5 1 2023 2023-06-30 https://tefmj.ibupress.com/issue/volume-5-issue-1 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

generation-z-analysis-of-its-purchasing-and-payment-behavior 2023 5 The main purpose of this paper is to analyze the behavior of the young Generation Z in the purchase and payment process. Generation Z (Zoomers, Gen XD, iGeneration, Baby Bloomers) were born in the period between 1997-2012, or they are 11-26 years old in 2023. Why is this Generation a challenge for marketers today? This generation is becoming the largest diverse youth population, consisting of students and professional freelancers, with a readiness to enter the workforce, holding a large amount of spending power and equipped with technological knowledge. According to statistics, it constitutes 1/3 of the total world population or approximately 2 billion people. Although this generation does not earn a lot of money, it spends a lot and is called „Spenders of tomorrow“ that is very important for companies. It has totally different fundamental values from the previous generations, such as the Silent Generation (1928-1945), Baby Boomers (1946-1964), Generation X (1965-1980) and Generation Y- Millennials (1981-1996), as well as from the next generation Alpha (2013- ). In terms of technology, this is a generation that has known the Internet since childhood and is considered digital natives. Gen Z has its own features in the purchase and payment process that are very different from the patterns that have been recognized in the market so far. For this paper, extensive primary research was done, which included 107 representatives of Generation Z, mostly students. It is expected that the paper will confirm the stereotypical characteristics of this generation, but certain deviations will also be noted.

]]> GENERATIONS, MARKETING, GENERATION Z, PURCHASING BEHAVIOR, PAYMENT BEHAVIOR 2023-06-30 https://tefmj.ibupress.com/articles/generation-z-analysis-of-its-purchasing-and-payment-behavior 1 1-10 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/112/65.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

the-relationship-between-economic-complexity-and-economic-growth-a-panel-var-approach-for-oecd-countries 2023 5 Economic complexity presents a new perspective in describing and explaining the state of the economy of countries. It measures the complexity and status of a country's products and income levels. The higher the economic complexity index, the higher the rate of growth, the faster the development of countries and the more productive activities emerge. Based on these presuppositions, this study examines the relationship between economic complexity and economic growth for OECD countries using panel data analysis, namely a panel VAR model and a causality test. It covers the period of 2000-2021. Based on the obtained results the relationship between economic complexity and growth was found to be positive but statistically insignificant, whereas the causality test suggests a uni-directional causality, meaning that economic complexity does not cause economic growth, whereas economic growth causes economic complexity.

]]> ECONOMIC COMPLEXITY, ECONOMIC GROWTH, PANEL VAR, OECD 2023-06-30 https://tefmj.ibupress.com/articles/the-relationship-between-economic-complexity-and-economic-growth-a-panel-var-approach-for-oecd-countries 1 11-23 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/111/66.pdf / /

]]> Aliye Çokgezer International Balkan University – Skopje true Luljeta Sadiku International Balkan University – Skopje 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

exploring-the-role-of-the-imf-in-international-economics 2023 5 The International Monetary Fund (IMF) has been one of the key actors and at the same time one of the most controversial actors of International Economics since its establishment. There is no definitive answer to the effectiveness and even necessity of the IMF as an international economic organization when some nations see the IMF as a savior and others as the devil in disguise. In such a cloudy environment, it is important to understand how the Fund engages in arrangements, the difficulties of such engagements and to observe as well as rethink the approach of the Fund during times of crisis. To more accurately understand how the IMF and its policies developed into what it is today and why the IMF is an important actor in the development of international economic relations, it is necessary to delve into the foundations and institutional methodology of the Fund. The purpose of this paper is to analyze the approach utilized by the International Monetary Fund in its aim to mitigate crises and sustain a functional international economy, creating an understanding of the benefits and shortcomings of the Fund as well as its functionality. In the turbulent environment that the world finds itself in, following a pandemic, the role of the IMF will be crucial in determining the future of international economics. Therefore, the role of this paper is to shed light on the functionality of the IMF and provide a clear picture of the instruments and approaches the Fund may use in the following months and years. The data and studies which have been utilized for this paper have been collected from international organizations as well as academic research, reviews, and reports, as stated in the references section of this paper.

]]> FREE-MARKET, LIBERAL ECONOMICS, GLOBALIZATION, FINANCIAL CRISIS 2023-06-30 https://tefmj.ibupress.com/articles/exploring-the-role-of-the-imf-in-international-economics 1 24-30 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/110/67.pdf / /

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

customer-satisfaction-with-the-electronic-payment-system-case-study-on-macedonian-customers 2023 5 Electronic payments have become more popular thanks to the growth of the Internet, which has become the foundation of electronic payment systems. The financial sector has started to use electronic networks for trading since the 1970s. In 2021, according to the World Bank, two-thirds of the adult population globally make electronic payments, 95% in developed economies, and 57% in developing economies. With the ongoing worldwide digitalization (Internet) process, especially after the Covid-19 pandemic, electronic payment becomes a very important component of every economy, especially as a payment method for companies and households. Digitalization is also rising in North Macedonia, so a large percentage of adults are using electronic payment systems for conducting daily transactions. This paper aims to explore electronic payments, as they are recognized as crucial elements in financial technology. Three main factors will be examined to achieve the goal: customer satisfaction, benefits, and drawbacks of electronic payment. Furthermore, part of the research is also the findings about Macedonian customer satisfaction toward epayment, their perceived drawbacks, benefits, and electronic payment methods such as: payment cards, internet/online payments, mobile payments, electronic wallets, and cash. The data are gathered by using the self-administrated questionnaire method and analyzed using comparative and descriptive analysis. The questionnaire contains closeended questions relating to the objectives of the study. Based on obtained results of the research, it can be concluded that the new electronic payment methods offered to Macedonian customers are still in the process of development. It may take time for citizens to accept digital payments. Their acquaintance with electronic payment systems is still at a low level.

]]> ELECTRONIC PAYMENT, CUSTOMER SATISFACTION, PAYMENT CARDS, ELECTRONIC CASH 2023-06-30 https://tefmj.ibupress.com/articles/customer-satisfaction-with-the-electronic-payment-system-case-study-on-macedonian-customers 1 31-42 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/109/68.pdf / /

]]> Elena Parnardzieva Stanoevska International Balkan University – Skopje true Amra Saliyovska International Balkan University – Skopje 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

unveiling-the-ethical-business-landscape-in-north-macedonia-exploring-managerial-approaches-for-nurturing-a-culture-of-business-ethics-in-contemporary-organizations 2023 5 According to research in business ethics, one's ethical behavior can vary depending on the individual. However, the idea behind the research paper is based upon the fact that the manager’s ethical behavior in business and organizations in general will be reflected to subordinates, thus, the application and attitude of managers towards ethics in the management decision making processes is of great significance and directs the entire organization towards ethical business environment. Additionally, emphasis is placed on the attitudes regarding ethical issues of managers within the companies in Republic of North Macedonia. Businesses in various countries and regions rely largely on business ethics to survive. If a company wants to be perceived as a reliable business partner, it should put some or all of this concept into action. With these considerations in mind, the goal of this study is to characterize the breadth and application of business ethics in North Macedonia, specifically how much managers in enterprises active in the aforementioned areas were among the research subjects. The study found that, to varying degrees, organizations in the investigated sectors use business ethics in their operations. Most importantly, our research indicated that corporate ethics is regarded as a vital factor influencing the success and profitability of modern firms, and that this role is likely to expand in the coming years.

]]> BUSINESS ETHICS, DECISION MAKING, MANAGEMENT, NORTH MACEDONIA 2023-06-30 https://tefmj.ibupress.com/articles/unveiling-the-ethical-business-landscape-in-north-macedonia-exploring-managerial-approaches-for-nurturing-a-culture-of-business-ethics-in-contemporary-organizations 1 43-54 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/108/69.pdf / /

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

the-relationship-between-trade-openness-and-income-inequality-in-western-balkan-countries 2023 5 The Western Balkan countries have small, open economies, and in order to achieve economic growth, they focus on increasing trade with other countries, thus making their economic growth dependent on external demand. While focusing on this, the Western Balkan countries face another arising issue which is the income inequality. While their level of trade openness continues to increase, they still have a moderate level of income inequality, measured by Gini coefficient. Additionally, in most developing countries there is still not done much research regarding the relationship and effects of trade openness on income inequality. Therefore, the aim of this research paper is to determine and analyze the relationship between trade openness and income inequality for the time spin 2000-2019. To conduct the analysis of the relationship between income inequality and trade openness, several panel techniques will be used such as: OLS, Fixed and Random effects, Hausman Taylor test and the investigation of one set hypothesis. According to the analysis of this paper there is a significant positive relationship between these two variables, thus it means that the hypothesis set does not hold, as the level of Trade openness increases, the income inequality, increases as well in the Western Balkans. The findings give a contribution for the literature regarding the effects of trade openness and income inequality in developing countries, but yet there is possibility for further research.

]]> WESTERN BALKAN COUNTRIES, INCOME INEQUALITY, TRADE OPENNESS 2023-06-30 https://tefmj.ibupress.com/articles/the-relationship-between-trade-openness-and-income-inequality-in-western-balkan-countries 1 55-62 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/107/70.pdf / /

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