University American College Skopje

Even though virtual reality (VR), taken in a narrow sense, i.e., as a virtual environment generated by a binocular head-based system, has been developing since the 1960s, there only exist a handful of authors from the phenomenological tradition who have focused on its nature so far, and fairly recently at that. This paper will attempt to add to the Husserlian discussion of VR environments and the corresponding exprience, by both treading in the steps of current contributors and by disputing a key presupposition made in most of them. Indeed, one of the claims commonly put forth regarding VR experience is that it amounts to what, in Husserlian terms, one would call acts of image consciousness (Bildbewusstsein). Against this claim, the main purpose of this paper is to demonstrate that VR experience consists in acts of phantasy (Phantasie) instead. My analysis will involve two steps: (1.) demonstrating that VR experience should not be understood as Husserlian image consciousness, given that it does not display the structural features which distinguish it from phantasy; (2.) and demonstrating that it should be understood as phantasy instead, specifically as a kind of “perceptual phantasy” (perzeptive Phantasie).

This paper investigates how institutional rigidities shape inflation persistence in transition economies, focusing on labor market institutions and exchange rate regimes. Using a large panel of transition countries over the period 2013-2024, the analysis combines newly constructed indices of wage rigidity and labor protection, derived from AI-assisted coding of legal texts, with de facto measures of exchange rate regime rigidity and standard macroeconomic controls. The empirical strategy adopts a dynamic panel framework in which inflation persistence is conditioned on institutional characteristics through interaction terms, estimated using GMM techniques. Identification follows a cohort-based approach, comparing inflation dynamics across countries with different institutional configurations. To address potential measurement and classification uncertainty in institutional variables, the analysis incorporates a simulation-based sensitivity framework. The results show that inflation persistence varies systematically across institutional settings. Both wage rigidity and exchange rate regime rigidity tend to dampen inflation persistence, indicating that institutional constraints can weaken the transmission of past inflation into current price dynamics. This effect is particularly strong and robust for exchange rate regimes, while the effect of wage rigidity is more sensitive to measurement assumptions. Findings highlight the importance of institutional structures in shaping inflation processes and suggest that nominal rigidities may play a stabilizing role in certain macroeconomic environments.

Efforts to combat corruption increasingly emphasize the dual importance of transparency and intergovernmental coordination. These two governance principles are closely intertwined. When effectively combined, they create а framework that not only strengthens democratic legitimacy but also prevents abuse of power. From а legal reform perspective, transparency is more thаn а procedurаl vаlue; it is а safeguard аgаinst corruption. Internаtionаl standards аnd obligаtions, pаrticulаrly those stemming from Europeаn Union аccession processes аnd globаl аnti-corruption frаmeworks, further reinforce the need for trаnspаrent аnd coordinаted governаnce. North Mаcedoniа offers а compelling cаse study. Аs а unitаry stаte undergoing decentrаlizаtion аnd grаduаl deconcentrаtion of centrаl power, its institutionаl аrchitecture relies heаvily on coordinаtion between ministries, regulаtory bodies, аnd locаl governments. The аctuаl Strаtegy for Trаnspаrency 2023–2026 reflects both domestic demаnd for stronger аccountаbility аnd compliаnce with international obligations. Yet, the effectiveness of these reforms depends not only on formаl commitments but аlso on how trаnspаrency аnd coordinаtion аre prаcticed within а complex political environment. The positioning of institutions, the role of their leаders, аnd the broаder politicаl dynаmics shаpe whether аnti-corruption objectives аre аchieved in prаctice. This pаper exаmines how transparency reforms in North Macedonia intersect with intergovernmental coordinаtion аnd legаl commitments, highlighting the challenges аnd opportunities of аligning domestic governаnce structures with international аnti-corruption standards.

The aim of this study is to empirically investigate the existence of a sectoral asset price channel of monetary policy in the region of the six republics of former Yugoslavia. The study constructs sectoral indices for the entire region, building on the idea that one regional stock exchange may provide more efficiency for the listed companies in the region, while monetary policy relevance for it may be sector-specific. We employ panel vector autoregressive model to observe impulse responses of sectoral indices to innovations in monetary policy, while then disentangle the long- from the short-run relationships per index through a Pooled Mean Group estimation. Overall, we document presence of the asset price channel in the finance and telecom sectors, likely driven by the established multinational corporate networks fostering sub-market regionalization. Yet, this is not the case for the manufacturing and electricity sectors, which may imply that local stock markets are yet too fragmented and space for a more efficient regional stock market, either in the true sense of the word or, more realistically, though enhanced regional cooperation of the stock exchanges certainly exists.

This paper asks how institutional stock-market integration reshapes the transmission of monetary policy through asset prices in small open economies. Motivated by the persistent segmentation of Western Balkan capital markets, we develop a two-stage counterfactual transmission framework to identify how stock-exchange consolidation would alter the elasticity of market valuations to monetary shocks. First, a synthetic-control simulation constructs a counterfactual integrated Western Balkan stock exchange comprising Bosnia and Herzegovina, North Macedonia, and Serbia, benchmarked to the Baltic OMX merger, thereby quantifying the structural valuation gains of institutional integration. Second, we identify exogenous monetary-policy innovations using a Taylor-rule framework augmented with inflation and output forecasts and reserve adjustments. These shocks are then embedded within a Local-Projections estimator à la Jordà (2005) to trace the dynamic responses of market capitalisation under fragmented and integrated market regimes. The results point to a systematic amplification of monetary-policy transmission through the asset-price channel once markets are unified. Following a policy tightening of about 100 basis points, equity valuations fall roughly twice as strongly under integration than under fragmented markets. Additionally, we find that integration alters the sensitivity of monetary transmission itself: the initial pass-through intensifies, but its marginal responsiveness to further integration declines over time, signalling the consolidation of a new steady-state regime.