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

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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
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