IDEAS home Printed from https://ideas.repec.org/a/dug/journl/y2011i28p89-97.html
   My bibliography  Save this article

The Financial “Tsunami” of 2008 and its Effects on the Albanian Economy and Financial System

Author

Listed:
  • Albana Hashorva (Cami)

    (Faculty of Economy , University of Tirana, Albania)

  • Engjell Pere

    (Faculty of Economy , University of European of Tirana, Albania)

Abstract

This paper will take in consideration the current situation of the Albanian financial system after two decades of transition towards market economy and analyzes the barriers and challenges that lie ahead on the path of development. The analysis considers three segments of financial system: banks, debt market and capital market, without underestimating none of them. Based on the experience of developed countries we have given some consideration and have observed several problems related to the role of the financial system and economy as a whole. After financial “tsunami” of 2008 the Albanian economy, the financial system is faced to global financial crisis and also faced to consequences of it. That’s one more reason to be more careful now, especially, about banking sector. But how will be transmitted to and affect the financial crisis of 2008 in Albania? What about the financial system and especially the banking sector in Albania after global crisis? Which are the determinants of crisis? Actually Albanian economy has felt a limited impact from global financial crisis. Slow integration to the global markets ,the prudent economic policies and the lack of financial markets have eventually spare Albanian economy by financial crisis but not so much from economic crisis.

Suggested Citation

  • Albana Hashorva (Cami) & Engjell Pere, 2011. "The Financial “Tsunami” of 2008 and its Effects on the Albanian Economy and Financial System," EuroEconomica, Danubius University of Galati, issue 28, pages 89-97, May.
    • Handle: RePEc:dug:journl:y:2011:i:28:p:89-97
    as

    Download full text from publisher

    File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/903/787
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective during Financial Crises?," American Economic Review, American Economic Association, vol. 99(2), pages 573-577, May.
    2. World Bank, 2009. "The World Bank Annual Report 2009," World Bank Publications - Books, The World Bank Group, number 4354, December.
    3. World Bank, 2009. "The World Bank Annual Report 2009," World Bank Publications - Books, The World Bank Group, number 4356, December.
    4. Demirguc-Kunt, Asli & Detragiache, Enrica, 1997. "The determinants of banking crises : evidence from industrial and developing countries," Policy Research Working Paper Series 1828, The World Bank.
    5. World Bank, 2007. "The World Bank Annual Report 2007," World Bank Publications - Books, The World Bank Group, number 7534, December.
    6. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
    7. World Bank, 2008. "The World Bank Annual Report 2008," World Bank Publications - Books, The World Bank Group, number 7524, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Muhongayire, Wivine, 2012. "An Economic Assessment of the Factors Influencing Smallholder Farmers' Access to Formal Credit: A Case Study of Rwamagana District, Rwanda," Research Theses 198522, Collaborative Masters Program in Agricultural and Applied Economics.
    2. Claude Ménard & Aleksandra Peeroo, 2011. "Liberalization in the Water Sector: Three Leading Models," Chapters, in: Matthias Finger & Rolf W. Künneke (ed.), International Handbook of Network Industries, chapter 18, Edward Elgar Publishing.
    3. Devi Sridhar & Ngaire Woods, 2013. "Trojan Multilateralism: Global Cooperation in Health," Global Policy, London School of Economics and Political Science, vol. 4(4), pages 325-335, November.
    4. Gemunu Nanayakkara, 2012. "Measuring the Performance of Microfinancing Institutions: A New Approach," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 13(1), pages 85-104, March.
    5. Ali Burak Güven, 2012. "The IMF, the World Bank, and the Global Economic Crisis: Exploring Paradigm Continuity," Development and Change, International Institute of Social Studies, vol. 43(4), pages 869-898, July.
    6. Claudio Borio & Robert Neil McCauley & Patrick McGuire, 2017. "FX swaps and forwards: missing global debt?," BIS Quarterly Review, Bank for International Settlements, September.
    7. Peña, Guillermo, 2016. "The determinants of banking crises: Further evidence," MPRA Paper 70093, University Library of Munich, Germany.
    8. Lepers, Etienne & Sánchez Serrano, Antonio, 2020. "Decomposing financial (in)stability in emerging economies," Research in International Business and Finance, Elsevier, vol. 51(C).
    9. Sonal Devesh & Abdullah M. Asrul Affendi, 2021. "Modelling the Impact of Oil Price on Food Imports: Case of Oman," International Journal of Energy Economics and Policy, Econjournals, vol. 11(4), pages 113-120.
    10. Hannah Schürenberg-Frosch, 2014. "Improving Africa's Roads: Modelling Infrastructure Investment and Its Effect on Sectoral Production Behaviour," Development Policy Review, Overseas Development Institute, vol. 32(3), pages 327-353, May.
    11. M.N. Tripathi, 2015. "Swachh Odisha: A Case on Attempting to Inculcate Healthy Sanitation Practices in Rural Odisha," Asian Journal of Management Cases, , vol. 12(2), pages 109-127, September.
    12. Junichi Fujimoto & Ko Munakata & Koji Nakamura & Yuki Teranishi, 2017. "Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search," GRIPS Discussion Papers 16-30, National Graduate Institute for Policy Studies.
    13. Bategeka, Lawrence & Kiiza, Julius & Kasirye, Ibrahim, 2013. "Institutional Constraints to Agriculture Development in Uganda," Research Series 159668, Economic Policy Research Centre (EPRC).
    14. D. Fernández-Arias & M. López-Martín & T. Montero-Romero & F. Martínez-Estudillo & F. Fernández-Navarro, 2018. "Financial Soundness Prediction Using a Multi-classification Model: Evidence from Current Financial Crisis in OECD Banks," Computational Economics, Springer;Society for Computational Economics, vol. 52(1), pages 275-297, June.
    15. Addison, Tony & Anand, Prathivadi Bhayankaram, 2012. "Aid and Infrastructure Financing: Emerging Challenges with a Focus on Africa," WIDER Working Paper Series 056, World Institute for Development Economic Research (UNU-WIDER).
    16. Chinenye Ifeoma Nwokolo & Matthew Ikechukwu Ogbuagu & Wakeel Atanda Isola, 2021. "Migrant’s remittance and investment financing nexus in Africa: Does investment climate matter?," Future Business Journal, Springer, vol. 7(1), pages 1-11, December.
    17. Enisse Kharroubi, 2011. "The trade balance and the real exchange rate," BIS Quarterly Review, Bank for International Settlements, September.
    18. Hager HAMDANE BEN LETAIFA, 2011. "Déréglementation bancaire et stabilité financière dans les pays émergents," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 2(1), April.
    19. Atta Khan & Abdul Saboor & Abid Hussain & Shumaila Sadiq & Abdul Mohsin, 2014. "Investigating Multidimensional Poverty across the Regions in the Sindh Province of Pakistan," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 119(2), pages 515-532, November.
    20. Etienne Harb & Nohade Nasrallah & Rim El Khoury & Khaled Hussainey, 2022. "Applying Benford’s Law to detect accounting data manipulation in the pre-and post-financial engineering periods: Evidence from Lebanon," Working Papers of LaRGE Research Center 2022-10, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dug:journl:y:2011:i:28:p:89-97. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Nuta (email available below). General contact details of provider: https://edirc.repec.org/data/fedanro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.