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Business and Economics > Production and Operations Management

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • North Macedonia, Republic of x
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Cover IMF Staff Country Reports
Republic of North Macedonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on challenges and policies regarding climate change in the Republic of North Macedonia. A scale-up of private and public investments, along with decommission of old and polluting coal-based power plants, is needed to adapt to climate change and meet emissions targets as part of the green transition. The EU-Carbon Border Adjustment Mechanism (EU-CBAM) from 2026 will affect North Macedonia, and the authorities should consider a gradual introduction of carbon taxation to prepare for the EU-CBAM, as also envisioned in existing legislation. The introduction of the EU CBAM will influence North Macedonia’s exports to the EU negatively, as well as revenue collected, as part of the EU CBAM will be foregone revenue for North Macedonia. Instead, North Macedonia should consider a form of carbon taxation, as also envisioned in existing legislation, to collect the revenue by the state, as well as recycle part of this to mitigate the impact of the carbon tax and further support the green transition.
Keywords:
interest rate pass-through; long term interest rates pass-through; interest rate transmission; climate policy agenda; productivity competition; Total factor productivity; Productivity; Central bank policy rate; Climate change; Electricity; Europe; Global
Cover IMF Staff Country Reports
Albania: Selected Issues
International Monetary Fund. European Dept.
This paper aims to determine how much of the economic slowdown of Albania is owing to cyclical conditions and how much to a reduction in potential growth. The analysis shows that average growth in 2009–14 dropped by 3.2 percentage points relative to 1997–2008, of which 2.8 percentage points are due to lower potential growth. Albania has significant potential to improve its export competitiveness. However, Albania’s competitiveness has shown narrow improvements over the past five years, with weak productivity growth and continued concentration in low-skilled labor-intensive sectors with limited value added. This paper also explores the factors underpinning Albania’s relatively low level of general government revenues.
Keywords:
ISCR; CR; Albania; tax; WEF competitiveness indicator; IMF staff estimate; output gap dynamics; customs risk unit; tax efficiency; Potential output; Social security contributions; Tax efficiency; Value-added tax; Global; Europe
Cover IMF Working Papers
Inflation Dynamics in FYR Macedonia
Maral Shamloo
In this paper we study the dynamics of inflation in Macedonia, provide three forecasting tools and draw some policy conclusions from the quantitative results. We explore three forecasting methods for inflation. We use a Dynamic Factor Model (DFM) for short-term, monthly forecasting. We also develop two quarterly models: A Vector Error Correction Model (VECM), and a New Keynesian Phillips Curve (NKPC) for a more structural model of inflation. The NKPC shows a significant effect of output gap and inflation expectations on current inflation, confirming that the expectations channel of monetary transmission mechanism is strong. In terms of forecast-error variance, we show that all three models do very well in one-period ahead forecasting.
Keywords:
WP; Phillips curve; Inflation forecasting; VECM; DFM; understanding inflation dynamics; inflation expectation; Macedonian inflation data; monetary policy shock; inflation term; NKPC forecast; Inflation; Vector error correction models; Central bank policy rate; Vector autoregression; Output gap
Cover IMF Working Papers
Competition and Firm Productivity: Evidence from Firm-Level Data
Marc Schiffbauer
and
Sandra Ospina
This paper presents empirical evidence on the impact of competition on firm productivity. Using firm-level observations from the World Bank Enterprise Survey database, we find a positive and robust causal relationship between our proxies for competition and our measures of productivity. We also find that countries that implemented product-market reforms had a more pronounced increase in competition, and correspondingly, in productivity: the contribution to productivity growth due to competition spurred by product-market reforms is around 12-15 percent.
Keywords:
WP; factor share; productivity growth; firm level
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues
International Monetary Fund
This Selected Issues paper for the former Yugoslav Republic of Macedonia is examined. Real GDP growth accelerated to 5 percent in 2007 and 6 percent in the first half of 2008, from its historical average of about 3 percent. Increased investment, partly financed by FDI, is the main driver boosting domestic demand, as seen in the fast-growing import of investment and intermediate goods. Simultaneously, the current account deficit has widened substantially since 2007 and has become a major concern for macroeconomic stability.
Keywords:
ISCR; CR; GDP; government; current account; deficit; price; production function; replacement ratio; FYR Macedonia; government policy; growth performance; government expenditure-to-GDP ratio; government operation; deficit target; government action; expenditure-to-GDP ratio; Real exchange rates; Electricity; Potential output; Public investment spending; Public investment and public-private partnerships (PPP); Eastern Europe; Global
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues
International Monetary Fund
The paper analyzes the export performance and external competitiveness in FYR Macedonia. It describes the trends in the account balance, external vulnerabilities, and different approaches to estimate the equilibrium real exchange rate; and reviews economic growth experience and prospects and reveals areas of weakness. It also discusses many different factors responsible for Macedonia's high unemployment rate and examines the main factors behind the low level of intermediation.
Keywords:
ISCR; CR; Macedonia; FYR Macedonia; FYR; exchange rate; growth performance; lending rate; export share; sector reform; Employment; Total factor productivity; Real exchange rates; Unemployment; Unemployment rate; Europe; Baltics; Eastern Europe; Global
Cover IMF Working Papers
Labor Productivity and Real Exchange Rate: The Balassa-Samuelson Disconnect in the former Yugoslav Republic of Macedonia
Mr. Boileau Loko
and
Ms. Anita Tuladhar
This paper seeks to investigate the transmission mechanisms linking productivity to the real exchange rate in the former Yugoslav Republic of Macedonia. At first glance, the stylized facts-low labor productivity growth and a trend real depreciation-suggest that a Balassa- Samuelson effect is in play. We find that the relationship between the two is not a result of the traditional Balassa-Samuelson effect. Instead, the depreciation of the real exchange rate reflects mainly the behavior of prices in the tradable sector. We argue that the depreciating real exchange rate may reflect a prolonged transition associated with slow technological growth and the low quality of the country's tradable-goods basket.
Keywords:
WP; exchange rate
Cover IMF Working Papers
Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia
Mr. Juan Zalduendo
This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance. The paper also shows that the predominance of insider privatization and the resulting low ownership concentration is one of the reasons for the poor performance of surviving firms.
Keywords:
WP; firm; label; enterprise restructuring; ownership structure; Type A firm; corporate performance; ownership concentration; transition economies; type B firm; sector development; utility company; enterprise sector; enterprise performance; privatized firm; firm size; Privatization; Arrears; Employment; Labor productivity; Competition
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix sheds light on the Former Yugoslav Republic (FYR) of Macedonia’s low growth and high unemployment during the 1990s by analyzing enterprise level data. The paper provides some background information on FYR Macedonia’s enterprise sector. It presents an assessment of enterprise sector developments during the 1990s, including the extent of firm entrance and exit. The paper also describes the results of an econometric study that examines the factors that have facilitated restructuring in surviving firms since FYR Macedonia’s independence in September 1991.
Keywords:
ISCR; CR; firm; label; loss-making firm; enterprise conglomerate; utility company; C. factors facilitating enterprise restructuring; privatized firm; firm size; FYR Macedonia; labor-skill firm; Arrears; Employment; Labor productivity; Privatization; Capital productivity