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How to measure the unmeasurable: Project Grey developing capacities and capabilities for tackling undeclared work

References 1. Andrews, D., Caldera Sanchez, A., Johansson, A. (2011). Towards a Better Understanding of the Informal Economy. OECD Economics Department Working Paper , No. 873, pp. 1-45. 2. Bajada, C. (2002). Australia’s Cash Economy: A Troubling Issue for Police-makers . Ashgate, Aldershot. 3. Buttler, G. (1984). Schattenwirtschaft - Grenzen der Erfassbarkeit, Schattenwirtschaft: Grenzen d. Erfassbarkeit. Beiträge zur Wirtschafts- und Sozialpolitik 120/121 , Deutscher Institut - Verlag, Köln. 4. Calzaroni, M. (2000). The

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Handling heteroskedasticity in labour demand functions of athletes

Economics of Sport , Andreff, W., Szymanski, S. (Eds.) Edward Elgar Publ., Cheltenham, pp. 153-167. 9. Rosen, H. S., Quandt, R. E. (1978). Estimation of a Disequilibrium Aggregate Labor Market. The Review of Economics and Statistics , Vol. 60, No. 4, pp. 371-379. 10. Rosen, H. S., Sanderson, A. (2001). Labour Markets in Professional Sports. The Economic Journal , Vol. 111, No. 469, pp. 47-68. 11. Rottenberg, S. (1956). The Baseball Players’ Labor Market. Journal of Political Economy , Vol. 64, No. 3, pp. 242-258. 12. Sloane, P. J. (2006

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Purchasing power parity in ASEAN+3: an application of panel unit root tests

Adjustment to Purchasing Power Parity for ASEAN Countries. Japan and the World Economy, Vol. 24, No. 4, pp. 325-331. 4. Chang, T., Zhang, Y., Liu, W. C. (2010). Purchasing Power Parity for ASEAN-8 Countries: Panel SURKSS Tests. Applied Economics Letters, Vol. 17, No. 15, pp. 1517-1523. 5. Choi, I. (2001). Unit Root Tests for Panel Data. Journal for International Money and Finance, Vol. 20, pp. 249-272. 6. Choji, N. M., Sek, S. K. (2017). Testing for Purchasing Power Parity for ASEAN-5 Using Asymmetric Cointegration Tests

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The impact of formal and non – formal education on youth employability in Bosnia and Herzegovina

-skill matches and labour achievements among graduates in Spain. European Sociological Review , Vol. 2, No. 2, pp. 141-156. 10. Green, F., Zhu, Y. (2010). Overqualification, job satisfaction, and increasing dispersion in the returns to graduate education. Oxford Economic Papers , Vol. 62, No. 4, pp. 1-24. 11. Jovanovic, B. (1979). Job matching and the theory of turnover. Journal of Political Economy , Vol. 87, No. 5, pp. 972-990. 12. Lamo, A., Messina, J., Wasmer, E. (2010). Are specific skills an obstacle to labour market adjustment? Available at https

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Cost Efficiency of Banks in Croatia

. 120, pp. 253-290. 7. Hausman, J. (1978). Specification tests in econometrics. Econometrica , Vol. 46, pp. 1251-1271. 8. Huljak, I. (2015). Testing Out the “Quiet-Life” Hypothesis on Croatian Banking Sector, In Proceedings of the 5 th Eastern European Economic and Social Development Conference on Social Responsibility, Jovancai Stakic, A., Kovsca, V., Bendekovic, J., Eds., Belgrade, Serbia, May 21-22, 2015, pp. 343-353. 9. Hymer, S., Pashigan, P. (1962). Firm size and rate of growth. Journal of Political Economy , Vol. 70, pp. 556-569. 10

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Macroeconomic effects of the budget deficit in the Republic of Macedonia

and ex-ante analysis. European Economy - Economic Papers, No. 195, pp. 1-35. 11. Gujarati, D. N., Porter, D. C. (2009). Basic Econometrics . McGraw-Hill/Irwin, New York. 12. Gurgul, H., Lach, L. (2012). Two Deficits and Economic Growth: Case of CEE Countries in Transition. AGH Managerial Economics , No. 12, pp. 79-108. 13. Hubbard, G. (2012). Consequences of Government Deficits and Debt. International Journal of Central Banking , Vol. 8, No. S1, pp. 203-235. 14. Ministry of Finance of the Republic of Macedonia (2017). Stock of debt

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The role of entrepreneurship in explaining the real Gross Domestic Product per capita: Regression model selection

Abstract

In this research, the impact of total early-stage entrepreneurial activity and competitiveness of the economy on the real gross domestic product (GDP) per capita is analyzed in a cross-section of world economies using the methods of correlation and multiple regression analysis. In the attempt to select between the linear and the double-logarithmic model, the regression diagnostics and quality of the relationship between the dependent and the independent variables were analyzed. The functional form of the model was tested by the MacKinnon, White and Davidson test. Model selection methods regarding the comparison of coefficients of determination and the Akaike information criterion were used. The results of the analysis show that independent variables have a statistically significant impact on the real GDP per capita, and that the real GDP per capita is elastic to the changes of competitiveness but inelastic to the changes of total early-stage entrepreneurial activity.

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Developing Social Accounting Matrix for Macedonia: a challenge ahead

Abstract

The Social Accounting Matrix (SAM), together with the SESAME approach, proved highly useful in providing the basis for in-depth analyses of all the socio-economic flows in the developed economies. The aim of this paper, after initial explanation of the theoretical foundations of these methods for the development analysis, is to contribute to raising the awareness of the urgent necessity for developing and implementing these methodological approaches in the Republic of Macedonia. Special attention is paid to the analysis of the current situation related to the readiness of the national statistical system to provide all the necessary statistical data and logistical support for a more efficient preparation and implementation of these methodological approaches in the national economy. The paper analyses in detail the data describing particularly important aspects of the position of workers on the labour market aimed to be used as a basis for the SESAME approach. A comparative analysis with reference to the EU countries has been performed. The paper concludes by presenting practical recommendations which should, in our opinion, lead to preparation and implementation of the SAM and its extension (SESAME) in the Republic of Macedonia. The named should be used for the successful decision-making process related to creation and implementation of efficient macroeconomic and development policies in the country.

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Quality of Life Indicators in Selected European Countries: Hierarchical Cluster Analysis Approach

Abstract

The average expected duration of human life is rising because of different reasons. On the other hand, not only the duration, but the quality of life level is important, too. The higher the quality of life level, the citizens’ happiness and satisfaction levels are higher, which has positive impact on the development and operating of an economy. The goal of this paper is to identify groups of European countries, using statistical hierarchical cluster analysis, by using the quality of life indicators, and to recognise differences in quality of life levels. The quality of life is measured by using seven different indicators. The conducted statistical hierarchical cluster analysis is based on the Ward’s clustering method, and squared Euclidean distances. The results of conducted statistical hierarchical cluster analysis enabled recognizing of three different groups of European countries: old European Union member states, new European Union members, and non-European Union member states. The analysis has revealed that the old European Union member states seem to have in average higher quality of life level than the new European Union member states. Furthermore, the European Union member states have in average higher quality of live level than non-European Union members do. The results indicate that quality of life levels and economic development levels are connected.

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