5 2 2023 2023-12-30 https://tefmj.ibupress.com/issue/volume-5-issue-2 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

financial-services-in-the-metaverse 2023 5 Metaverse is a virtual world where people can meet, play, work, invest, and buy various products, such as houses, artwork, clothes, jewelry etc. In this virtual world, people interact with each other by using avatars, with their “magic” glasses. Metaverse combines artificial intelligence, augmented and extended reality, the Internet of Things, blockchain technology, edge computing etc. Gaming industries were the first ones that used the 3D space, followed by luxury brands (Nike, Gucci, Coca-Cola, Louis Vuitton), educational institutions, hotel chains (Hilton), IT companies (Facebook Horizon, Microsoft), banks (JP Morgan, HSBC) and others. Financial services are increasingly present in this virtual world. The purpose of this paper is to give an overview of the current situation regarding the use of the Metaverse, its advantages and disadvantages, as well as presenting future scenarios for the further development of this virtual world, especially for financial institutions.

]]> Metaverse, financial institutions, financial services, 3D space, virtual reality 2023-12-30 https://tefmj.ibupress.com/articles/financial-services-in-the-metaverse 2 1-12 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/106/71.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

marketing-strategies-within-the-post-pandemic-scenario 2023 5 The global economy, as the leading foundation of developing markets, faced a series of complex challenges that pushed the boundaries of normal business interaction. One of the major tectonic shifts was caused by the emergence of the Covid 19 which expressly changed the course of companies’ long-term policies. End consumers, as a driving force of companies’ profitability, are mostly affected primarily by the price variations that are a consequence of the inadequate relationship between supply and demand. This relationship has gained an even more serious context now that the economy has finally entered the post pandemic phase. These implications are noticeable in the pricing structure of products, which are not always welcomed by the average consumer which tend to flee when prices rise and value falls. How companies can remain relevant, yet competitive, is important in times of global pandemics. But what is pivotal is how to maintain companies’ profitability by retaining existing consumers. The main objective of this paper is to present marketing strategies designed to help companies successfully overcome the challenges by reframing the new era of post pandemic economics. The first part of the research elaborates on the role of marketing during and after Covid – 19 pandemic and its implication on the economy. The second part discusses regarding the particular type of marketing strategies and its relevance in the post – pandemic scenario. The study concludes that in a post pandemic scenario, marketing strategies take a different shape due to changes in consumer behavior, indicating that the need for new approach is vital in order to successfully meet consumer needs.

]]> Marketing, Strategy, Consumer, Covid-19 2023-12-30 https://tefmj.ibupress.com/articles/marketing-strategies-within-the-post-pandemic-scenario 2 13-21 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/105/72.pdf / /

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

individual-management-of-the-financial-resources-the-case-of-north-macedonia 2023 5 People behave financially in a different manner. Some people like to behave as risk lovers and to “live for today” by spending money today rather than saving or investing it. Others are risk averse. Save or invest in financial assets and think more about the future. With the ongoing process of worldwide digitalization (continued development of peer-to-peer technologies: cryptocurrency, and non-fungible tokens (NFTs)) new financial services and payment methods are available and offered to companies and households. The world is becoming a more complex place to live, offering a lot of different financial opportunities. Decisions that people make regarding their money ultimately affect their financial well-being, as well as the well-being of the whole society. Therefore, it is crucial to assess the financial literacy of the people consisting of financial behavior, financial attitude, and financial knowledge. The study analyzes the financial behavior of individuals in North Macedonia through five financial behavior concepts. It examines people’s financial behavior and finds out whether gender, age, occupation, and monthly income have an impact on different financial behavior. Both secondary and primary data are used. The primary data are gathered through a self-administered questionnaire method, consisting of closed-ended questions and JASP (a statistical software). The findings ascertain that in general, respondents exhibited lower-than-average financial behavior. Results show differences in terms of gender, age, occupation, and monthly income.

]]> financial literacy, financial behavior, households, income 2023-12-30 https://tefmj.ibupress.com/articles/individual-management-of-the-financial-resources-the-case-of-north-macedonia 2 22-36 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/104/73.pdf / /

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

the-interconnectedness-of-net-primary-income-and-net-current-transfers-in-north-macedonia-s-foreign-economic-relations 2023 5 This study explores how North Macedonia's economy is impacted by net primary income and net current transfers, with an emphasis on how these factors affect the country's balance of payments. Regression analysis is used to examine data from 1996 to 2022, and the results show that net primary income and net current transfers have a significant negative association. The findings indicate that there appears to be a trend for net current transfers to decline in tandem with the rise in North Macedonia's net primary income, which suggests the existence of a compensatory financial mechanism. The study clarifies the dynamics of North Macedonia's foreign economic exchanges and emphasizes the need to manage remittances effectively and diversify sources of revenue. Additionally, this study offers important insights into how developing economies, like North Macedonia, manage their international economic ties and makes policy recommendations meant to strengthen stability and resilience in the economy.

]]> North Macedonia, net primary income, net current transfers, foreign economic relations, Balance of Payments 2023-12-30 https://tefmj.ibupress.com/articles/the-interconnectedness-of-net-primary-income-and-net-current-transfers-in-north-macedonia-s-foreign-economic-relations 2 37-43 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/103/74.pdf / /

]]> Kristina Velichkovska International Balkan University true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

investigating-the-relationship-between-renewable-energy-carbon-emissions-and-green-gdp-case-of-north-macedonia 2023 5 Energy production, distribution, and consumption, while necessary for economies to keep running, unfortunately, put pressure on the environment. The pressures differ, depending on how energy is produced and consumed, but this poses a big challenge in achieving sustainable development goals and sustainable economic development since most of the patterns of energy supply and use are unsustainable. Energy-related environmental pressures, such as air pollution and global warming mainly depend on the energy sources and quantity of energy used. Approaches to reduce energy-related environmental challenges include using less energy, lowering the demand for energy-related activities, using energy more efficiently, or switching to renewable energy sources. North Macedonia even though it primarily relies on non-renewable energy sources, during the analyzed period has made slight improvements to increase its renewable energy sources. This paper analyzes the relationship between three indicators (Renewable energy supply as % of total supply, annual CO2 emissions, and green GDP) using correlation and regression models. The results confirm that there is a moderate negative relationship between renewable energy sources and annual CO2 emissions and a very strong negative relationship between annual CO2 emissions and green GDP. Given that North Macedonia increases its renewable energy supply by 1% (with respect to its total energy supply), the annual carbon emissions would fall by 0.4 million tons, which in turn would positively impact green GDP.

]]> emissions, energy, renewable, green GDP 2023-12-30 https://tefmj.ibupress.com/articles/investigating-the-relationship-between-renewable-energy-carbon-emissions-and-green-gdp-case-of-north-macedonia 2 44-52 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/102/75.pdf / /

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

the-relationship-between-workaholism-and-workfamily-conflict 2023 5 The aim of the study is to determine the relationship between workaholism and work-family conflict. Previous studies concluded the possible relationship between workaholism and work-family conflict, in which workaholics experience higher conflict in their personal lives. The study was conducted among the workers in the Republic of North Macedonia. 80 workers from different sectors participated in the survey. 42 of them were male and 38 were female. Participants were mostly between 18-25 years old (with the total number of 41). 10 of the participants were between 26-35 years old while 16 of the total participants were between 36-45 years old. Only 13 of the participants were 45 years old or above. In the survey, Multidimensional Workaholism Scale (MWS) and Work and Family Conflict Scale (WAFCS) was used. According to the results, there is a positive and significant relationship between workaholism and work to family conflict. Also, according to the results there is a positive and significant relationship between workaholism and family to work conflict. However, while workaholism and work to family is strongly correlated, workaholism and family to work conflict is moderately correlated.

]]> workaholism, work-family conflict, MWS, WAFCS 2023-12-30 https://tefmj.ibupress.com/articles/the-relationship-between-workaholism-and-workfamily-conflict 2 53-59 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/101/76.pdf / /

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

the-contribution-of-households-in-implementing-circular-economy-case-of-north-macedonia 2023 5 Taking into consideration the rising level of waste, and the improper management of the scarce resources in the economy, there is a need for a system that will maximize the usage of these resources and minimize waste. The so-called circular economy tends to repair, reuse, recycle and repurpose products to achieve economic development and to increase the efficiency of products used. North Macedonia is actively involved in the process of implementing a circular economy, so that using resources will be as efficient as possible. Although several initiatives and programs are being used nationally, it is considered that the most important contribution comes from the smallest units such as the consumers and households, therefore a large contribution is expected through small daily choices of consumers to achieve the best results. There is also a gap in literature regarding the behavior of households for implementing circular economy. Considering that the purchasing decisions, the lifespan of the usage of products and their transfer into wasted resources come primarily from households, this paper focuses on gathering information from a questionnaire delivered to households located in North Macedonia to give a conclusion on how informed they are and what is their contribution for moving towards a circular economy. According to the results there are still changes necessary to be made in the daily practices of households, mostly in the possibility of using solar panels, and the practice of purchasing second-hand clothing and appliances to reduce waste. Therefore, this paper gives contribution to a more comprehensive approach to circular economy and to serve as a way of informing households and policymakers regarding the focus points that need to be addressed more to achieve the implementation of circular economy and the benefits that come with it.

]]> Circular economy, households practices, efficiency of resources, recycling, biodegradable 2023-12-30 https://tefmj.ibupress.com/articles/the-contribution-of-households-in-implementing-circular-economy-case-of-north-macedonia 2 60-68 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/100/77.pdf / /

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

the-budgeting-process-in-the-republic-of-north-macedonia-during-covid-19-pandemic 2023 5 The budget is the most important part in the economy of a country, where through the process of preparation of budget proposal, budget control, budget approval and budget execution, the public can have clear overview of how the state budget is approved in line with the requirements and priority needs of the society. As the budget of any country worldwide was burdened with specific expenditures during the COVID-19 pandemic period, the aim of this paper is to address the budget process in North Macedonia, during the period of COVID-19 pandemic, capturing the years of 2019, 2020, 2021, making comparisons between years, and see how the budget has progressed during the observed crisis period. In this regard, the purpose of this paper is to understand more clearly the budgeting process in North Macedonia through research, analysis and comparison. The topic of the research is treated from the theoretical aspect by using the normative method and analytical method, graphic images and comparisons between budgeting data between years of 2019, 2020, 2021. The study concludes that budgeting as a tool of state responsibility, a management tool and an instrument of economic policy, throughout fiscal policy framework, has three main functions: shows the direction of the economy and expresses the intention for the use of economic resources, serves as a tool for reducing inequalities and as a tool for achieving and maintaining the sustainability of macroeconomic stability.

]]> Budgeting process, planning, North Macedonia 2023-12-30 https://tefmj.ibupress.com/articles/the-budgeting-process-in-the-republic-of-north-macedonia-during-covid-19-pandemic 2 69-76 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/99/78.pdf / /

]]> Violeta Madzova International Balkan University true Bardhyl Dauti University of Tetovo Kristina Velichkovska International Balkan University 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

analyzing-the-economic-determinants-on-employers-dynamics-evidence-from-the-western-balkans 2023 5 This research paper analyzes the economic indicators that influence the employers’ dynamics based on the evidence from the Western Balkans countries, i.e., investigates the determinants of employment structure in the Western Balkans, particularly focusing on how these factors shape the self-employment jobs. Employing a panel regression analysis based on pooled OLS and Least Square Dummy Variable (LSDV) models, the study analyzes the impact of various economic factors like economic growth, wages, inflation rates, and other labor market variables on employers’ composition. The research intends to identify the potential determinants and assess their variations across countries in the region. The results indicate that unemployment rate and wages are significant determinants on self-employment jobs. The study contributes to understanding employer’s (self– employment jobs) determinants at a critical juncture in the Western Balkans' economic development.

]]> Employers, self-employment jobs, labor market, wages, inflation rate, Western Balkan Economies 2023-12-30 https://tefmj.ibupress.com/articles/analyzing-the-economic-determinants-on-employers-dynamics-evidence-from-the-western-balkans 2 77-83 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/98/79.pdf / /

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