4 2 2022 2022-12-30 https://tefmj.ibupress.com/issue/volume-4-issue-2 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

implementing-destination-management-organization-dmo-model-for-effective-promotion-of-rural-tourism-development-case-of-shar-mountain-north-macedonia 2022 4 The growth of rural tourism in North Macedonia is highly promising. Foreign visitors to the country are drawn in by the country's unusual cultural diversity and extremely rich local traditions from the past. For its natural beauty and tourist attractions, Shar Mountain is well-known. Since the majority of Shar Mountain was designated a national park last year (2021), a very different strategy for developing tourism is now required than in the past. The necessity for sustainable development in this area is implied by the need for environmental conservation on the one hand and the growth of tourism on the other. This study suggests a DMO model that can be used for the first time in this region in the context of the consolidation of various actors and the growth of rural tourism based on the current conditions. The primary stakeholders' ability to coordinate their efforts will determine how well this model is put into practice.

]]> RURAL TOURISM, DMO, PROMOTION, SHAR MOUNTAIN 2022-12-30 https://tefmj.ibupress.com/articles/implementing-destination-management-organization-dmo-model-for-effective-promotion-of-rural-tourism-development-case-of-shar-mountain-north-macedonia 2 1-7 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/121/56.pdf / /

]]> Nehat Ramadani University of Tetovo true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

empirical-analysis-of-determinants-of-money-demand-function-in-north-macedonia 2022 4 Money demand function exerts a central role in macroeconomic policy of countries. Therefore, the purpose of this research paper is to examine how money demand responds to changes in income, interest rate, inflation and exchange rate for the case of North Macedonia using the quarterly data for the period 1998-2021. The research methodology consists of cointegration analysis that is performed to investigate the long run relationship between variables. Also, a Vector Error Correction model (VECM) was used to analyze both the long run and short run response of money demand to changes in its potential determinants. The real money balance was modelled as dependent variable on real GDP, interest rate, inflation, and exchange rate. Based on the cointegration results there exists a long run relationship between used variables. The long run empirical results disclose that the real GDP is positively related to money demand, whereas interest rate, inflation and exchange rate are negatively related. The short run results indicate that the exchange rate is not a significant determinant, whereas real GDP, and inflation are the most influencing factors. The empirical results also show that money demand in North Macedonia is unstable. This result implies that the country should implement prudent monetary policy to deal with the ambiguity of money demand.

]]> MONEY DEMAND, INCOME, INTEREST RATE, COINTEGRATION ANALYSIS, VECM 2022-12-30 https://tefmj.ibupress.com/articles/empirical-analysis-of-determinants-of-money-demand-function-in-north-macedonia 2 8-18 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/120/57.pdf / /

]]> Luljeta Sadiku International Balkan University – Skopje true Violeta Madzova International Balkan University Murat Sadiku South East European University 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

generation-gap-in-the-purchase-and-payment-process 2022 4 Companies can hardly produce a single product that will satisfy the needs and wants of all consumers. In the marketing literature, but also in practice, marketers advise the companies to use the so-called STP strategy, i.e. a Strategy of segmentation, targeting and positioning. This means that companies need to divide the market in smaller pieces and find the most profitable one(s) for them. Companies that offer their products to profitable targeted segments achieve bigger sales and higher profits. The segmentation (division) of the market into profitable targeted parts is carried out on the basis of several criteria, among which the demographic criteria are the most used. Generations fall into demographic criteria for market segmentation. A generation refers to a group of people who were born and live at about a same time. Generations, as consumers, are internally homogeneous entities and heterogeneous in relation to other generations. The purpose of this paper is to research the degree of heterogeneity between generations in the processes of purchasing and payment for shopping products. Although stereotypy shouldn‘t be exempted, the paper will show that there are certain same or similar behavior patterns of the generations in the purchase and payment processes. For the research secondary and primary data were collected. Primary data is obtained from a survey conducted in November 2022. The results claim that there are certain similar behavioral characteristics of the generations as consumers.

]]> PROCESS OF PURCHASE, PAYMENT PROCESS, GENERATION, CONSUMER BEHAVIOR, DEMOGRAPHIC CRITERIA 2022-12-30 https://tefmj.ibupress.com/articles/generation-gap-in-the-purchase-and-payment-process 2 19-28 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/119/58.pdf / /

]]> Savica Dimitrieska International Balkan University – Skopje true Elena Parnardzieva Stanoevska International Balkan University – Skopje Andrijana B. Danevska International Balkan University – Skopje 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

evaluation-of-the-technology-levels-of-southeast-european-cooperation-process-seecp-countries 2022 4 The Southeast European Cooperation Process (SEECP) is the only cooperation platform in its region. SEECP Process was established to provide an environment of peace, mutual trust and stability, establish good neighborly relations and establish environmental cooperation. The mentioned cooperation process has thirteen members. SEECP is the only cooperation platform that takes its base from Southeast Europe. In this study, by means of the important parameters such as innovation, patents, utility models, trademarks, industrial designs, population, economic indicatiors, the technology levels of the SEECP countries which are Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Montenegro, Kosovo, Northern Macedonia, Moldova, Romania, Serbia, Slovenia, Turkey and Greece evaluated. For this purpose, SWOT and PESTLE analyzes were used. SWOT analysis has been handled as a useful technique to help understand the strengths and weaknesses of the countries in the region, which are discussed while examining the technology levels of the Southeastern Europe Cooperation Process (SEECP) countries, to recognize opportunities and to see possible threats. PESTEL analysis, on the other hand, was used to establish a framework by using political, economic, social, technological, environmental and legal factors in order to determine the important issues that affect the countries' technology levels. According to the findings about the SEECP countries, it is concluded that Slovenia, Greece, Croatia, Romania and Turkey have moderate, while Albania and Kosovo have quite lower technological levels.

]]> SEECP, technology, R&D, innovation, SWOT Analysis, PESTLE Analysis 2022-12-30 https://tefmj.ibupress.com/articles/evaluation-of-the-technology-levels-of-southeast-european-cooperation-process-seecp-countries 2 29-46 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/118/59.pdf / /

]]> Gafur Zharku true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

development-of-investments-in-the-sustainable-financial-products-case-of-north-macedonia 2022 4 Sustainable finance and investing are broad concepts that have been started to be used recently and are an important component that will enable the shift of the countries towards more sustainable development. In particular, they intend to shift the finance towards projects and investments which intend to solve particular environmental and social issues. This research uncovered important information regarding the willingness of investors in North Macedonia to consider environmental/social factors in their investment decisions, and the readiness to invest in sustainable financial products in the future when they become available in the country. The results show that 87.5% of the investors care about the negative impacts that their investment might have on the environment or society. Moreover, they consider as important to take these factors into consideration, however, their main concerns with investing in sustainable products are the lack of global standardization of defining the green projects and unclear use of proceeds. Most investors, 95% have declared that they would be interested to invest in financial products which would pursue some environmental, and social goals, while at the same time achieving positive returns. Data shows that even though currently in North Macedonia there are not many options for sustainable financial products, there is a high level of interest from the side of the investors who want to contribute towards solving environmental and social issues through their investments.

]]> SUSTAINABLE FINANCE, SUSTAINABLE INVESTMENTS, DEVELOPMENT, ENVIRONMENT, SOCIAL FACTORS 2022-12-30 https://tefmj.ibupress.com/articles/development-of-investments-in-the-sustainable-financial-products-case-of-north-macedonia 2 47-55 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/117/60.pdf / /

]]> Diellza Bilalli International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-impact-of-social-transfers-on-inequality-gini-human-development-index-hdi-and-poverty-case-of-north-macedonia 2022 4 Based on the HDI, Poverty, Risk of Poverty, Inequality, and other important life-being and well-being indicators, North Macedonia has made significant and solid progress. However, much more is needed, and a lot of work to be done. The study of poverty elements and other related markers in this research paper such as GINI, Poverty, and HDI, it is assumed that are interlinked to the social transfers, however not with singular limitations to the above. Data from the year 2013 to the year 2018, claims that about one in five people in North Macedonia is living in poverty, also, one out of three children is living in poverty. At the very edge of poverty are the most vulnerable segments of the population, the unemployed, with risk of circa 42% of poverty. Also of great concern is the household poverty rate in general, consisting of almost 20% of parents with two children at risk of poverty. These indicators alone are of great concern, and pretty much very far from the EU median and parameters. Given this situation, North Macedonia has lots of work to do. (Ramadani-Mehmedi, 2022) Social transfers are a methodology or a process of financial support, or goods transfers from a group of people, also institutions, and organizations to recipients who are benefiting from these goods. The purpose of this study is to measure the impact of social transfers on the increased rations of HDI, decrease in inequality, and reduction of the poverty rate in North Macedonia. This paper by using the OLS methodology will study the impact of social transfers on HDI, GINI, and poverty rate in North Macedonia from 2008-2019. Secondary data about GINI Index is taken from the World Bank World Development Indicators data series, along with the Poverty rate and HDI from Countyeconomy. The results of the time series regression OLS technique suggest a positive and significant relationship between social transfers and HDI, and inverse relation between social transfers and GINI, and social transfers and poverty in North Macedonia.

]]> GINI, HDI, POVERTY, SOCIAL TRANSFERS, SOCIAL EXPENDITURE 2022-12-30 https://tefmj.ibupress.com/articles/the-impact-of-social-transfers-on-inequality-gini-human-development-index-hdi-and-poverty-case-of-north-macedonia 2 56-64 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/116/61.pdf / /

]]> Besa Ramadani Mehmedi University of Tetova true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

effectiveness-of-the-public-debt-management-in-republic-of-north-macedonia-critical-analysis 2022 4 The purpose of this research paper is to analyze the macroeconomic factors of public debt of the Republic of the North Macedonia and the strategy of managing the public debt. This paper tries to predict the debt forming and its’ servicing by taking into consideration the influence of the economic system, the capital investments, and the international cooperation of the country. One of the main reasons for the increase in public debt is an imbalance between government revenue and expenditure. When government expenditure exceeds its revenue, it may resort to borrowing to finance the shortfall, leading to an increase in public debt. This article, focusing on North Macedonia, provides a critical analysis of the country's borrowing tendencies and the assessment of key indicators to gain insights into the effectiveness of its public debt management. The analysis of the critical indicators of public debt, such as the debt-to-GDP ratio, the interest payment to revenue ratio, and the maturity structure of the debt portfolio, can provide valuable insights into a country's ability to service its debt obligations. The data used for this analysis is drawn from secondary sources such as the financial institutions of the Republic of North Macedonia and the World Bank. This information is used to provide a comprehensive understanding of the current state of public debt in North Macedonia and to develop strategic recommendations for its management.

]]> PUBLIC DEBT, DEBT MANAGEMENT, GDP, DEFICIT, STATE POLICY AND REGULATION 2022-12-30 https://tefmj.ibupress.com/articles/effectiveness-of-the-public-debt-management-in-republic-of-north-macedonia-critical-analysis 2 65-74 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/115/62.pdf / /

]]> Abil Baush true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

impact-of-public-debt-on-economic-growth-for-the-case-of-albania 2022 4 The purpose of this study is to investigate the long- and short-run impact of public debt as well as government expenditures on economic growth in Albania, using annual time series data, covering the period 1993–2021. To accomplish this task is used the Vector Error Correction Method (VECM). The results of the study reveal that between public debt and economic growth exists an inverse long-run relationship. In the long run, public debt has a negative impact on GDP growth, whereas government expenditures positively affect the economic growth. Regarding the short run results there exists a positive relationship between public debt and economic growth. The evidence of this paper will contribute to the existing literature regarding the relationship between these variables and can help policymakers to undertake sound policy measures.

]]> PUBLIC DEBT, GDP GROWTH, VECTOR ERROR-CORRECTION MODEL (VECM) 2022-12-30 https://tefmj.ibupress.com/articles/impact-of-public-debt-on-economic-growth-for-the-case-of-albania 2 75-88 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/114/63.pdf / /

]]> Oltjon Bejaj Luarasi University, Tirana, Albania true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

impact-of-corporate-income-tax-and-non-tax-variables-on-foreign-direct-investment-the-republic-of-albania 2022 4 The effects of corporate income tax and non-tax variables on foreign direct investment (FDI) in Albania for the period from 1992 to 2020 are addressed in this study. For the aim of this study, non-tax variables are inflation rate and Foreign trade. Secondary data were sourced from the Albanian Ministry of Finance and Economy, a database of Albanian Bank and World Bank Development indicators. As was expected between corporate income tax and foreign direct investment, based on the results of the ARDL model exists a significant and negative relationship in long term. Moreover, the relationship between Inflation, trade, and FDI as independent variables results to be positive and insignificant in long term, not like was expected. Fstatistic (12.298) value, greater than upper bound critical values of I(0) and I(1) confirm the presence of cointegration and allows in this way (ECM) model for analyzing data. The effect of the dependent variables of this study explains 96.62 percent of the changes in FDI, this refers to the coefficient of determination (R2). Every year, 238% of short-term changes in FDI are corrected referred to as adjustment speed. A longterm stable relationship can be achieved based on the error correction term (ECM) which is significant at 1% and negative. Like on long run results based Error Correction Model, there is a negative and significant long-run relationship between corporate income tax and foreign direct investment was expected. On the other hand, the long-run relationship between Inflation, trade, and FDI as independent variables results be positive and insignificant, not like was expected. Diagnostic tests have proved that the model does not suffer from autocorrelation or heteroskedasticity and is well-specified.

]]> CORPORATE INCOME TAXES, FOREIGN DIRECT INVESTMENTS, INFLATION RATE, FOREIGN TRADE 2022-12-30 https://tefmj.ibupress.com/articles/impact-of-corporate-income-tax-and-non-tax-variables-on-foreign-direct-investment-the-republic-of-albania 2 89-104 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/113/64.pdf / /

]]> Anila Bejaj Faculty of Economy, University of Tirana, Albania true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com