PUBLIC, PRIVATE AND FOREIGN INVESTMENT NEXUS IN THE REPUBLIC OF NORTH MACEDONIA: CROWDING-IN OR OUT EFFECT?

The levelsof investments in North Macedonia have beenperceived for a long time assub-optimal, with significant capital budget bias, regularly overestimated plans vs. outturn. research problem elaborated is whether the structure of matters. Thus objectiveof article to examine if there complementarity or substitutability between public and private investment, as well role foreign direct this nexus. Within paperthe hypothesis existence crowding-in crowding-out effectof investmentand investment exert over Macedoniais tested. –out effect tested an autoregressive distributed lag bound testing. results indicate investments,with significanceof variable at same domestic investments. immediate short run.The imply need closer examination fiscal policies efforts improved performance processes.