Over the last two decades, successive governments and business leaders in the former Yugoslav Republic of (FYR) Macedonia have been actively working to transform the country's economy and put it on a higher, technology-based, growth trajectory. For a small, landlocked country with a limited...

"This paper re-emphasizes the link from structural policies to enhanced macroeconomic stabilization using a small structural model estimated on quarterly data for Macedonia and Slovakia over 1995-2007. The success of macroeconomic stabilization, typically in the hands of monetary policy, is not...