THE DETERMINANTS OF SHADOW BANKING IN THE EU MEMBER STATES?

EMPIRICAL PANEL COINTEGRATION APPROACH

PhD, Kjosevski Jordan(corresponding author), Pitu Guli 5, Ohrid, Republic of

Macedonia- , Silk Road Bank
Scientific affiliation: macroeconomics, financial management. Phone: +389 078 247 717.
E-mail: jordan_kos@yahoo.com.

Ph.D Mihail Petkovski, Professor at Faculty of Economics, University Ss. Cyril and
Methodius in Skopje Blvd. Goce Delchev 9V 1000 Skopje Republic of Macedonia
affiliation: financial markets and institutions, international finance and macroeconomics. He
is currently chief of the department of Financial Management.

PhD, Aleksandar Stojkov, Full Professor of Economics, Iustinianus Primus Law Faculty, Ss.
Cyril and Methodius in Skopje Blvd. Goce Delchev 9b 1000 Skopje