Entrepreneurship is an important factor of potential growth and development that will determine the development dynamics of transition countries in the future

The existence of a stable long-run demand for money is important for conducting monetary policy for two main reasons: first, a stable demand for money represents a prerequisite for supplying an adequate quantity of money in accordance with the needs of businesses and households; second, the stability of the demand for money is a necessary condition for implementing monetary policy strategies in which monetary aggregates have a prominent role. Our main goals are to analyse the longrun relationship between money and several other variables in Macedonia; to examine the short-run dynamics of the demand for money; and to assess the properties of stability of the money demand function. The properties of the long-run demand for money are explored within the context of a co-integration approach, while the short-run dynamics are analysed employing an error-correction model. Our research reveals that the income elasticity of the demand for money is less than unitary, the short-run adjustment toward long-run equilibrium is rather slow and the estimated demand for money seems to be quite stable.

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Summary: Th is paper has the goal to evaluate the existence of asymmetry of macroeconomic shocks between the SEE countries. It focuses on the

The question of how Macedonian banks managed to maintain their performances and double their profits even during periods of slow credit growth and low financial intermediation is always contentious. This paper aims to identify the drivers supporting positive and stable returns in the Macedonian banking sector, aspiring to try to answer the question: Does higher efficiency drive the Macedonian banks' profitability?The paper is focused on the determinants of bank profitability in the Macedonian banking sector. It aims to identify the drivers supporting positive and stable returns in 12 Macedonian banks for the period from 2007 to 2021. Using regression with time-fixed effects and a yearly data set compiled from revised individual financial reports of each bank, authors alternatively evaluate the impact of five independent variables (loan to deposits ratio, net-interest margin, overhead costs, equity multiplier, and fee income) on return on assets, set in the model as a dependent variable.Based on the results, it can be concluded that several factors, including net interest income, operating costs, and fee income, influence banks' profitability. These variables significantly impact banks' profitability, as indicated by the estimated coefficients of the panel data model. On the other hand, the loan-to-deposit ratio and assets-to-capital ratio were insignificant in the model, suggesting that they have little to no impact on bank profitability.