TRENOVSKI BORCE was born in Berovo on 23 July 1981. He graduated with distinction in 2004 on the Faculty of Economics at the University of “Ss. Cyril and Methodius”- Skopje. In June 2009, he completed postgraduate studies at the Faculty of Economics in Skopje in the field of Monetary Economics. In September 2013, Trenovski completed Ph.D. studies at the same faculty (Ph.D. dissertation: “The key macroeconomic policies in terms of the contemporary economic crisis”). After graduation (2004 – 2006), he was working at the National Bank of the Republic of Macedonia, and since June 2006, Borce is working at the Faculty of Economics at the University of “Ss. Cyril and Methodius”- Skopje in the Department of Economics – currently holds the position of Associate Professor.
Trenovski is author of 4 books, over 130 publications (indexed scientific papers, policy papers, research monographs etc.), and has strong academic and research visibility in the country/region in recent years (see details in the part “Publications”)
As an expert/analyst/researcher Trenovski participated in over 90, research/applied projects in the country and the region, supported by various organizations USAID, EU, OSI, UNDP, EBRD, ILO, World Bank, Swiss Development Agency, HELVETAS etc. Furthermore as lecturer and trainer, he implemented more than 60 trainings for which he have developed specialized modules and managed to gain strong experience in liaising and co-operating with different stakeholders.
Scientific/research field of interest and number of his analyses/research/publications and project participations in the last years were strongly focused on – contemporary macroeconomic theories, economic policy, public finances, public sector economics, economic policy reforms, coordination of fiscal and monetary policy, efficiency of public financial management, monetary policy and financial markets, fiscal policy and taxation, good governance, fiscal transparency and accountability, local finances and decentralization etc.
He has participated in numerous international scientific conferences and seminars organized by international institutions IMF, World Bank, University of Illinois at Chicago, U.S. State Department etc. Furthermore, Trenovski is winner of several awards and recognitions as Best Researcher and Reputable Economist, from the World Bank, Association of Managers of Macedonia, National Bank of the Republic of North Macedonia, Ss. Cyril and Methodius University in Skopje etc.
Trenovski because of his work and experience is member of numerous professional bodies/associations/reform and advisory working groups (see details in part “Academic and Professional Activities”). Since 2021, Trenovski is Member of the highest governing body of the Central Bank in North Macedonia – Council of The National Bank of the Republic of North Macedonia, as well as Member of the Operational Monetary Policy Committee at the National Bank.
Cycle of studies
Development of Economic Thought
First cycle of studies
Introduction to Environmental Economics
First cycle of studies
“MACROECONOMIC EFFECTS OF THE FISCAL POLICY IN MACEDONIA”, Fiscal policy and fiscal multipliers, Centre for Strategic Research, published by: Macedonian Academy of Sciences and Arts (MASA), ISBN 978-608-203-196-5, Skopje, 2017, pp. 159 (Akad. Taki Fiti, Vladimir Filipovski, Goran Petrevski, Biljana Tashevska)
“THE KEY MACROECONOMIC POLICIES IN TERMS OF THE GLOBAL ECONOMIC CRISIS”, Center for Economic Analyses – CEA, ISBN 978-608-4731-01-6, COBISS.MK-ID 94967818, Skopje, 2013, pp, 296
“OPTIMAL MACROECONOMIC POLICY IN MACEDONIA –in terms of the global economic crisis”, Center for Economic Analyses – CEA, ISBN 978-608-4731-00-9, COBISS.MK-ID 94879498, Skopje, 2013, pp, 165
“POLITICAL CONSENSUS FOR THE ECONOMIC FUTURE OF REPUBLIC OF MACEDONIA”, Center for Economic Analyses – CEA, OSI TTF, Skopje, 2013, pp, 143 (coauthors: Marjan Nikolov, Hristijan risteski, Ljubica Ristovska)
(peer-reviewed and indexed publications)
1. “Assessing public spending efficiency in South East European countries—a data envelopment analysis (DEA) approach”, Public Money & Management (WoS by Thomson Reuters IF – 2,5) Taylor & Francis, ISSN – 1467-9302, Forthcoming 2022, Article DOI – 10.1080/09540962.2022.2035528 (co – authors Vesna Garvanlieva)
2. “Municipal Revenue Determinants in a South-Eastern European Economy: Evidence from North Macedonia” Studia Regionalne i Lokalne” (Regional and Local Studies), Scopus journal, Forthcoming March 2022. https://studreg.uw.edu.pl/en/about?page=1 (co-authors Gunter Merdzan and Filip Peoski)
3. “The Impact of ICT on Labour Productivity – Europe vs. U.S.”, SHS Web of Conferences 129, 08021 (2021) Globalization and its Socio-Economic Consequences 2021, Web of Science indexed (co-authors Predrag Trpeski, Gunter Merdzan and Kristijan Kozeski)Available at: https://www.shs-conferences.org/articles/shsconf/pdf/2021/40/shsconf_glob2021_08021.pdf
4. “How Monetary Policy Affects the Lending and Economic Activity in a Banking System with Excess Liquidity” Journal Economics and Culture, December 2021. Available at: https://sciendo.com/issue/JEC/18/2 (co-author Dasmir Saiti, Gorgi Gockov).
5. “The Impact Of Remittances On Economic Growth In Western Balkans – A Panel Approach” Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2nd international conference Economic and Business Trends Shaping the Future, November 2021 (co-authors Predrag Trpeski, Gunter Merdzan and Kristijan Kozeski). https://repository.ukim.mk/handle/20.500.12188/15917
6. ”The relationship between the development of the financial sector and the economic growth in the republic of North Macedonia”, Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2nd international conference Economic and Business Trends Shaping the Future, November 2021. (co-author Dasmir Saiti). https://repository.ukim.mk/handle/20.500.12188/15857
7. “Effects of the Covid-19 Pandemic on Funding to Municipalities in Northern Macedonia – Resistant Local Revenues, Resistant Municipalities”, Macedonian Academy of Sciences and Arts (MASA), Proceedings of the Scientific Conference – Fiscal Policy Challenges in the Pandemic Period and Perspectives in the post-crisis period. May, 2021 (co-authors – Biljana Tashevska, Predrag Trpeski, Suzana Makresanska).
8. “Is there a link between income inequality and economic growth in the Balkans? – Testing the Kuznets hypothesis”, Croatian Journal of Social Policy VOL 28, No 2/3(2021), July 2021 (Web of Science – indexed journal), Available at: http://www.rsp.hr/ojs2/index.php/rsp/index (co-authors Kozheski Kristijan,and Ivana Velkovska).
9. “The fiscal sustainability of the Republic of North Macedonia in conditions of a pandemic”, Macedonian Academy of Sciences and Arts (MASA), Proceedings of the Scientific Conference – Fiscal Policy Challenges in the Pandemic Period and Perspectives in the post-crisis period. May, 2021 (co-authors – Biljana Tashevska, Predrag Trpeski, Suzana Makresanska).
10. “The Minimum Wage Impact on Labour Productivity: The Case of Selected SEE Countries“, Management Research and Practice Volume 1 3, Issue 3 / September 2021 – (Web of Science, Clarivate Analytics Emerging Citation Index-) – http://mrp.ase.ro/indexation.htm (co-authors Kozheski Kristijan, Tashevska Biljana, and Peovski Filip).
11. “ External Adjustment and Flexibility of the Exchange Rate Regime: The Case Of Transition Countries”, Scientific Journal Acta Economica, volume 34/2021, (co-authors Dragan Gligoric and Kristijan Kozeski). Available at: http://ae.ef.unibl.org/index.php/AE
12. “The Impact of The Private Sector Credits On The Economic Growth In The Republic Of North Macedonia”, KNOWLEDGE – International Journal Vol.44.1. pp 205-209. Available at: http://ikm.mk/ojs/index.php/KIJ/issue/archive
13. “Labour Productivity In Terms Of The Fourth Industrial Revolution” Southeast European Review of Business and Economics (SERBE), Volume 1, Issues2, 2020. Available at: http://eccfp.edu.mk/files/biltens/SERBE_No_2.pdf
14. The contribution of Michael Kremer – “Nobel Laureates in Economics”, Monograph at the Faculty of Economics, November 2020, Skopje
15. Trenovski, B., & Merdzan, G. (2020). LESSONS LEARNED FROM THE FOURTH INDUSTRIAL REVOLUTION FOR THE GLOBAL ECONOMY. Knowledge International Journal, 43(1), 89 – 95. Retrieved from http://ikm.mk/ojs/index.php/KIJ/article/view/4689
16. “The Effects of FDI on Domestic Investments in Western Balkans”, SHS Web of Conf.Volume 92, 2021, The 20th International Scientific Conference Globalization and its Socio-Economic Consequences 2020 (Web of Science indexed). January 2021 (co-authors Bilal Sucubasi, Berkan Imeri and Gunter Merdzan). Available at (DOI)- https://doi.org/10.1051/shsconf/20219207059
17. Trenovski, B., & Kozeski, K. (2020). “Theoretical Foundation of The Great Decoupling Between Productivity and Labor Compensation” Knowledge International Journal, 43(1), 67 – 73. Retrieved from http://ikm.mk/ojs/index.php/KIJ/article/view/4686
18. “Analysis of the relationship between labor productivity and labor share in income – a comparative analysis of selected countries in the Western Balkans” (2020), ECONOMIC MEDITATIONS, Macedonian Academy оf Sciences And Arts/ Faculty оf Economics аt The Ss. Cyril And Methodius University in Skopje, (co-authors Kristijan Kozeski and Gunter Mergan). http://eprints.uklo.edu.mk/6111/1/Kostoska_Kocarev_Ekonomski%20meditacii_2020.pdf
19. “The Link Between Productivity and Labour Share – The Case Of North Macedonia and Slovenia”, Proceedings of the 1st international scientific conference “Economic and Business Trends Shaping the Future”, (Available at: https://repository.ukim.mk/handle/20.500.12188/9718
20. “The Government Revenue–Expenditure Nexus in Southeast Europe: A Bootstrap Panel Granger-Causality Approach”, Eastern European Economics, 10 Feb 2020. Taylor & Francis (Web of Science – indexed journal) DOI: 10.1080/00128775.2020.1724156 (Biljana Tashevska, Borce Trenovski & Marija Trpkova – Nestorovska (2020).
21. “Determinants Of The Citizens’ Usage Of Electronic Public Services In The Republic Of Macedonia“, Electronic Government, an International Journal, Electronic Government, Vol. 16, No. 4, 2020 (Scopus indexed journal) – https://www.inderscience.com/jhome.php?jcode=eg
22. “The Link Between Productivity and Labor Compensation in Selected Central and South-East European Countries”, Proceedings of 7th REDETE Conference Researching Economic Development And Entrepreneurship In Transition Economies, Faculty of Economics, University of Banka Luka. ISBN 978-99938-46-87-1 Banja Luka, Oktobar 24-26, 2019 (Co-authors: Biljana Tashevska, Kristijan Kozeski, Gunter Mergan)
23. “Labour Market In Terms Of The Fourth Industrial Revolution” Digital transformation of the economy and society : shaping the future : proceedings / 11th International conference, 19-20 October, 2019 Prilep. – Prilep : Faculty of economy, 2019. pp. 117-128.
24. “The Responsiveness of Smoking Prevalence and Cigarette Consumption to Changes in Price and Income in North Macedonia” International Conference IMPROVING TOBACCO TAXATION POLICIES IN THE WESTERN BALKANS, organized by Analytica and Economic Institute Belgrade within the project “Accelerating tobacco taxation policies in low and middle-income countries” supported by the University of Illinois at Chicago (UIC) – Research and Health Policy Institute. December 12-13, 2019, Holiday Inn Skopje (co authors Natasa Trajkova Najdovska, Tamara Mijovic Spasova, Bojana Mijovic Hrisovska).
25. “Islamic Economy as An Alternative Approach in Dealing With the Financial Crisis in Future” Annual of the Faculty of Economics – Skopje, University Ss. Cyril and Methodius, Skopje, Vol.54 C.1-654 Skopje 2019, pp.
26. “The Impact of Turkey’s Foreign Direct Investment (FDI) on North Macedonia’s socio-economic development”, Proceedings of 3rd International Scientific Conference on Business and Economics, Transition to Development: Emerging Challenges and Perspective, South East European University (co-authors Shenaj Hadzimustafa and Esfer Ali).
27. “The Effectiveness of Fiscal and Monetary Policies in a Small Open Economy – The Case of Macedonia”, May, 2019, Post-Communist Economies, (2017 Web of Science indexed, IF- 0.541), doi: 10.1080/14631377.2019.1607437 (coauthor Goran Petrevski, Biljana Tashevska). Availabble at: https://www.tandfonline.com/doi/full/10.1080/14631377.2019.1607437
28. “Socio-Economic determinants of Social Spending In The EU”, CEA Journal of Economics Vol. 14, Issue 1, June 2019,pp.35-47. (co-authors Marija Trpkova, Biljana Tahevska). Available at: http://journal.cea.org.mk/index.php/ceajournal/article/view/137/127
29. “Lessons Learned From the Global Recession – Redesigned Framework of Key Macroeconomic Policies”, International Journal of Business and Globalisation, Int. J. Business and Globalisation, Vol. 22, No. 4, 2019 (co-author Biljana Tashevska) Scopus (Elsevier). Available at : https://www.inderscience.com/info/inarticletoc.php?jcode=ijbg&year=2019&vol=22&issue=4
30. “Islamic Finance Tools As An Alternative To Prevent Future Global Crises”, International Congress of Management Economy and Policy 2019 Spring, April 20-21, 2019 Istanbul / TURKIYE. Available at: https://www.icomep.com/pdf/ICOMEP’19SpringAbstractBook.pdf
31. “Migration And Its Impact On The Demographic Transition In The Countries Of The European Union”, CEA Journal of Economics Vol. 13, Issue 2, December 2018,pp.35-53. (co-authors Marija Trpkova, Biljana Tahevska). Available at: https://journal.cea.org.mk/index.php/ceajournal.
32. “The Concept of Minimum Wage – The Case of the Republic Of Macedonia” Annual of the Faculty of Economics – Skopje, University Ss. Cyril and Methodius, Skopje, Vol.53 C.1-654 Skopje 2018, pp. 515-529.
33. “Estimating a fiscal reaction function for the South East European countries”, Book of Proceedings, Conference: ISCCRO’18: The 2nd International Statistical Conference in Croatia, May 2018. Available at: https://www.researchgate.net/publication/325260061_Estimating_a_fiscal_reaction_function_for_the_South_East_European_countries
34. “Testing Fiscal Sustainability In The Republic Of Macedonia – A VAR Approach”, Economic and Social Development (Book of Proceedings), 26 th International Scientific Conference on Economic and Social Development – “Building Resilient Society, < indexed in CPCI (WoS by Thomson Reuters)> (co-author Biljana Tashevska) Available – file:///C:/Users/user/Downloads/Book_of_Proceedings_esdZagreb_2017_Online.pdf
35. “Public Finances and Fiscal Policy at A Crossroad ͵- What Is Next?”, Political Thought, published by Konrad Adenauer Foundation, Republic of Macedonia/ Institute for Democracy “Societas Civilis”, Skopje, Year 15, No 53, June Skopje 2017, ISSN 1409-9853. See: http://www.kas.de/wf/doc/kas_50677-1522-2-30.pdf?171114140543
36. “Keynesianism as foundation of the key economic policies in the context of the Global Economic Crisis – the case of R. Macedonia”, Annual of the Faculty of Economics – Skopje, University Ss. Cyril and Methodius, Skopje, Vol.52 C.1-584 Skopje 2017. Available at – http://www.eccf.ukim.edu.mk/Article/118
37. “Fiscal policy, fiscal sustainability in small and open economy in terms of global economic disturbances – the case of Macedonia” , Research monograph published by Bulgarian Academy of Science (BAN) and Macedonian Academy of Sciences and Arts (MASA), ISBN: 978-954-616-278-6, Sofia, 2017.
38. “Policy on Balanced Regional Development In Macedonia – Goals, Challenges, Trends”, Theoretical and Practical Research in the Economic Fields, [S.l.], v. 8, n. 1, p. 47-72, july 2017. ISSN 2068-7710. Available at: http://journals.aserspublishing.eu/tpref/article/view/1292 doi: https://doi.org/10.14505//tpref.v8.1(15).05, (co-author Slagan Penev).
39. “Determinants of bank credit growth in Macedonia” Conference proceedings of the International Conference “The Changing Role of Finance in Today’s Global Economy”, Organized by: Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje, September, 2016 (co-authors Mihail Petkovski, Elena Naumovska, Kiril Jovanovski)
40. “The level of fiscal transparency and accountability of budget users – evidence from R. Macedonia”, Int. J. of Public Policy, 2016 Vol.12, No.3/4/5/6, pp.210 – 242, Inderscience Enterprises Ltd – (co-authors Ilina Mangova, Nikola Levkov) DOI: 10.1504/IJPP.2016.10000551
41. “Labor Market Supply vs. Demand Characteristics in the Northeastern Planning Region of Macedonia), CEA Journal of Economics Vol. 11, Issue 1, June 2016,pp.43-59. (co-authors Marjan Nikolov, Vesna Garvanlieva, Gabriela Dimoska, Igor Mitev).
42. “Fiscal Sustainability of Macedonia on Its Path Towards the EU”, published in the research monograph “The Republic Of Macedonia On Its Path Towards The European Union (2020) – Experiences, Challenges and Perspectives” Macedonian Academy of Science and Arts (MASA), May, 2016
43. “Efficiency of the fiscal policy and the fiscal multipliers – the case of the Republic of Macedonia”, Economic Studies, Issue 1, 2016, (Scopus indexed) Economic Research Institute at the Bulgarian Academy of Sciences April, 2016 (co-authors Taki Fiti and Vladimir Filipovski)
44. “Keynesianism аs Foundation of The Economic Theory аnd Policy for Managing Economic Cycles – With Particular Focus on The Global Economic Crisis”, Annual of the Faculty of Economics – Skopje, University Ss. Cyril and Methodius, Skopje, Vol.51 (2016) Skopje 2016. Avail able at – http://www.eccf.ukim.edu.mk/ArticleContents/GODISNIK/godisnik%202016.pdf
45. “Fiscal transparency on local level – the case of the R. Macedonia”, International Scientific Journal «INTERNATIONAL DIALOGUE: EAST-WEST, International Slavic University “Gavrilo Romanovich Derzhavin”, April, 2016 (co-authors Marjan Nikolov, Vesna Garvanlieva, Gabriela Dimoska, Igor Mitev).
46. “Cost-Benefit Analysis Of Performance Based Budgeting Implementation”, CEA Journal of Economics Vol. 10, Issue 2, December 2015 (co-authors Marjan Nikolov).
47. “Effects of The Global Economic Crisis on The World Economy – Financial and Real Sector” Annual of the Faculty of economics – Skopje, University Ss. Cyril and Methodius, Skopje, 2015
48. “Open And Transparent Budget Process in Western Balkan Countries”, CEA Journal of Economics Vol. 10, Issue 1, June 2015 (co-authors Marjan Nikolov, Gabriela Dimoska).
49. “ Fiscal or monetary dominance in a small, open economy with fixed exchange rate – the case of the Republic of Macedonia”, Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, Volume 33, no.1, 2015, 125-145 ( indexed in WoS by Thomson Reuters -impact factor 0,4)
50. “The Global Economic Crisis – What Should Not Be Forgotten”, CEA Journal of Economics Vol. 10, Issue 1, June 2015 (co-authors Biljana Tashevska, Suzana Makresanska).
51. “The transmission mechanism and consequences from the Global economic crisis for the Macedonian economy”, CEA Journal of Economics Vol. 9, Issue 2, December 2014 (co-author Biljana Tashevska).
52. “Performance Based Budgeting – Basis for Strengthening the Efficiency and Transparency of the Public Sector of the R. Macedonia”, Political Thought (Magazine for Political and Societal Issues), No. 47, Konrad Adenauer Foundation and the Institute for “Democracy Societas Civilis” Skopje, December 2014
53. “The global economic crisis – challenge to economic concepts and policies – what next?” Annual of the Faculty of economics – Skopje, University Ss. Cyril and Methodius, Skopje, 2014
54. “How to create optimal economic policy in Macedonia – in terms of global economic crisis” “Business and Economics” year. 17, Skopje, July 2014
55. “Monetary Response To The Global Economic Crisis In A Small, Open Economy With Fixed Exchange Rate – The Case Of The Republic Of Macedonia”, CEA Journal of Economics Vol. 16, Issue , June 2014
56. “The role of Macroprudential measures in terms of global economic crises – the case of the Republic of Macedonia”, CEA Journal of Economics, Volume 8, Issue 2, pp.37-49 (coauthor Gjorgji Gockov), See: http://cea.org.mk/zurnal.html
57. “Response of the fiscal policy on the global economic crisis in the republic of Macedonia”, Annual of the Faculty of economics – Skopje, tom48 C.1-397, Skopje, 2013
58. “The response of fiscal policy on the global economic crisis and fiscal multipliers in Macedonia”, Proceedings of papers “The State of Cotemporary Macroeconomic Science and its Future – Relevance of changes for the Macedonian Economy” published by Macedonian academy of Sciences and Arts, 2014.
58. “The Role, Significance and Trend of Construction Sector in Macedonia”, CEA JOURNAL OF ECONOMICS, Center for Economic Analyses – CEA, Volume 7, Issue 1, Skopje, June 2012Available at: http://cea.org.mk/Documents/CEA_Journal_XIII%20Issue.pdf
60. “Dominant Macroeconomic Concepts and Policies as Transition Process Fundamentals”, Journal of the Institute of Economics-Skopje, Year.11 No. 3/2009 p.157, Skopje 2010. Available at Central and Eastern European Online Library: http://www.ceeol.com/aspx/publicationdetails.aspx?publicationid=190a49d5-70ec-4232-a1b6-1f2746706cfb and http://depo.ek-inst.ukim.edu.mk/jspui/handle/123456789/61
61. “Analysis of the effects of the economic crisis in Greece on the Macedonian economy”, CEA Journal of Economics, Volume 5, Issue 1, papers 5, June 2010. Co-author: Hristijan Risteski (CEA Economist); аvailable at: www.cea.org.mk/Documents/CEA_Journal_5_I.pdf
62. “Implementation of the Situation approach in the synthesis of the alternative macroeconomic conceptions for the purpose of determining the optimal macroeconomic policy in Macedonia”, in: Annual 2010, Faculty of Economics – Skopje Available at: http://www.eccf.ukim.edu.mk/files/godisnik2010.pdf
63. “World economic crisis and dilemmas in R. Macedonia”, Forum, No. 192, May 2009, www.forum.com.mk/_tools/pdf/3463/article
64. “Analysis of the status and structure of the consumption of students and pensioners in Macedonia”, CEA Journal of Economics, Volume 4 Issue 2, December, 2009, www.cea.org.mk/Documents/CEA_Journal_VIII_WEB.pdf
65. “Personal Inflation Calculator”, CEA Journal of Economics, Volume 4, June, 2009, www.cea.org.mk/Documents/CEA_Journal_IV_1.pdf
66. “Applicability of the dominant macroeconomic theories in transition economies”, Economic Views (Magazine for economic theory and practice matters), No. 2/2009, Faculty of Economics – Pristina, http://www.efpr.edu.rs/EP%202-2009.html
67. “Neoliberalisam – how it come and where it lead us?”, in: “Business and Economics” No. 137, Skopje, March 2009.
68. “Market economies in crisis – mayor shift in the dominant macroeconomic paradigms”, Political Thought (Magazine for Political and Societal Issues), No. 27, Konrad Adenauer Foundation and the Institute for “Democracy Societas Civilis” Skopje, December 2009
69. “Economic theory, economic policy and economic practice –(case of R. Macedonia)”, in: Annual 2009, Faculty of Economics – Skopje
70. “Theoretical foundation of the key macroeconomic policies” – master thesis, Faculty of Economics – Skopje at the University of “Ss. Cyril and Methodius”- Skopje, May, 2009 Research Monographs, Policy Papers
71. “Tobacco Farming and the Effects of Tobacco Subsidies in North Macedonia” prepared in cooperation with the University of Illinois at Chicago’s (UIC) Institute for Health Research and Policy to conduct economic research on tobacco taxation in North Macedonia. UIC is a partner of the Bloomberg Initiative to Reduce Tobacco Use.
72. “Free provision of services” , published by Analytica,, supported by the Foundation Open Society, 2022
73. “Free movement of goods“ published by Analytica, supported by the Foundation Open Society, 2022
74. “Moving Forward On The Municipal Debt Management Urgent Agenda In North Macedonia”, policy paper, USAID’s Strengthening Resource Mobilization Activity (SRMA), Skopje May, 2021
75. “Analysis of the effect of COVID-19 on workers who are part of the informal economy and temporarily employed workers”. (research monograph) Analytica, Skopje, North Macedonia, May 2021.
76. “Improving the formula for financing secondary education – improving the sustainability / functionality and correctness of the coefficients / elements used in the formula for financing secondary education” (policy document), HELVETAS Swiss Inter-cooperation and Macedonian Center for Vocational Education, April, 2021
77. “Municipal Crisis Management Response to COVID-19 Pandemics, Municipal Financing and Affected Services in the Republic of North Macedonia”, UNDP, (research study), August 2020. (co-authors Toni Poposki, Vasko Poposki) Available at: https://www.mk.undp.org/content/north-macedonia/en/home/library/democratic_governance/municipal-crisis-management-response-north-macedonia.html
78. “How to create an efficient Secondary Vocational Education System – with a special focus on the funding process”, HELVETAS Swiss Inter-cooperation and Macedonian Center for Vocational Education, January, 2021 Available – https://www.e4e.mk/wp-content/uploads/2021/01/E4E@mk-Cost-benefit-Analysis.pdf
79. “Tax evasion and avoidance in manufactured cigarettes and hand-rolled tobacco in North Macedonia: Results from a nationwide survey of smokers” (research monography) Analytica, Skopje, North Macedonia, January 2021. The publication was prepared within the project funded by the University of Illinois at Chicago’s (UIC) Institute for Health Research and Policy to conduct economic research on tobacco taxation in North Macedonia. (Co-authors Najdovska Trajkova, N., Mijovic Hristovska, B., Mijovic Spasova, T ). Available at: http://tobaccotaxation.org/research.php?cID=72&lng=srb
80. “Tobacco consumption in North Macedonia”. Analytica (research monography), Skopje, North Macedonia, December 2020. (The publication was prepared within the project funded by the University of Illinois at Chicago’s (UIC) Institute for Health Research and Policy to conduct economic research on tobacco taxation in North Macedonia). Available at: http://tobaccotaxation.org/research.php?pID=236&lng=srb
81. “Sectoral analysis for Regional Development”, published by Ministry of Local Self-Government of North Macedonia, November, 2020, pp.68
82. “Analysis of the possibilities for improvement of the existing and development of new models of subsidies for reduction of air pollution – how to get available subsidies for the economically vulnerable categories of citizens”, UNDP- North Macedonia policy paper, December 2020.
83. “Impact of COVID-19 on the financing of the Local Self-Government Units”, UNDP- North Macedonia policy paper, September, 2020.
84. “Municipal Crisis Management Response to Covid-19 Pandemics, Municipal Financing And Affected Services In North Macedonia”, policy publication, Integral Assessment Report, UNDP Istanbul. October 2020.
85. “Analysis of the Situation, Legal Aspects and Financial Sustainability with A Detailed Plan for Transfer of Competences And Resources From Central to Local Level In The Area Of Agriculture” UNDP policy study, September 2020.
86. “Financial Analysis of Costs and Benefits from Creating a Sustainable Food Donation System “Сите Сити“, Red Cross – Macedonia and Think Tank -Ajde Makedonija , June, 2020, Skopje
87. “Costs and Benefits resulting from practical training of students in Secondary Vocational Education in the Republic of North Macedonia”, HELVETAS Swiss Inter-cooperation and Macedonian Center for Vocational Education, November 2020. Available at: https://www.e4e.mk/wp-content/uploads/2021/01/E4E@mk-Cost-benefit-Analysis.pdf
88. “Reaction of smoking prevalence and cigarette consumption to price and income changes in the Republic of North Macedonia”, Analytica think tank / University of Illinois Chicago, Policy brief, December 2019
89. “Analyses and Guidelines- Administration of Local Property Taxes”, UNDP, Ministry of Finance, December 2019, pp.47
90. “Comparative analysis on local government borrowing and issuing municipal bonds”, UNDP, Ministry of Finance, Ministry of Local self-government, April 2019, pp.100
91. “Research on the financial and non-financial support of civil society organizations by the local authorities”, European Association of Local Democracy (ALDA) – Skopje, the Association of Financial Officers of Local Governments and Public Enterprises (ZFR) and the European Movement (EM)., Skopje, December, 2018, pp – 96 (in Macedonian, English and Albanian).
92. “Public Debt in Southeast Europe” – Why to enable public participation?, European Union, Balkan Monitoring Public Finances, June 2018. Available at: http://wings-of-hope.ba/wp-content/uploads/2018/07/Public-debt-in-Southeast-Europe-Why-to-enable-public-participation-web.pdf
93. “Fiscal transparency, accountability and institutional performances as a foundation of inclusive and sustainable growth in Macedonia” published by World Bank as first prize reworded paper on the Call for papers published for Macedonia Systematic Country Diagnostic (SCD) http://pubdocs.worldbank.org/en/278551516728264974/Borce-Trenovski-1.pdf
94. “Performance Budgeting – solution for more transparent and accountable budget process in Macedonia”, published by Association of Finance Officers of Local Government and Public enterprises, Bulletin No. 4, April , 2017, pp- 16-22
95. “Analysis and review of policies for social inclusion of young people”, special focus on the Northeast planning region of Macedonia, CEA/ Federation of Farmers of Republic of Macedonia (FFRM), funded by European Union, October, 2016 (co-authors Vesna Garvanlieva, Gabriela Dimovska), pp.46,COBISS.MK-ID 101719818. http://cea.org.mk/wp-content/uploads/2016/10/Analiza_Politiki_Soc_Ink_PTrud-w-disclamer-CIP-21092016.pdf
96. “Policy on Balanced Regional Development in Macedonia – Goals, Challenges, Trends” published within the USAID Civil Society Project, Publisher: Foundation Open Society – Macedonia, January 2017, published in English, Macedonian and Albanian (co-author Slagan Penev).
97. “Research the labor market -Young unemployed in The Northeast planning region of Macedonia”,(research monograph), CEA/ Federation of Farmers of Republic of Macedonia (FFRM), funded by European Union, CEA publication, May, 2016 (co-authors Vesna Garvanlieva, Marjan Nikolov, and Igor Mitevski, Gabriela Dimovska), pp.61, COBISS.MK-ID 101095946. http://cea.org.mk/wp-content/uploads/2016/05/Istrazuvanje-profil-na-nevraboteni-ponuda-final.pdf
98. “Analysis of the labor market – Demand for labor in the Northeast Region of Macedonia”,(research monograph), CEA/ Federation of Farmers of Republic of Macedonia (FFRM), funded by European Union, CEA publication, May, 2016 (co-authors Vesna Garvanlieva, Marjan Nikolov, and Igor Mitevski, Gabriela Dimovska), pp.80. COBISS.MK-ID 101095690. http://cea.org.mk/wp-content/uploads/2016/05/Analiza-na-pazar-na-trud-pobaruvacka-final.pdf
99. “Budget Process Transparency in Macedonian Municipalities”,(research monograph), CEA/FORUM-CSID and European Union, CEA policy paper, August, 2015 (co-authors Vesna Garvanlieva, Marjan Nikolov, and Slagan Penev), published in Macedonian and Albanian.
100. “Feasibility study – Performance Budgeting for a Better Budget Process and Increasing Transparency and Accountability”,(research monograph), CEA/IDSC and European Union, CEA, January, 2015 (in English, Macedonian and Albanian). Available at: https://idscs.org.mk/en/2015/01/26/feasibility-study-performance-based-budgeting/
101. “Performance Budgeting – for a Better Budget Process and Increasing Transparency and Accountability”, (research monograph), CEA/IDSC and European Union, September, 2014 (in Macedonian and Albanian). See: http://www.cea.org.mk/documents/CEA_IDSCS_Performance_budgetingMKD.pdf
102. “Report of the monitoring of transparency and accountability of the budget users” published study, CEA/IDSC and European Union, November, 2014 (in English/Macedonian/Albanian). See: http://www.idscs.org.mk/images/performancebudgeting/CEA-IDSCS-Izvestaj-od-monitoring-FINAL-EN-B5.pdf and http://cea.org.mk/documents/cea_idscs_izvestaj%20od%20monitoring_mkd.pdf
103. Study on the importance of remittances of persons working in Afghanistan and Iraq for Kumanovo and Tetovo, Centre for Economic Analysis, Skopje, May 2012, pp.31. Available at: http://cea.org.mk/documents/studii/CEA%20Studija%20%20transferi%20od%20Irak%20i%20Avganistan%20-%20Final.pdf
104. Study on the Effects of The Greek Economic Crisis on The Macedonian Economy, Center for Economic Analyses – CEA, June, 2010 (Co-author Hristijan Risteski). Available only in Macedonian at: http://cea.org.mk/documents/studii/EFEKTI%20OD%20GRCKATA%20EKONOMSKA%20KRIZA.pdf
105. Analysis of the status and structure of the consumption of students and pensioners in Macedonia (policy study), CEA Journal of Economic, December, 2009, pp.97. Available only in Macedonian: http://cea.org.mk/documents/studii/STUDENTI%20I%20PENZIONERI%20FINAL%20FINAL.pdf
published or unpublished
106. “Manual for budgeting of local self-government units – in 7 steps”, prepared as part of the USAID Resource Capacity Building Project (SRMA), with the support of the American people through the United States Agency for International Development Development (USAID)- https://sdc.com.mk/wp-content/uploads/2021/11/%D0%9F%D0%A0%D0%98%D0%A0%D0%90%D0%A7%D0%9D%D0%98%D0%9A-%D0%91%D1%83%D1%9F%D0%B5%D1%82%D0%B8%D1%80%D0%B0%D1%9A%D0%B5-%D0%B2%D0%BE-%D0%95%D0%9B%D0%A1.pdf?fbclid=IwAR3vam9jSpB13d_dmkB1NZdPjlfu2RyyFsO-iZOEnSqo8JEyHH7w2ZVD2Pg
107. “Local Government Finance and Local Taxes Collection Methodology for Monitoring the Effectiveness of Municipalities in the area of Local Tax Collection”, UNDP/Ministry of Finance Slovakia, September 2021(with Marek Kulka).
108. “Strategy for development of the Northeast Planning Region”, The Center of Northeast Planning Region, Kumanovo, January, 2021
109. Financing of the local governments in the Republic of Macedonia in 2019 (Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, November,2020
110. Semi-Annual Report on the Financing of Local Governments in The Republic of Macedonia for 2020 (Semi-Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, November, 2020
111. ANALYSE AND GUIDELINES- ADMINISTRATION OF LOCAL PROPERTY TAXES, UNDP/Ministry of Finance, Republic of North Macedonia, December 2019
112. GUIDELINES FOR EFFICIENCY INCREASE IN APPLYING TRANSFER PRICING, Republic of North Macedonia, UNDP/Ministry of Finance, December 2019
113. GUIDELINES FOR EFFICIENCY INCREASE IN EXCHANGE OF INFORMATION FOR TAX PRUPOSES, UNDP/Ministry of Finance, Republic of North Macedonia, December 2019
114. Financing of the local governments in the Republic of Macedonia in 2018 (Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, October,2019
115. Semi-Annual Report on the Financing of Local Governments in The Republic of Macedonia for 2019 (Semi-Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, October, 2019
116. Five Feasibility studies – Feasibility study on local government borrowing and issuing municipal bonds in Municipality of Veles/Municipality of Kumanovo / Municipality of Gostivar / Municipality of Strumica and Municipality of Kisela Voda. UNDP/Ministry of Finance/Ministry of Local self-government
117. Comparative Report 2013 -2017: Financing of the local governments in the Republic of Macedonia, UNDP/Ministry of Finance, Skopje, October,2017
118. Financing of the local governments in the Republic of Macedonia in2017 (Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, October,2017
119. Semi-Annual Report on the Financing of Local Governments in The Republic of Macedonia for 2018 (Semi-Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, October, 2018
120. “Islamic Economics”, Yeni BALKAN NEW, No. 14, February 2018. Available at: http://www.yenibalkan.com/ekonomi
121. “Economic challenges – Old economic wine in new bottles”, FORUM ANALITICA, 12 2017, No 15, Available at: forum.org.mk
122. Evaluation Report of the structure and form of K1 and K2 (evaluation of the key quarterly reports prepared by LSGU regarding budget execution and arrears), UNDP, January 2018
123. Semi-Annual Report on the Financing of Local Governments in The Republic of Macedonia for 2017(Semi-Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, December, 2017
124. Financing of the local governments in the Republic of Macedonia in2016 (Annual Fiscal Decentralization Report), UNDP/Ministry of Finance, Skopje, November,2017
125. “Good Governance in Public Finance Management” Manual for municipal councilors, UNDP/AFO, January, 2016
126. “Manual for monitoring of budget transparency on local level”, CEA/FORUM, European Union, June, 2014 (coauthor). Available at: https://kbm.mk/wp-content/uploads/2014/07/Прирачник.pdf
127. “Citizens Budget of R. Macedonia for 2013”, (document/brochure), Centre for Economic Analysis, Skopje, 2013, pp.29. Co-author: Marjan Nikolov, Hristijan Risteski. Available at: http://www.cea.org.mk/documents/GraganskiBudgetFinalS.pdf
128. Report – Analyses of the personal inflation in the Republic of Macedonia, Centre for Economic Analysis, Skopje, December 2010, pp.26. (co-author): Marjan Nikolov, Hristijan Risteski, Mile Naskoski, Available at: http://cea.org.mk/documents/studii/Izvestaj%20od%20kalkulator%20za%20personalna%20inflacija-FINAL.pdf
Membership of professional bodies:
Journal Reviewer and Board member
Honours and Awards
Selected specific experience in the region (international):
Selected – Trainings, Conferences, Workshops
Trainings, study trips
Berlin, Germany n 17 -21 February 2020
Tivat, Montenegro 2-5 June 2020
Bali , Indonesia 2-10 July, 2020
Tirana ,Albania October 14 -15, 2020
Belgrade, Serbia, September 2019
Belgrade, Serbia, September 2019
Trainings/workshops part of the International Scientific Project “Accelerating Progress on Effective Tobacco Tax Policies in Low- and Middle-Income Countries“, funded by the University of Illinois at Chicago.
Study visit for sstrengthening the capacities of the Ministry of Finance and Public Revenue Office for transfer pricing and in exchange of information for tax purposes – in the framework of the project title” Public Finance for Development (PFD)”, Programme established by Ministry of Finance of Slovak Republic and UNDP Istanbul.
Study visit for strengthening the capacities of the Ministry of Finance/ ZELS/Municipalities/ Cadastre/Public Revenue Office for administrating Local property taxes – in the framework of the project title” Public Finance for Development (PFD)”, Programme established by Ministry of Finance of Slovak Republic and UNDP Istanbul.
International Summer School on the Regulation of Local Public Services 20th Edition. (21 participant vs. 910 applicants form 108 countries). This prestigious International School is designed to offer two weeks “full immersion” in user charges regulation of local public services (e.g. waste, water, public transport, district heating, sport facilities). See more – http://turinschool.eu/iss.
19 February – 14 March, 2016, US: Washington, D.C, Los Angeles (California), Denever (Colorado), Jacksonville (Florida) and New York
International Visitor Leadership Program “Transparency and accountability” organized and funded by U.S. State Department (nominated by US Embassy Macedonia). Meetings, summits, discussion with representatives by number of key federal and national US institutions: American University, Washington; University of California, Los Angeles; University of Columbia, New York; The Bauman Foundation/Georgetown University Public Policy Institute; U.S. Department of State (DOS); The United States Government Accountability Office (GAO); The United States Department of Justice (DOJ); The Council of Inspectors General on Integrity and Efficiency (CIGIE); U.S. Office of Government Ethics (OGE), United States House of Representatives Committee on Ethics, New York Regional Office of the U.S. Securities and Exchange Commission (SEC); New York State Department of Financial Services (DFS); The Revenue Watch Institute (RWI) etc.
5 November – 10 November 2014, Helsinki. Finland
Study trip to Helsinki (team leader and coordinator) – participants form eight budget users from Macedonia meet (workshop sessions) with number of institutions in Finland (Ministry of Finance, State Treasury, National Audit Office, Prime Minister’s Office, Ministry of Transport and Communications, Parliament) to discuss about Finish experience with budget reform, especially performance budgeting.
January 13, 2014 to January 24, 2014, Vienna, Austria
Macroeconomic Management and Fiscal Issues Training organized by International Monetary Fund (IMF), Joint Vienna Institute, Vienna, Austria
May 28, 2012 to June 8, 2012, Vienna, Austria
Monetary and Exchange Rate Policy Training organized by International Monetary Fund (IMF), Joint Vienna Institute, Vienna, Austria
July 09 – 20, 2007 Belgrade – Serbia
Letter of Excellence and Certificate, “Vienna and Chicago: Two Schools of Free-Market Economic Summer School organized by ESPI Institute
April 2005, Skopje
Certificate “International Money Markets” Seminar organized by ATTF Luxembourg
May 23 – July 05, 2005, Skopje Certificate “Pension Administration” Seminar organized by World Bank Institute
Во 2020 Економскиот факултет при Универзитетот “Св. Кирил и Методиј” во Скопје слави 70 години од своето основање.
Економскиот факултет во рамките на интегрираниот државен Универзитет „Св.Кирил и Методиј“ во Скопје е најголема образовна и истражувачка институција во Република Македонија од областа на економијата и бизнисот.
Faculty of Economics
Ss Cyril and Methodius University
bul. Goce Delcev 9V
Republic of North Macedonia
telephone: (02) 3286-800
fax: (02) 3118-701