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  • Author: Martin Noveski x
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Macroeconomic effects of the budget deficit in the Republic of Macedonia

Abstract

Although a decade has passed since the global financial and economic crisis of 2008, the expansionary fiscal policy in Macedonia can still be felt, primarily through an increased level of public expenditures aimed at stimulation of the economic growth. From 2008 onwards, the Republic of Macedonia has continuously recorded a negative budget balance, which affects the resources allocation and the overall economic situation. The question that arises is whether such interference by the Government in the functioning of the market economy is necessary, especially having in mind the EU regulation in this area. Using a multiple regression model for the period 1996-2015, this paper examines the impact of the budget deficit on Gross Domestic Product (GDP) per capita in Macedonia. Results show that the budget deficit is not a statistically significant determinant of GDP per capita, supporting thus the Ricardian equivalence theory. The analysis is conducted on the basis of statistical data from the World Bank’s database, as well as data from the National Bank of the Republic of Macedonia. Household final consumption expenditure, the unemployment rate and the official exchange rate of the Macedonian Denar against the U.S. Dollar are also taken into consideration as controlling variables. GDP per capita and household final consumption expenditures are in current prices, with natural logarithms applied, whereas the other variables are in nominal terms. The purpose of this paper is to provide an insight into the empirical relationship between the two main variables of interest and to initiate further discussion and analysis.

Open access
Moleculary Confirmed, Cytogenetic Remission in a Case with Myelodysplastic Syndrome Treated with Azacitidne

Abstract

Myelodysplastic syndrome (MDS) is a diverse group of clonal hematologic neoplasms. The only curative treatment for MDS is allogeneic stem cell transplantation (SCT). Epigenetic changes play an important role in the pathogenesis of MDS and treatment with DNA methyl transferase inhibitors, Azacitidine, significantly prolong the survival of high-risk MDS patients. Here we report a case of a 58-year-old male presented with pancytopenia, macrocytosis, and hyperplastic bone marrow with 3-lineage dysplasia with ~14% of myeloid blasts. Cytogenetic studies with G banding showed normal karyotype. Multiplex ligation-dependent probe amplification (MLPA) screening for most predictive cytogenetic abnormalities of MDS showed loss of the Y chromosome. Those findings later were confirmed with Quantitative Fluorescent (QF)-PCR and specific MLPA for Y chromosome, showing loss of the Y chromosome in >80% of cells. He was diagnosed with MDS-RAEB2 according to 2008 WHO classification and stratified into high risk group (IPSS score 5). Unrelated allogeneic SCT was planed and bridging treatment with Azacitidine at a dose of 75mg/m2/daily subcutaneously for 7 days every 28 days was initiated. Hematologic improvements, according to the International Working Group 2006 criteria, were observed after 4 cycles of Azacitidine treatment. After 6 cycles, complete hematological remission was achieved. Interestingly, molecular analysis performed after the 8th cycle showed normal presence of Y chromosome indicating a cytogenetic remission, molecularly confirmed. Maintenance treatment with Azacitidine was assigned, and the scheduled SCT was postponed. Experience from our case showed that the loss of the Y chromosome was related to the disease onset, and indicated that Azacitidine might be consider as effective treatment for MDS cases associated with good cytogenetic

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