Branimir Jovanovic



Branimir Jovanovic is an Economist at wiiw and country expert for Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia and Serbia. His current research interests lie mainly around economic inequality, poverty, fiscal policy, taxation, social policies, labour rights, as well as financial crises and post-crises recoveries. Previously, he has done research on monetary policy, credit activity, exchange rates, trade, FDI, remittances, current account sustainability, forecasting, house prices. He has been adviser to the Minister of Finance of North Macedonia between 2017 and 2019 and researcher at the Central Bank of North Macedonia between 2007 and 2015. He has a PhD from University of Rome “Tor Vergata”.

Austria, Vienna

External Publications

Articles in refereed journals
  • 'Рефлексија на воведувањето на прогресивниот данок во 2018 година (in English: Reflection on the introduction of the progressive tax in 2018', Здружение на правниците на Република Македонија / Association of Lawyers of the Republic of Macedonia, Деловно право / Business Law (2019), број / No. 40, 2019
  • 'Ease of Doing Business and FDI in the Ex-Socialist Countries' (with Biljana Jovanovic), International Economics and Economic Policy, Vol. 15, Issue 3, July 2018, pp. 587–627
  • 'When is there a Kuznets curve? Some evidence from the ex-socialist countries', Economic Systems, Vol. 42, Issue 2, June 2018, pp. 248-268
  • 'Post-Crisis Credit Slowdown in South-East Europe - Return to Normality?' (with Ljupka Georgievska and Egzona Hani), Empirica, Vol. 44, Issue 4, November 2017, pp. 733–780
  • 'Tariff-induced (de)industrialization: An empirical analysis' (with Marjan Petreski and Igor Velickovski), Comparative Economic Studies , Vol. 59, Issue 3, September 2017, pp. 345–381
  • 'Growth Forecast Errors and Government Investment and Consumption Multipliers', International Review of Applied Economics, Vol. 31, No. 1, 19 August 2016, pp. 83-107
  • 'Monetary policy, exchange rates and labor unions in SEE and the CIS during the financial crisis' (with Marjan Petreski), Economic Systems, Vol. 38, Issue 3, September 2014, pp. 309–332
  • 'Monetary Policy in China: the role of the qualitative instruments' (with Marjan Petreski), Transition Studies Review, Vol. 20, Issue 3, November 2013, pp. 437-442
  • 'Monetary Policy in Small Open Economy with Fixed Exchange Rate: The Case of Macedonia' (with Marjan Petreski), Economic Systems, Vol. 36, Issue 4, December 2012, pp. 594-608
Books (Monographs and editorship)
  • Големата слика: Македонската економија на среден и долг рок (in English: The Big Picture: Macedonian Economy in the Medium and Long Run) (with Gligor Bishev, Jane Bogoev, Mila Carovska, Marija Drenkovska, Maja Gerovska-Mitev, Nikola Popovski, Nikola Stikov, Dragan Tevdovski, Vanco Uzunov and Ivana Vuchkova), Friedrich Ebert Foundation, 2020
  • Финансиска транспарентност и отчетност во високото образование и науката во РСМ (in English: Financial Transparency and Accountability in Higher Education and Science in Republic of North Macedonia) (with Mira Bekar, Natalija Milenkova, Mirjana Najchevska, Bojana Naumovska, Vesna Popovska, Mimoza Ristova, Maja Stevanovic, Aleksandar Takovski and Dragor Zarevski), Independent Academic Union (IAU), 2020
  • Вистинската цена на евтината работна сила – Политики за привлекување на странски директни инвестиции во Македонија, 2007-2015 (in English: The real price of the cheap labour force – Policies for attracting foreign direct investment in Macedonia, 2007-2015), Institute of Social Sciences and Humanities, Skopje, 2017
  • Remittances and Development in the Western Balkans: the cases of Macedonia, Kosovo and Bosnia and Herzegovina (with Ljupco Efremov, Sokol Havolli, Lejla Kamenjas, Arben Mustafa, Nermin Oruč, Despina Petreska, Marjan Petreski and Senada Smajic), Branimir Jovanovic and Marjan Petreski (eds), Scholars’ Press , Skopje, September 2013
Articles in books
  • 'Small States and the European Union: Economic Perspectives' (with Marjan Petreski and Igor Velickovski), in: Bruglio Lino (eds), The Macedonian economy and the European Union, Routledge, New York, June 2016, pp.154-183
  • 'Do Remittances Reduce Poverty and Inequality in the Western Balkans? Evidence from Macedonia?' (with Marjan Petreski), in: Janine Dahinden, Adnan Efendic and Mirjam Zbinden (eds), Diversity of Migration in South East Europe, RRPP Joint Volume, Fribourg, 2016
  • 'Did the Crisis Change it All? Evidence from Monetary and Fiscal Policy' (with Ljupka Georgievska, Maja Kadievska-Vojnovic, Ana Mitreska and Marija Petkovska), in: Ardian Fullani (eds), Economic Policies in SEE – Design, Performance and Challenges, Bank of Albania, January 2010, pp.247-272
Articles in non-refereed journals
  • 'Should the Macedonian denar be devalued? Some evidence from the trade equations', SEER: Journal for Labour and Social Affairs in Eastern Europe, Vol. 12, No. 3, 2009, pp. 339-368
  • 'Keynesian Macroeconomic model of the Republic of Macedonia: Economic Theory and Behavioural Equations' (with Marjan Petreski), Bulletin of the Ministry of Finance of the Republic of Macedonia, 9/10, 2008
Other working papers and discussion series
  • 'Kalman Filter Estimation of the Unrecorded Economy in Macedonia', National Bank of the Republic of Macedonia Research Paper, 2015
  • 'Can Monetary Policy Affect Economic Activity under Surplus Liquidity? Some Evidence from Macedonia' (with Aneta Krstevska and Neda Popovska-Kamnar), National Bank of the Republic of Macedonia Research Paper, 2015
  • 'Recent developments in house prices in Macedonia', Narodowy Bank Polski, NBP Working Paper, No. 182, Vol. 2, Article 16, pp. 157-172, Warsaw, 2013
  • 'Aggregation Bias in Trade Elasticities: The Case of Macedonia', FIW Working Paper , No. 106, March 2013
  • 'How Policy Actions Affect Short-Term Post-Crisis Recovery?', CEIS Tor Vergata, Research Paper Series, Vol. 10, Issue 13, No. 253, October 2012
  • 'Sustainability of the Macedonian current account' (with Danica Unevska), National Bank of the Republic of Macedonia Working Paper, June 2011
  • 'Forecasting Macedonian GDP: Evaluation of different models for short-term forecasting' (with Magdalena Petrovska), National Bank of the Republic of Macedonia Working Paper, August 2010
  • 'Real Estate Prices in the Republic of Macedonia' (with Biljana Davidovska-Stojanova, Maja Kadievska-Vojnovic, Magdalena Petrovska and Gani Ramadani), National Bank of the Republic of Macedonia Working Paper, Skopje, August 2008

wiiw Publications

wiiw Forecast Reports
  • 'NORTH MACEDONIA: Healing COVID-19 Wounds', Darkest before the dawn?, wiiw Forecast Report, No. Spring 2021, Vienna, April 2021, pp. 102-105
  • 'SERBIA: Setting an example for the region', Darkest before the dawn?, wiiw Forecast Report, No. Spring 2021, Vienna, April 2021, pp. 119-122
  • 'NORTH MACEDONIA: Pandemic mishandling and inadequate fiscal support take toll on the economy', No Quick Recovery in Sight, with Coronavirus Risks Looming Large, wiiw Forecast Report, No. Autumn 2020, Vienna, November 2020, pp. 92-95
  • 'SERBIA: Expansionary fiscal policy helping the economy weather the crisis', No Quick Recovery in Sight, with Coronavirus Risks Looming Large, wiiw Forecast Report, No. Autumn 2020, Vienna, November 2020, pp. 109-112
wiiw Monthly Reports
  • 'Chart of the month: Winners and losers from the Yugoslav transition', in: Vasily Astrov (eds), Monthly Report No. 6/2021, wiiw Monthly Report, No. 6, Vienna, June 2021, pp. 7-8
  • 'Is higher COVID-19 mortality hurting economic growth?', in: Vasily Astrov (eds), Monthly Report No. 3/2021, wiiw Monthly Report, No. 3, Vienna, March 2021, pp. 13-17
  • 'Return of the progressive tax', Monthly Report No. 11/2020, wiiw Monthly Report, No. 11, Vienna, November 2020, pp. 23-28
wiiw Research Reports
  • 'Getting Stronger After COVID-19: Nearshoring Potential in the Western Balkans' (with Balša Ćulafić, Martin Gaber, Mahdi Ghodsi, Belma Hasić, Muela Ibrahimi, Sophia Kluge, Ognjenka Lalović, Marko Mandić, Ravik Mima, Sanja Nikolova, Antoaneta Manova Stavreska, Olga van Zijverden and Jelena Vasić), wiiw Research Report, No. 453, Vienna, May 2021
wiiw Working Papers
  • 'Firm Profits and Government Activity: An Empirical Investigation' (with Petar Jolakoski, Joana Madjoska, Viktor Stojkoski and Dragan Tevdovski), wiiw Working Paper, No. 194, Vienna, February 2021
wiiw Balkan Observatory Working Papers
  • 'Tariff-induced (de)industrialization in transition economies: A comparative analysis' (with Marjan Petreski and Igor Velickovski), wiiw Balkan Observatory Working Paper, No. 116, Vienna, October 2015
  • 'Hemlock for policy response: Monetary policy, exchange rates and labour unions in SEE and CIS during the crisis' (with Marjan Petreski), wiiw Balkan Observatory Working Paper, No. 104, Vienna, December 2012
wiiw Opinion Pieces
  • 'Yugoslavia, 30 years on: Winners and losers from transition.', wiiw Opinion Piece, Vienna, June 2021
  • 'The EU should act resolutely after the Bulgarian veto', wiiw Opinion Piece, Vienna, December 2020
  • 'New EU Enlargement Package promises increased funding for the Western Balkans', wiiw Opinion Piece, Vienna, October 2020
  • 'Uncertainty looming after elections in North Macedonia', wiiw Opinion Piece, Vienna, July 2020