia, 24‐25 November 2010The importance of Integrated Marketing Communications during financialcrises in the Republic of MacedoniaThe purpose of this paper is to implement a research regarding themarketing communications of the financial institutions during the lastfinancial crises in the Republic of Macedonia. The last world financial criseshad a big negative impact on the world economy, especially in the financialindustry. However, the Republic of Macedonia didn’t suffered big financial44

KeywordsJEL classificationimplications in the financial industry, mainly because the investments in thissector are still underdeveloped and also the current financial actors are notactive in the world financial markets. However the financial institutions’marketing communications is showing changes in the world and inMacedonia, too. With the monitoring of the world banks’ marketingcommunications, the main conclusion is the change in the communicationsapproach, especially in the message and in using the communications’channels. We used quantitative online research for this paper, covering allpresent and active banks with marketing communications in Macedonia.From eighteen banks, only ten had valuable marketing communications inthe last year, from which six have been participated in this research. Theresults are showing that the financial crises has influenced on changes in themessage approach, stressing the security and customer orientations, withemotional appeals of the banks’ marketing communications. The channeldistribution is not significantly changed as they were mainly using TV as amain media. Regarding the budget allocations main changes are in theproduct allocation, stressing the deposit products in the last year. Most ofthe banks had also decreased the marketing communications budget duringthe last year in 20‐30 percentages comparing with the previous year.banks’ marketing communications, financial crises, PR, Direct marketing,budget allocation, deposit and loan productsAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationIlijana Petrovska, Ljupka Naumovska5 th International Conference on European Integration, University AmericanCollege Skopje, 20 May 2010Global marketing communication strategies after Lisbon TreatyThis paper is looking for an answer if the global marketing communicationstrategies are applicable for the EU market after the Lisbon Treaty, havingon mind that the most effective marketing communication appeal for aproduct may vary within different markets because of culture, social andeconomic differences. The differences of local markets in terms of needs,demands, competition and local regulations are essential for choosingproper marketing communications with targeted public. The final part ofthis paper is going to present results from a qualitative survey conductedon the business community in Macedonia, operating internationally withthe EU, too. The objective is to detect the link between the Lisbon Treatyafter implementation, as output of globalised Europe and developed globalmarketing communication as an output of fast globalised businesses.Lisbon Treaty, global marketing communication, local marketingcommunication, global, advertising, PR45

Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationTome NenovskiInternational Conference: “Balkans in Europe: Economic integration,Challenges and Solutions”, Institute for Advanced Studies, Orleans, France,3‐4 February 2011;“Macedonian Economy – Advantages, Limitations And Prospects”The Republic of Macedonia is probably the only country in the worldhistory which has for a very short period experienced a great number ofshocks caused by internal and external factors and reasons. Yet, over allthis transitional period it has resisted such influences and has shown stronglatent power and possibilities that form the base for its future movementalong the paths of progressive and sustainable development. In this favor,a multi‐year macroeconomic stability, setting a strong and contemporaryinstitutional framework, the low financial indebtedness, and the relativelygood business climate in the country all make good foundation.The Macedonian economy also showed its endurance in the period whenthe actual World economic crisis was being manifested from which itappeared to be less affected than most other countries in Europe. That alsois a strong base for restructuring the economy in the period after the crisisand getting into the cruel fight for conquering new trade markets.The advantages that the economy of the Republic of Macedonia acquiredin the past period should be effectively, efficiently and rationally used totheir maximum in its further developing activity directed towards realizingthe challenges of the time after the crisis and towards the requirements ofthe EU as its final destination. On its way, of course, it should use theopportunities that are at its disposal, but also use the means, competencesand skills that are at its hand in order to eliminate and/or reduce a biggerpart of the disadvantages that it is currently facing.The moving of the Republic of Macedonia on the way that leads to itsmembership in the EU and sharing the economic destiny with thisinstitution won’t be easy at all. There are still a lot of barriers and seriousthreats. If we eliminate the fact that the World economic crisis will pass,then the biggest threat to the Macedonian economy seriously emerges,that is, the embargo that the Republic of Greece sets for the membershipof the Republic of Macedonia in the EU and the NATO if it doesn’t changeits constitutional name. That is an extremely serious threat with long‐termconsequences in the realization of the challenges that the economy of theRM is encountering.Transition; Business Climate; Economic Crisis; Advantages; Limitations;ProspectsE6 ‐ Macroeconomic Policy, Macroeconomic Aspects of Public Finance, andGeneral OutlookAuthor(s)Tome Nenovski, Elena Makrevska46

Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationInternational Conference: “Present Issues of Global Economy”, “OVIDIUS”University of Constanta, Faculty of Economic Sciences, 16 – 17 April, 2011,Constanta,Romania.“Adjustment Of The Macedonian Monetary Policy With European UnionMonetary Policy”Strategic goal of Republic of Macedonia (RM) is membership in EU. Thatroad is apparently long. There are lots of reasons. Among them is the needfor adjustment of particular instruments of the macroeconomic policy ofRM.The main instruments of macroeconomic policy in every country are fiscaland monetary policy. For the fiscal policy in RM can be said that in bigportion is adjusted to Maastricht criteria. But we can’t say the same for themonetary policy.Sixteen years in row in RM is implementing monetary strategy of fixedexchange rate. That kind of strategy contributes for sustainingmacroeconomic stability. From the other side, rates of economic growthwere low or with negative values. External trade deficit have permanentlyupward trend. Unemployment rate is pretty high.Those results impose the question about adequacy and sustainability ofexisting monetary strategy or it should be changed with targeting inflation.Strategies, exchange rate; synchronization; inflation; EuroE52Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractTome Nenovski, Elena MakrevskaInternational Conference: “Present Issues of Global Economy”, “OVIDIUS”University Of Constanța, Faculty Of Economic Sciences, 16 – 17 April, 2011,Constanta, Romania.“Macedonian Denar Depreciation, Introduction Of The New ForeignExchange Regime Or Introduction Of The Euro?”Before the beginning of the world economic crisis, countries from Easternand Central Europe (CEE) had tremendously high rates of economic growth.Their growth was stimulated mostly with foreign investments and hugeamounts of loans that came from the Western countries.However, as a result of the current economic crisis, global liquidity issharply decreasing. Access to foreign capital gets more difficult. Inflow offoreign currencies from export of goods and services is being reduced. Thatcaused an abrupt decrease of the inflow of foreign currencies and pressureon the exchange rates of the domestic currency. Countries with fluctuatingexchange rate experienced depreciation of their currencies. Countries withfixed exchange rate faced the need of significant reduction in their foreign47

KeywordsJEL classificationreserves in order to prevent the depreciation of their currencies.The second scenario happened in Republic of Macedonia (RM). That raisedthe question whether the devaluation of the Macedonian denar is neededor new foreign exchange regime should be introduced?liquidity, currency, rate; depreciation; EuroE42Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywords:JEL classificationTome Nenovski, Ivica Smilkovski; Klime PoposkiInternational conference: “The Economies of Balkan and Eastern EuropeCountries in the changed world”, University of Pitesti, Romania, 5‐8 May2011“Remodeling Of The Macedonian Economy”In the period following political and economic independence of theRepublic of Macedonia, the Macedonian economy went through a periodwhich is followed by numerous internal and external shocks from economicand political nature. Current world economic crisis is the last shock for theMacedonian economy because of its almost complete openness. The crisiswas especially present in the economic sector and activity that are exportoriented, such as metal and textile industries, a significant part ofagriculture, petroleum derivatives, etc.Experiences from the economic crisis should serve as a basis for changingthe current one whit new model for the country's economy in order tocatch a connection to the intense changes that are expected to occur in thenext period in the global economy. Creating new economic models inRepublic of Macedonia has multidimensional direction. Among them aredominant: a. Completion of initiated and undertaken new activities toimproving business climate in the country, b. Economic restructuring, c.Increasing of domestic production, d. Harmonizing effects ofmacroeconomic instruments.Newly established economic model is expected to result in multiplepositive effects that primarily manifested in the increasing number ofnewly small and medium enterprise, domestic investments, industrialproduction, GDP, number of new employees and total exports as well asreduction of the trade deficit in maintaining macroeconomic stability in thecountry.Achievements of the Republic of Macedonia with the new developmentmodel largely will depend on the realization of risks and threats to which itis or will be exposed to on short and medium term, and related todevelopments in the global economy and irrational dispute with Greeceover Macedonia's recognition of its constitutional name.Shocks, Economic crisis, Economic model, Harmonization, Risks.E6 ‐ Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and48

General OutlookAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractJEL classificationTome NenovskiInternational Conference: “From market to identity”, University AmericanCollege Skopje, May 19. 2011.“Ricardo`s Effect: From Idea To Implementation”In international trade, countries should use their relative comparativeadvantages. They should specialize in production and export of goods andservices that compete with lower relative cost of production to othercountries and to exchange those products to other products for whichhome manufacturing would be more expensive.That is the theory of David Ricardo, one of the founders of classical politicaleconomy. Although it is set back in 1817, today that theory forms the basisfor explaining the benefits of international trade, i.e. the incentives andmotives of national economies to trade with each other. At its core lies themodel of perfect competition. This model is the basis for today's advocacyfor free trade within the EU, trade with no tariffs and no other restrictions.The end result of the Ricardo model of comparative advantage leads to agradual flattening of prices of products which are traded betweeneconomies based on comparative advantages. If there is free tradebetween foreign countries, it is clear that the products will move fromareas with lower prices, to areas with higher prices. The realization of sucha theory today is a plan within the EU.However, the practice opposes these fundamental values of Ricardo’stheory because:‐ The model of perfect competition, to which EU aspires, practicallydoes not exist today because today in the EU market structures thatrestrict competition prevail;‐ The model does not explain how countries that trade with eachother will establish a balance in the trading price;‐ The model does not explain how to overcome the problem ofdifferent tastes of consumers in different countries;‐ The model does not explain how to reduce transport costs asbarriers to foreign trade, and so on.Eliminating such weaknesses will upgrade Ricardo’s theory and make itvalid in current economic conditions. That way it could really be effective inrealizing the vision of a “Europe without borders”.Ricardo effect; foreign trade; comparative advantages; prices equilibrium;free tradeF1 – Trade49

Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsМарко АндоновСтручно списание “Правник“ во издание на Здружението на правницина РМ, Бр. 214, февруари 2010Модели На Супервизија На Финансискиот СекторКомпаративните светски искуства во поглед на супервизорскитемодели во финансискиот сектор се различни. Од една страна, постојатразмислувања и поддршка за унификација, односно целоснофузирање на регулаторните тела од областа на финансискиот сектор,додека од друга страна се јавува дилемата дали во процесите наобединување на финансиските регулатори е потребно да се изземецентралната банка како супервизор на целокупниот банкарски сектор.Во овој контекст, може да се констатира дека околу 60% од државитево светот го имаат прифатено наведениот концепт на супервизија вофинансискиот сектор. Веројатно, ова е една од основните причинипоради што во изминатиот период и во Република Македонија сенаметна прашањето за обединување на финансиската супервизија. Серазбира, во контекст на ова треба да се имаат во предвид ипрепораките на Европската Комисија во насока на создавање наинтегриран супервизорски надзор на финансискиот сектор воРепублика Македонија. Конечно, причина повеќе за разработка напредметната тема е и финансиската криза од која произлегоа големброј на реперкусии, но и идеи и предлози за подобрување изајакнување на системите односно моделите на супервизија нацелокупниот финансиски сектор.Во рамки на трудот e разгледана ианализирана актуелната состојба со поставеноста на регулаторнитеоргани во финансискиот сектор во Република Македонија,едновремено правејќи компарација со релевантните европски исветски искуства во предметната област. Имајќи го предвиднаведеното, повеќе од јасно е дека денес не се поставува прашањетоза неопходноста на супервизијата во финансискиот сектор, туку замоделот и квалитетот на истата, што се изразува пред се прекуефективноста и ефикасноста во нејзиното практикување.супервизија, финансиски сектор, регулаториAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractAnita Popovska, Marina TopaloskaInternational Conference on Business and Management organized by thethe Socıal Scıences Research Socıety (SoSReS). The conference was held inIzmir, Turkey, 15‐16 th of April, 2011;Globalization Of The It Industry: The Search For Competitiveness Drives TheCorporate Offshore Outsourcing In The It IndustryWhen it comes to offshore outsourcing, for more than two decades, thecorporate philosophy has been to "produce where it is cheapest and sell50

KeywordsJEL classificationwhere it fetches the best price" (Bajpai et al. 2004, p.6). However, althoughthe traditional determinants of the location decision for the corporateoffshore outsourcing in the Information Technology (IT) industry have notdisappeared over time, their influence has decreased. For example,nowadays the market size as one of the most important traditionaldeterminant for investing abroad has lower significance, while others, newdeterminants became more important. The differences in costs in variouslocations, quality of the IT infrastructure, business conditions, high‐skilledlabour force, the quality of experience and knowledge of the IT companieswhen investing abroad, the search for continued quality etc., are gaininggreater importance. Therefore, the competitiveness and the marketgrowth are more in‐line with the corporate philosophy of the modern ITcompanies, nowadays. This implies that investors’ motives continuouslychange and so markets too should seek new modes for attracting foreigninvestments. In this paper a conceptual framework has been developedusing the theoretical underpinnings of Dunning’s Eclectic Paradigm so as toprovide an additional understanding among scholars and practitionersabout what are the main drivers the corporate offshore outsourcing in theIT industry. The conclusion provides discussion and suggests that theDunning’s theory offers valuable insights for both academia and practice todevelop more comprehensive approach about the offshore outsourcinglocation decision in the IT industry.IT offshore outsourcing, location determinants, IT industry, etc.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractAdrijan Božinovski, Stanko Tonković, Velimir Išgum, Liljana BožinovskaAutomatikaRobot Control Using Anticipatory Brain PotentialsRecently, Biomedical Engineering showed advances in using brainpotentials for control of physical devices, and robots in particular. Thispaper is focused on controlling robots using anticipatory potentials. Anoscillatory expectation process generated in the CNV Flip‐Flop Paradigm isused to trigger a sequence of robot behaviors. Experimental illustration isgiven in which two robotic arms cooperatively solve the well knownproblem of Towers of Hanoi.Keywords EEG‐based control, Brain potentials taxonomy, Anticipatory brainpotentials, CNV Flip‐Flop Paradigm, two‐robot solution of Towers of Hanoipuzzle, adaptive interfaceJEL classificationAuthor(s)Journal of paperAdrijan Božinovski51

appearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationGlobal Forum: Shaping the Future 2010, The George WashingtonUniversity, Washington, DC, November 8‐9, 2010Brain‐Machine Interface ‐ A 21st Century Dynamic Technology:Anticipatory Brain Potentials And Robot ControlBrain‐Machine Interface is a technology that allows people to controldevices using only the bioelectrical signals from the brain. The challengehas been around since 1973, and the first experimental proof of thefeasibility of the technology was given in 1988. However, the realworldwide interest was shown in the 21st century. Currently, there areresearch laboratories and companies around the world offering researchand products in the area. The technology allows recognizing various statesof the human brain through brain signal processing. The applications so farincluded movement of the cursor, hands‐free typewriter, wheelchair(robot) movement, and robot arm (prosthesis) movement, among others.Here, an investigation is reported, in which Brain‐Machine Interface is usedbased on anticipatory brain potentials. The device controlled is a roboticarm.Brain potentials taxonomy, Brain‐robot interface, Anticipatory potentials,Controlling robotic armAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationAdrijan BožinovskiIN‐TECH 2011, 01.‐04.09.2011Linear‐Time Binary Tree Generation Algorithms for Arbitrary Input StringReproduction upon Depth‐First TraversalThe paper presents algorithms for generation of binary trees that containcharacters of an arbitrarily input string, which is then reproduced when thetree is traversed in one of the three depth‐first tree traversal techniques:preorder, inorder, and postorder. Three algorithms are given, eachgenerating a special binary tree that reproduces the arbitrarily input stringwhen traversed in a specific technique.binary tree generation, algorithm, arbitrary input string reproduction,binary tree traversal, preorder, inorder, postorderAuthor(s)Journal of paperappearanceConference of paperZivkaMeloska, IlijanaPetrovska, Blagojco AnakievInternational Scientific Conference, Development Trends In Economics52

appearanceTitle of the paperAbstractKeywordsJEL classificationAnd Management In Wood Processing And Furniture Manufacturing,Kozina, Slovenia, June 8 – 10, 2011Current Conditions And Strategies For Export Strategies Of Furniture InThe Republic Of MacedoniaThe own development is of a main importance for each country, as one ofthe main factors for companies’ strategic behavior in the global market.The furniture is a product of the wood modification and the furnitureproduction, having the highest participation in the global trade. Fromthese reasons we are going to analyze the current situation on thefurniture market in the Republic of Macedonia, its structure and futuretrends. Also analyzed will be the regional situation towards the furniture’simport and export trends. On the basis of these analyses we are going topropose main strategies for furniture market growth, improvement, andinvolvement in the global market.furniture market, export, import, growth strategiesAuthor(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsIlijanaPetrovska, MarjanBojadzievLCBR European Marketing Conference 2011 in Frankfurt am Main,Germany, July 7‐8, 2011To Stop Or To Pop With Marketing Communications During Crises, WhatModel Of Integrated Marketing Communications Is Most Effective DuringCrises?The purpose of this paper is to implement a research regarding themarketing communications of the financial institutions during the lastfinancial crises in the Republic of Macedonia. The Republic of Macedoniadidn’t suffered big financial implications in the financial industry, mainlybecause the investments in this sector are still underdeveloped and alsothe current financial actors are not active in the world financial markets.However the financial institutions’ marketing communications wasshowing changes in the world and in Macedonia, too.For this paper, we are going to use a quantitative online research,covering all present and active banks with marketing communications inthe Republic of Macedonia. This research should present what was theinfluence of the financial crises, if there were any changes in themarketing communications approach, in the selection of media andselection of promotional tools, and also the budget allocation of the banksin Macedonia.We expect to conclude what model of integrated marketingcommunications strategies was most effective during financial crises inMacedonia, in order to give guideline for a future turbulent situation.Banks’ marketing communications, Integrated MarketingCommunications, financial crises, message approach, promotions, media53

JEL classificationand budget allocation.Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationStevo PendarovskiFifth Annual International Conference on European Integration “Europeafter the Lisbon Treaty”, UACS, Skopje. May 2010Isolation and Multi‐Vector Foreign Policy in Contemporary Europe: the Self‐Imposed Dilemma of a Small Nation?For the countries on the continent the EU constitutes the most importantforeign ‐ policy context. Non‐military character of the organization andpolitical and economic stability as its soft power are highly attractive forthe small entities. Through the institutional integration they are able toavoid marginalization in the international affairs and in the same time topreserve their national identity. Once in small member‐countries are ablemore easily to exert influence beyond their borders then staying out andperforming individually.There is no dilemma that foreign policy of the Republic of Macedoniashould strive for a full‐fledged membership in the EU in order tocompensate for its substantial "traditional deficit" of power. However, inthe last two years some tendencies in the foreign policies of the countrydeviate from the traditional patterns of the so‐called double integrationagenda (EU, NATO).By using the comparative method in the article will be analyzed severalcases of the states which utilize multi‐vector foreign policy in politics,economy and energy. The ultimate aim of the paper is to expose structuralweaknesses of the concept of political neutrality in a globalized world andmulti‐vector foreign policy when applied by the countries with the size andcapacities as the Republic of Macedonia.Keywords: isolation, multi‐vector foreign policy, integration, small states,Europe54