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Public debt management

100%
Gaber S., Gruevski I., Gaber V.
Perspectives of Innovations, Economics and Business
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2013
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vol. 13
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issue 2
12-18
EN
The paper generally describes the segment of public debt management or especially the structure of public debt. It focuses on different kinds of risks which present potential danger for the public debt explosion. It intends to explain the government goal for borrowing money at lowest rate and sustain the fiscal stability. Also, it explains some practical issues regarding this topic for Republic of Macedonia for the period from 2009-2011. In the process of research were implemented several qualitative methods.
2
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The American real estate bubble - Trigger for the biggest financial crisis in the last century

100%
Gaber V., Gaber S., Gruevski I.
Perspectives of Innovations, Economics and Business
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2014
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vol. 14
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issue 1
21-27
EN
In the last years the world was faced with the worst economic crisis since the 1929-33 period which led to a significant decline in the global economy, tumultuous aftershocks of the financial and the real sector, significant shaking of confidence in financial institutions and the stability of the global financial system. This paper focuses on the crisis that began in the summer 2007 in U.S. when increased delinquency on the secondary market for mortgages created turbulence in the secondary market of securities covered by residential credits. The turbulence was then expanded to other markets securities, money market, financial institutions, with knock-on effects that are transmitted to all market segments, by involving the real sector. Under its global effect, this crisis was characterized as comprehensive, complex and global. This paper intends to detect the origin of this crisis and to analyze the potential government mistakes that led to the current world economic state.
3
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Effective tax burden on investment at corporate level in Macedonia

100%
Gruevski I., Gaber S., Gaber V.
Perspectives of Innovations, Economics and Business
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2013
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vol. 13
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issue 2
19-31
EN
This article presents the estimates of effective tax rates on investment at corporate level in Republic of Macedonia in the period from 2006 to 2012. In addition to accomplishing this research, 3 basic and most commonly applied indicators of the corporate income tax (CIT) burden will be used. They are the cost of capital, the effective marginal tax rate (EMTR) and the effective average tax rate (EATR), according to the Devereux-Griffith methodology. The results of the analysis will clearly show that the implemented domestic tax policy reform have transformed this country into one of the most, if not the most tax favorable country for investment in Europe.
4
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The effects of discretionary fiscal policy on macroeconomic aggregates

100%
Gaber S., Gruevski I., Gaber V.
Business and Economic Horizons
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2013
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vol. 9
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issue 1
32-39
EN
We review the evidence on the practice and effects of discretionary fiscal policy, particularly in the context of recent efforts to stimulate the economy, reaching two main conclusions. First, policy interventions have increased in this decade, pre-dating the 2009 stimulus. Second, despite a large economic literature on the topic, the state of theory and evidence is not as "shovel ready" as one would like. Although consumption and investment clearly respond to tax incentives and structural vector autoregressions show that lower taxes and higher government purchases can boost output, it is difficult to apply the findings in the current context, in part because multipliers and policy lags are likely to vary with economic conditions. This paper surveys the theoretical predictions and recent empirical Vector Autoregression (VAR) evidence on the short-run effects of discretionary fiscal policy on macroeconomic aggregates.
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