Elena Makrevska Disoska
Elena Makrevska Disoska, PhD is assistant professor at Ss. Cyril and Methodius University in Skopje, Faculty of Economics- Skopje, Department of International Trade. Her field of research is in international economics and European Economic Integration. She is engaged on subjects entitled: The EU Singe Market and International Organizations and Integration at the undergraduate studies. She is the author of the monograph: The Euro and the international trade of EU, published in 2015. She is also co-author of the research monograph entitled: Comparative Time Release Study published by the Ss. Cyril and Methodius University, Faculty of Economics – Skopje in cooperation with the Customs Administration of the Republic of Macedonia. So far she has been engaged in a number of national projects and has participated in many international and domestic workshops and conferences. She has also realized a short-term international research stay at the University of Mannheim, Germany in 2012.
Visits: 245
Downloads: 17
Creative Commons License
Journal of Liberty and International Affairs | Vol. 3, No. 1 | May 2017
Elena Makrevska Disoska
By analyzing the impact of the economic crisis on the Western Balkan (WB) countries, the paper concludes that their export, inflow of remittances and FDI have suffered due to the crisis. Regarding the rapid credit growth in years before the crisis it spurred an increase in imports, which in context of relatively uncompetitive economies, led to increased current account deficits despite significant remittances and FDI inflows. The impact of the crisis in the region can be explained mainly by their degree of European integration. But, the European Union (EU) is more uncertain to embrace the economically weaker countries, causing loss of EU credibility. It seems that the EU integration is a double-edged sword for the WB: in good times EU delivers its prosperity, but at a time of crisis, it is creating instability.
economic crisis; transmission channel; Western Balkans; European Union

1. Barlette, W. and Monastiriotis, V. 2010. South East Europe after the Economic Crisis: a New Dawn or back to Business as Usual?. London: Research on South Eastern Europe European Institute.
2. Bartlett, W. and Prica, I. 2011. "The variable impact of the global economic crisis in South East Europe.” Economic Annals 191: 7-34. Accessed April 26, 2016. doi: 10.2298/EKA1191007B.
3. Bechev, D. 2012. The periphery of the periphery: the Western Balkans and the Euro Crisis. London: European Council of Foreign Relations publications 60.
4. Berglöf, E. et al. 2009. Understanding the crisis in emerging Europe. London: European Bank for Reconstruction and Development.
5. Burgess, R. and Körner, K. 2012. Western Balkans, bumps on the road of EU accession. Frankfurt am Main: Deutsche Bank research papers March 24.
6. Cocozza,E. et al. 2011. The Impact of the Global Crisis on South-Eastern Europe. Washington: International Monetary Fund working paper 11/300.
7. European Commission (2009). The Western Balkans in Transition. Brussels, European Commission Occasional Papers 46.
8. European bank for reconstruction and development (2013). Transition report 2013: Stuck in transition. London: EBRD.
9. European bank for reconstruction and development (2008). Transition Report 2008: Growth in Transition London: EBRD.
10. Grabbe, H. et al. 2010. Beyond wait-and-see: The way forwards for EU Balkan Policy. London: European Council of Foreign Affairs publication 21.
11. Junker, J.C. 2014. A new start for Europe: My agenda on jobs, Growth, Fairness and Democratic change. Strasburg: European Parliament. Accessed 1 June, 2015,
12. http://www.eesc.europa.eu/resources/docs/jean-claude-juncker---political-guidelines.pdf
13. Handjiski, B. et al. 2010. Enhancing Regional Trade Integration in Southeast Europe. Washington, DC: The World Bank working paper 185.
14. Kikerkova, I. 2011. "The Importance of the Creation of CEFTA-2006 for the Western Balkans: Trade Exchange of Goods”. Chinese Business Review 10 (10): 844-854
15. Novak, T. (2014). Economic Perspectives of the Western Balkans – Back to the Past. Budapest: Institute for World Economics of the Hungarian Academy of Sciences paper number 211.
16. Nic, M. 2013. The EU’s role in the Western Balkans after Croatian accession. Slovakia: Central European Policy Institute, Centre for European Studies and the Konrad Adenauer Stiftung.
17. Panagiotou R. 2012. The impact of the Economic Crisis on the Western Balkans and their accession prospects. Florence: European University Institute, working paper 64.
18. Shera, A., Shahini, L., Dosti, B.. 2015. "Financial Crisis Effect on Public Debt in Western Balkans Countries". Journal of Knowledge Management, Economics and Information Technology 5 (1):1-17.
19. USAID. 2012. Study on the Economic Impact of the Greek Crisis in Albania. Tirana: The Albanian Centre for Competitiveness and International Trade –ACIT.
Circle of Friends
Any views expressed in this publication are the views of the authors and are not necessarily the views of the editors or publisher.
Journal of Liberty and International Affairs
is published by the Institute for Research and European Studies - Bitola
Creative Commons License
This work is licensed under a
Creative Commons Attribution 3.0 Unported License