Aleksandar Stojkov

This paper examines how New Institutional Economics conceptualises the relationship between institutions and long-term economic performance. Drawing on seminal work by Douglass North, Ronald Coase, Oliver Williamson, and later institutional scholarship, it presents a systematic mapping review of literature published between January 1990 and June 2026. Using OpenAlex records, predefined eligibility criteria, bibliometric classification, and structural topic modelling, the review identifies the field’s main themes and their evolution over time. It synthesises four channels through which institutions may affect economic outcomes: incentives and transaction costs; factor accumulation and innovation; resource allocation and governance; and income distribution and political power. The reviewed evidence generally links stronger institutional quality to better economic outcomes. The strength and timing of these relationships vary across institutional measures, empirical methods, countries, and enforcement contexts. Administrative capacity, institutional complementarities, informal norms, and political incentives also shape the effectiveness of formal institutional arrangements.

This study investigates how a territorially uneven distribution of informal economic activity affects subnational fiscal capacity and potentially distorts fiscal equalization systems. Using a Multiple Indicators, Multiple Causes (MIMIC) model, we estimate the size of the informal economy across the eight statistical regions of North Macedonia over the 2008–2023 period. The estimated shares of regional informality are subsequently linked to indicators of fiscal dependence and local revenue performance. The findings suggest that regions characterized by larger informal economies tend to exhibit greater dependence on intergovernmental transfers and weaker effective fiscal autonomy. The analysis further indicates that intergovernmental transfer systems relying primarily on regional gross domestic product and realized tax collections may systematically underestimate the true economic potential of highly informal jurisdictions. The paper contributes to the literature by conceptualizing informality not merely as an informal economic activity, but as a structural distortion affecting the measurement of fiscal capacity and the functioning of decentralized public finance systems.

This study investigates the impact of Artificial Intelligence (AI) readiness on labour productivity across 27 European Union (EU) countries between 2019 and 2024. Using a dynamic panel approach, we apply Pooled OLS, Fixed Effects, Difference GMM, and System GMM estimators to account for endogeneity and persistence in productivity. The System GMM model is preferred for its robustness and reliability. Results show that AI readiness positively influences labour productivity, though the effect remains modest, reflecting disparities in adoption across regions. Other significant drivers include foreign direct investment and R&D expenditure, while government consumption and labour costs have a negative impact. Unexpectedly, trade openness shows a negative association, likely due to structural differences in value chain integration. Education and institutional quality were statistically insignificant in the short term. The findings suggest that EU policymakers should prioritize AI implementation, digital infrastructure, skill development, and innovation to close regional gaps and promote inclusive productivity growth.

Slovenská akadémia vied vykonáva špičkový základný výskum, dlhodobý strategický a aplikovaný výskum a vývoj a poskytuje prístup k vedeckej infraštruktúre.

This article addresses the emergence of double-digit inflation in the Baltic states during 2022 and 2023, following decades of price stability. Utilizing monthly data spanning from January 2010 to February 2023, our study aims to comprehensively analyse the inflation dynamics in the Baltic context, considering both domestic and global factors. Through the application of the fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methodologies, we identify significant influences such as exchange rate fluctuations, food and energy price movements and geopolitical events, notably the ongoing conflict in Ukraine. Our findings contribute to a deeper understanding of the determinants of inflation in the Baltic region, offering insights essential for informed policymaking aimed at mitigating vulnerabilities to future inflationary shocks.

This study explores the influence of central bank independence (CBI) on fiscal deficits in 27 European Union (EU) member states from 1990 to 2023. Utilizing system generalized method of moments, we find that countries with more independent central banks tend to exhibit stronger fiscal balances. However, the impact is tempered within the Eurozone. Positive coefficients for GDP growth, adherence to fiscal rules, and democratic governance structures highlight their importance for fiscal sustainability. Our findings underscore the complex interplay of factors shaping fiscal balances, emphasizing the need for policy coordination and prudent fiscal management within the EU.