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Former Yugoslav Republic of Macedonia: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper quantifies the short- and medium-term growth effects of major ongoing highway and railway projects in the Former Yugoslav Republic of Macedonia. A standard neoclassical growth model is augmented with public capital to capture both demand and supply-side effects of public infrastructure investments. The calibrated model suggests that the four ongoing highway and railway investments of 2–3 percent of GDP annually for 2014–18 are likely to raise the growth rate of real GDP by 0.5 percentage points on average for each year in 2014–20. Enhancing public investment efficiency can increase growth effects up to 0.8 percentage points.

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  • International Monetary Fund, 2016. "Former Yugoslav Republic of Macedonia: Selected Issues," IMF Staff Country Reports 2016/357, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2016/357
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    1. Ms. Elina Ribakova & Mr. Balázs Horváth & Mr. Dimitri G Demekas & Mr. Yi Wu, 2005. "Foreign Direct Investment in Southeastern Europe: How (and How Much) Can Policies Help?," IMF Working Papers 2005/110, International Monetary Fund.
    2. Aneta Krstevska & Magdalena Petrovska, 2012. "The economic impacts of the foreign direct investments: panel estimation by sectors on the case of Macedonian economy," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 1(2), pages 55-73.
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