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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
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    File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/903/787
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    References listed on IDEAS

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    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. 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.
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