<abstract xmlns="http://www.w3.org/1999/xhtml"> This paper aims to reassess and analyze the dynamic interactions between money, prices and economic activity in the case of the Republic of Macedonia. The first part of the paper simulates the property of the superneutrality of money, based on Sidrauski’s (1967) framework. The second part presents the money demand estimations on the monetary aggregate M2 for the period from 2002 to 2012, using the cointegration approach. Following Cziráky and Gillman (2006), we examine the validity of the Fisher equation in the case of Macedonia. The Fisher equation does not hold in the case of Macedonia, so the inflation rate must be included in the money demand specification. The estimated cointegration equation is in line with economic theory. The cointegration equation shows income elasticity less than unity (0,81), small and negative interest rate semi-elasticity (-0.17) and negative elasticity with respect to inflation. The short-run dynamics reveal that only 2,70% of the disequilibrium is corrected in a single quarter. The properties of stability imply that the M2 aggregate may serve as a proper policy indicator.</abstract>

Money-in-the-Utility-Function: Model Simulations and Money Demand Estimation in the Case of the Republic of Macedonia

<abstract xmlns="http://www.w3.org/1999/xhtml"> The study evaluated the sensitivity of the Value- at- Risk (VaR) and Expected Shortfalls (ES) with respect to portfolio allocation in emerging markets with an index portfolio of a developed market. This study utilised different models for VaR and ES techniques using various scenario-based models such as Covariance Methods, Historical Simulation and the GARCH (1, 1) for the predictive ability of these models in both relatively stable market conditions and extreme market conditions. The results showed that Expected Shortfall has less risk tolerance than VaR based on the same scenario-based market risk measures</abstract>

A Risk Metric Assessment of Scenario-Based Market Risk Measures for Volatility and Risk Estimation: Evidence from Emerging Markets

<abstract xmlns="http://www.w3.org/1999/xhtml"> This paper proposes a way of explaining the undeclared economy that represents participation in undeclared work as a violation of the social contract between the state and its citizens, and as arising when the informal institutions comprising the norms, values and beliefs of citizens (civic morality) do not align with the codified laws and regulations of a society’s formal institutions (state morality). Drawing upon evidence from 1,018 face-to-face interviews conducted in Bulgaria during 2013, the finding is that the greater is the asymmetry between formal and informal institutions (i.e., citizens’ civic morality and state morality), the greater is the likelihood of participation in the undeclared economy, and vice versa. The outcome is that tackling the undeclared economy requires a focus upon reducing this lack of alignment of formal and informal institutions. How this can be achieved in Bulgaria in particular and South-East Europe and beyond more generally, is then discussed.</abstract>

Professor of Public Policy Management School, University of Sheffield, UK

Marie Curie Research Fellow Management School, University of Sheffield, UK

Explaining the Undeclared Economy in Bulgaria: an Institutional Asymmetry Perspective

<abstract xmlns="http://www.w3.org/1999/xhtml"> With this paper the authors aim not only to investigate the lifestyle specifics of the Western Balkan market, but also to define common lifestyle segments for the entire region. The question addressed in this research is whether current political issues and economic differences have led to dissimilar ways of living, or whether cultural similarities have prevailed and lifestyles can be defined accordingly. Based on the research conducted using six underlying factors, three lifestyle clusters are identified. Analysis shows that there are three almost identical lifestyles for Bosnia and Herzegovina, Croatia, Serbia and Slovenia, and they are applicable to the entire region. These findings have significant managerial implications, as potential investors can apply identical marketing strategies to target the approximately 20 million consumers in the region.</abstract>

Regional Lifestyle Segmentation in the Western Balkans

<abstract xmlns="http://www.w3.org/1999/xhtml"> The purpose of this study is to examine the relationship between the administrator’s role (i.e., communication and delivery mode) in training programmes, trainees’ motivation, and training maintenance. Data were collected from 123 employees of various military health centres in Malaysia. The results of SmartPLS path model analysis revealed two important findings: firstly, communication and trainees’ motivation are positively and significantly related to training maintenance. Secondly, delivery mode and trainees’ motivation are positively and significantly related to training maintenance. As a whole, these findings posit that trainees’ motivation does act as an effective mediating variable in the relationship between the administrator’s role in training programmes and training maintenance in the studied organizations. Further discussions, implications and conclusion are presented in the succeeding sections.</abstract>

Faculty of Economics & Management Universiti Kebangsaan Malaysia

Faculty of Defence & Management Studies Universiti Pertahanan Nasional Malaysia.

Effects of Administrator’s Role in Training Programmes and Trainees’ Motivation on Training MaIntenance

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Volume 18 (2023): Issue 2 (December 2023)

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South East European Journal of Economics and Business

 The South East European Journal of Economics and Businessis a research oriented journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe, and their importance for global economic growth. Our goal is to establish an academic journal in the field of economics and business based on both regional and an international focuses, original articles, rigorous selection, continuous publication and talented authors. The journal does not have article processing charges (APCs) nor article submission charges. Why subscribe and read   High-quality research oriented Journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe;  Excellent articles authored by talented authors from all over the world with perspective on regional economies and business activities, reviewed by prominent reviewers.   Why submit   Fast, fair and constructive double-blind peer review;  Promotion of each published article.   Topics   Accounting and Finance  Banking and Insurance  Business Information Systems  CSR and Sustainability  Economics of Transition  Entrepreneurship  Financial Management  Growth and Development  Human Resources Management  Institutional Economics  International Economics and Business  Marketing Management  Organizational Behavior, Innovations and Competitiveness  Regional Economics and Integration  Strategic Management  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 