This paper investigates the factors influencing credit growth in Kosovo, focusing on the relationship between credit activity and key economic variables, including GDP, FDI, CPI, and interest rates. Its analysis targets loans issued to businesses and households in Kosovo, employing a VAR model integrated into a VEC model to investigate the determinants of credit growth. The findings were validated using OLS regression. Additionally, the study includes a normality test, a model stability test (Inverse Roots AR Characteristic Polynomial), a Granger causality test for short-term relationships, and variance decomposition to analyze variable shocks over time. This research demonstrates that loan growth is primarily driven by its historical values. The VEC model shows that, in the long run, economic growth in Kosovo leads to less credit growth, showing a negative link between it and GDP. Higher interest rates also reduce credit growth, showing another negative link. On the other hand, more foreign direct investment (FDI) increases credit demand, showing a positive link between credit growth and FDI. The results show that loans and inflation (CPI) are positively linked, meaning higher inflation leads to more credit growth. Similarly, more foreign direct investment (FDI) increases credit demand, showing a positive link between FDI and credit growth. In the long term, higher inflation is connected to greater credit growth. In the short term, the VAR model suggests that GDP has a small to moderate effect on loans, while FDI has a slightly negative effect. In the VAR model, interest rates have a mixed effect: one coefficient is positive and the other negative, showing a delayed negative impact on loan growth. CPI has a small and negative effect, indicating little short-term influence on credit growth. The OLS regression supports the VAR results, finding no effect of GDP on loans, a small negative effect from FDI, a strong negative effect from interest rates, and no effect from CPI. This study provides a detailed analysis and adds to the research by showing how macroeconomic factors affect credit growth in Kosovo. The findings offer useful insights for policymakers and researchers about the relationship between these factors and credit activity.

This study highlights the importance of social capital within third sector organizations, as in other sectors of the economy, and confirms the influence of social capital on human capital. In this case, it contributes to the analysis of the structure and quality of relationships among members of a social organization, which enables motivation and commitment to collective action. Based on exploratory and confirmatory factor analysis, from a 45-item survey applied to 190 workers in social organizations; the constructs were reconfigured for the construction of the model of organizational social capital, was carried out using the structural equation methodology. It is argued that the cognitive and structural dimensions of social capital affect its relational dimension in terms of identification, trust and cooperation, which in turn influences worker motivation and other key aspects of human capital. The relational dimension, measured by workers’ identification, trust, and cooperation, has significant effects on their motivation and work engagement, which leads to important practical considerations for human resource policies in these organizations. The article contributes to the existing literature on human capital management by exploring the perception of workers in nonprofit organizations that are part of Ecuador’s third sector.