Friday seminars

This seminar invites the Bank of Albania employees, domestic and foreign researchers from academia and other financial, research and scientific institutions to present and discuss their theoretical and empirical research work. 

The duration of each session is 60-90 minutes and each author is given around 30-40 minutes to present the paper. The remaining time is reserved for questions and comments.

Social and Economic  Impact: Construction, Real Estate and Housing Sector in Albania Mr. Enkelejd Musabelliu, managing partner at Adriatica RC 03.02.2023 This study aims to answer questions such as: How effective are existing housing programs and municipal housing plans? The housing market in Albania is characterized by the unwillingness of sellers to sell. Part of the reason for this is the relatively low costs of owning more than one home. What are the possible consequences of the implementation of the new property tax, which in the future will be the main source of revenue for municipalities. Is the rising cost of housing hindering the natural migration of the working population? Will Tirana and the coastal areas face a shortage of workers in the near future?  
Climate Change Awareness, Impact and Adaptation Strategies - the Case of Albanian Agriculture Sector  Mr. Edvin Zhllima and Mr. Drini Imami, Agricultural University of Tirana, Albania, Department of Rural Development Economics and Policy 14.04.2023 This paper analyzes the adaptive capacity and risk from climate change in Albania based on a survey with experts of the public advisory service for agriculture. Respondents have identified over the last few years increases above the average level of drought durations and temperature changes, frequency of floods, premature rains and frosts. They claim that there is a high negative impact of climate change on agriculture. The paper also presents expert opinions on policy implications regarding climate change adaptation strategies.  
Sustainable finance: present and future challenges Ms. Anjeza Kadilli, Assistant Professor of Finance at University of Geneva. 26.05.2023 In the first part we explore the latest trends in sustainable finance in terms of assets under management, asset classes and strategies globally and in Switzerland. In the second part, we emphasize the importance of regulation and data. With various investment and reporting regulations, the European Union is a leader in sustainability. In the last part, we highlight three impacts of the current transition in the economy: (i) the intensive use of metals versus energy, (ii) the risk of higher inflation, (iii) the importance of innovation. We highlight one area of research on the impact of regulation on investment performance. Online
The Information Content of Stress Test Announcements Mr. Michele Modugno, Chief, Financial and Macroeconomic Stability Studies
Board of Governors of the Federal Reserve FED)		 06.06.2023 We exploit institutional features of the U.S. banking stress tests to disentangle different types of information garnered by market participants when the stress test results are released. By examining the reaction of different asset prices, we  find evidence that market participants value the stress test announcements not only for the information on possible future capital distributions but also for the signals about bank resilience. These results back the use of stress tests by central banks to inform the broader public about the soundness of the banking system.  
Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy Prof. Dimitrios Tsomocos, Professor of Financial Economics and Fellow, Said Business School and St. Edmund Hall at University Of Oxford; Charles A.E. Goodhart, M. Udara Peiris, Xuan Wang 21.09.2023 The COVID-19 pandemic has coincided with a rapid increase in indebtedness. Although the rise in public debt and its policy implications have recently received much attention, the rise in corporate debt has received less so. We argue that high levels of corporate debt may impede the transmission mechanism of monetary policy and make it less effective in controlling inflation. In an environment with working capital financing requirements, when firms'  indebtedness is sufficiently high, the income effect of higher nominal interest rates offsets or even dominates its usual negative substitution effect on aggregate demand and is quantitatively important. This mechanism is independent of standard financial and nominal frictions and aggravates the trade-off between inflation and output stabilisation.  
In (Re)Search of Credit Crunch (Rationing) Periods in Albania: A Disequilibrium Approach Gerti Shijaku (Research Department, Bank of Albania) 10.11.2023 This paper presents an empirical analysis of the hypothesis of the existence of a possible crisis episode (rationing) in the credit market in Albania, focusing especially on the period after the global financial crisis. Using macroeconomic data, those from the banking sector and the survey of lending activity during this period, we separate the demand and supply of credit by estimating a dynamic model of market disequilibrium Albanian bank loan according to the standard VAR approach. The analysis includes the bank loan market to firms (and households). The main results do not support a relatively strong imbalance of the credit market in Albania, which would be particularly related to credit crunch episodes. The results, however, provide evidence supporting the credit rationing hypothesis in the cases of firms and individuals.  

 

Macro econometric Albanian model (MEAM): an update of the main equations and model elasticities Lorena Skufi, Eglent Kika, Enian Çela (Monetary Policy Department, Bank of Albania) 14.01.2022 This paper provides an update of the Macro Econometric Albanian Model (MEAM). The elasticities and the properties of the MEAM are demonstrated through shock analysis in terms of single equations and systems of equations. The model diagnostics are tested with different techniques in and out of sample. The MEAM is used to produce medium-term forecasts, alternative scenarios, stress test scenarios, counterfactual analysis, and is employed alongside other econometric tools for evaluating the impact of monetary and fiscal policy. (Online)
In Search of Credit Crunch (Rationing) Periods in Albania: A Disequilibrium Approach Gerti Shijaku (Research Department, Bank of Albania) 03.02.2022 This paper presents an empirical investigation of the hypothesis of a credit crunch (rationing) of the Albanian credit market after global financial crisis. Using data over this period of macroeconomic and banking sector instability, we estimate a dynamic disequilibrium model of the Albanian credit market with a standard VAR approach. Analysis includes credit market to firms (and households). Results are crosschecked by the insights from the bank lending surveys.
Measuring Advanced Manufacturing and Process Innovation: Applications to Productivity and Growth Dr. Elvira Sojli, Associate Professor of Finance and Scientia Fellow Alumni in the School of Banking and Finance, the University of New South Wales, and the president of FIRN (Financial Research Network), Leo Liu (University of New South Wales); Wing Wah Tham (University of New South Wales); 02.09.2022 We propose new time-varying measures of advanced manufacturing and process innovations based on patent invention claims and titles from 1850 to 2019 across 51 countries. Using this measure, we provide evidence that these innovations are important for firm and aggregate economic growth through technological spillover to product innovations and increased profitability. We find that patents with advanced processes have higher forward citations and economic value than product patents of the same technology class and cohort. 

 

26.02.2021 The Economic History of Central, East and South-East Europe, 1800 to the Present Dr. Matthias Morys, senior lecturer in Economics at York University This book covers a clear and comprehensive guide to the economic history of CESEE from 1800 to the present day. Bringing together authors from both East and West, the book also draws on the cutting-edge research of a new generation of scholars from the CESEE region. Three decades after the collapse of communism, in Central, East and South-East Europe (CESEE), in many countries, the transformation process is incomplete. (online in webex)

 

24.01.2020 Bledar Hoda (Research Department, Bank of Albania) The  aim  of  this  study  is  to  assess  the  implications    of    Quantitative    Easing    (QE)  policies  of  the  European  Central  Bank  (ECB)  and  of  the  potential  risks  following  the  eventual  exit  from  these  policies.
20.00.2020 Lorena Skufi (Monetary Policy Department, Bank of Albania) This paper describes the link between the financial sector and the real economy in the MEAM macro model. The focus is on credit interest rates, in terms of impacts from macroeconomic indicators such as the probability of private sector bankruptcy and economic developments. This paper is an attempt to enrich the MEAM Macromodel with financial indicators.

 

08.02.2019 Lorena Skufi, Eglent Kika  (Monetary Policy Department, Bank of Albania) Price formation in the Albanian economy - a macromodel approach
15.02.2019 Enian Çela, Iris Metani, Evelina Çeliku (Monetary Policy Department, Bank of Albania) Analysis and structural developments of the Albanian economy: Approach by social accounting matrices
22.02.2019 Gerti Shijaku  (Reseach Department, Bank of Albania) Bank  prudential  behaviour.  A statistical  assessment based on an alternative new  index estimated by the principal component analysis approach
07.03.2019 Bledar Hoda (Reseach Department, Bank of Albania) Virtual currencies, technological innovation and central banking
21.03.2019 Altin Tanku, Ilir Vika  (Reseach Department, Bank of Albania)  What drives the lek-euro exchange rate?
29.03.2019 Eglent Kika, Olti Mitre (Monetary Policy Department, Bank of Albania) An estimation of the natural rate of interest in Albania
26.04.2019 John Joyce (IMF expert) Sectoral accounts and balance sheets: Policy uses of sectoral accounts
30.05.2019 Indrit Hoxha (Assistant Professor of Economics at Penn State Harrisburg University), Edward Hoang (University of Colorado, Colorado Springs) The effect of net income shocks on firm behavior: A variance decomposition approach to firm level data
20.09.2019 Olti Mitre, Eglent Kika (Monetary Policy Department, Bank of Albania),Tibor Hledik (Joint Vienna Institute) The Albanian medium term projection model
22.11.2019 Maria Silgoner (Chief Economist at the Bank of Austria's Foreign Research Sector) Financial literacy in Austria: A survey of recent research results
13.12.2019 Xhilda Kanini, Enkli Ylli, Aida Mollaj (Department of Information Technology) The main risks that affect cyber security

24.01.2018 Bledar Hoda (Reseach Department, Bank of Albania) Banks and Firms Net Worth on Borrowing Cost:  What  do  the  data suggest?
09.03.2018 Elona Dushku, Kliti Ceca (Reseach Department, Bank of Albania) Agricultural enterprises in Albania 
and their funding
16.03.2018  Elona Dushku, Kliti Ceca (Reseach Department, Bank of Albania) Use of external financing by micro enterprises (1-4 employees) in Albania
06.07.2018 Dr. Ilir Miteza, Deputy Dean for "Graduate, Global and Digital Education" at the University of Michigan Dearborn. The unconventional normal: monetary policy innovations, challenges, and dilemmas

 

 

 

19.01.2017 Andrea Neri, Concetta Rondinelli, Filippo Scoccianti (Bank of Italy) Household spending out of a tax rebate: The Italian 80 euro bonus
10.02.2017 Meri Papavangjeli, Arlind Rama (Reseach Department, Bank of Albania) Evaluation of forecasting performance: of the GAP model
21.04.2017 Margherita Bottero (Advisor at the Economics and Statistics Department, Bank of Italy) Simone Lenzu (University of Chicago, Chicago, IL. USA) Filippo Mezzanotti (Kellogg School of Management, Northwestern University, Evanston, IL. USA) Sovereign debt exposure and the bank lending channel: impact on credit supply and the real economy.
23.06.2017 Wanda Cornacchia (Advisor at Financial Stability Analysis and Coordination Division,
Financial Stability Directorate, Bank of Italy)		 Assessing financial stability risks arising from the real estate market in Italy
30.06.2017 Daniela Markoni (Senior Advisor, Emerging Economies and World Trade Division, Bank of Italy) Assessing potential growth in emerging countries after the global financial crisis
25.08.2017 Marco Taboga (Head of the Financial markets Unit, Economics and Statistics Department), Bank of Italy Understanding policy rates at the zero lower bound: insights from a Bayesian shadow rate model
22.09.2017 Gerti Shijaku (Reseach Department, Bank of Albania) Does bank competition affect stability in banking system after global financial crises
24.12.2017 Bledar Hoda (Bank of Albania) Banking and Firm Financial Health Influence on Borrowing Cost: What do the data suggest?

08.04.2016 Evelina Çeliku, Enian Çela, Iris Metani (Monetary Policy Department) Endrit Yzeiraj (Reseach Department) Bank of Albania Potential output and growth; Output and unemployment gaps in the case of Albania – comparative analysis of recent estimations
20.05.2016 Gerti Shijaku (Reseach Department, Bank of Albania) Does primary sovereignty risk matter for bank stability: Evidence from Albanian banking system
17.10.2016 Neraida Hoxhaj (Financial Statistics Department, Bank of Albania) Differences between balance of payments and foreign trade statistics
16.11.2016 Gerti Shijaku (Reseach Department, Bank of Albania) Bank concentration and Stability – the case of Albanian banking system
25.11.2016 Iftekhar Hasan (Professor of Finance and Corrigan Chair at Gabelli Business School at Fordham University in New York. Scientific Adviser at the Central Bank of Finland and Chief Editor in Financial Stability Magazine, Elseiver) Financial Contracts: Banks versus Banks
27.12.2016 Ilir Vika (Reseach Department, Bank of Albania) Blerina Vika, Kozeta Sevrani (Faculty of Economics, University of Tirana) Use of artificial neural networks to forecast the exchange rate
29.12.2016 Refika Allkurti (Fejzo) (Financial Statistics Department, Bank of Albania) Methodology of financial accounts
   

23.01.2015 Meri Papavangjeli (Reseach Department, Bank of Albania) Impact of macroeconomic factors on credit risk: Albanian case (2000-2014)
30.01.2015 Elvis Ponari (Regional representative of “UNIQA Insurance Group AG") Developments in the European financial markets and in the investment portfolio of insurance companies in Albania compared to Austria
06.03.2015 Anjeza Jahaj, Iris Metani (Monetary Policy Department, Bank of Albania) Fiscal sustainability and assessment of fiscal vulnerabilities in Albania
20.03.2015 Evelina Çeliku, Genti Hashorva, Merita Toska (Monetary Policy Department, Bank of Albania) Inflationary expectations in Albania: Rational or not? - Assessment of the observations
23.09.2015 Altin Tanku, Kliti Ceca, Elona Dushku (Reseach Department, Bank of Albania) The efficiency of banks’ credit portfolio allocation: An application of Kernel Density estimation on a panel of Albanian banking system data
26.10.2015 Gerti Shijaku (Reseach Department, Bank of Albania) The macroeconomic pass-through effects of Monetary Policy through sign restrictions approach: The case of Albania
13.11.2015 Arlind Rama (Reseach Department, Bank of Albania) Investigating Financial Development – Economic growth nexus. A Southeastern Europe perspective
  Endrit Yzeiraj (Reseach Department, Bank of Albania) Financial sector development and economic growth
  Alban Pllaha (Reseach Department, Bank of Albania) The EU-Albania Stabilization and Association Agreement

14.02.2014 Eda Dokle (Winner of the Governor's Award for the Best Diploma Thesis 2013. Master in Economics and Finance, Charles University, Prague) Inflation targeting in a dollarized economy
28.02.2014 Gerti Shijaku (Reseach Department, Bank of Albania) Foreign Currency Lending in Albania
19.03.2014 Ilir Vika, Enian Çela (Reseach Department, Bank of Albania) GDP, consumption components and deflators: Extrapolation and quarterly interpolation
04.04.2014 Ada Huibregtse (PH.D, Professor at New York University in Tirana) External Intervention in Ethnic Conflict
02.05.2014 Endrit Yzeiraj (Reseach Department, Bank of Albania) House Prices in Albania: Deviations from an Equilibrium?
07.07.2014 Matthias Morys (Professor of economics at New York University in Tirana) The emergence of a European region: Business cycles in South-East Europe from political independence to World War II
10.10.2014 Eglent Kika (Monetary Policy Department, Bank of Albania) Quo vadis Albania? Real Convergence to the EU Member States
22.10.2014 Lars E.O. SVENSSON (Professor at the Stockholm School of Economics) Modern monetary policy
07.11.2014 Enian Çela, Lorena Skufi (Reseach Department, Bank of Albania) Natural unemployment rate. A reduced-form approach
20.11.2014 Margerita Topalli (Reseach Department, Bank of Albania) The impact of economic transition on the enterprises in CEE: Co-Word Analysis

25.01.2013 Gerti Shijaku (Reseach Department, Bank of Albania) Fiscal sustainability in European Union and potential candidate countries
08.02.2013 Endrit Yzeiraj (Reseach Department, Bank of Albania) Synchronization of Business Cycle: A measuremet of integration for Eastern European Countries
22.02.2013 Bledar Hoda (Reseach Department, Bank of Albania) The impact of stochastic trend on economic fluctuations in Albania
05.04.2013 Alban Pllaha (Reseach Department, Bank of Albania) J-curve effect. The effect of exchange rate on bilateral trade balance between Albania and its main trade partners
16.04.2013 Elona Dushku (Reseach Department, Bank of Albania) A financial model for Albania: A panel data approach
03.05.2013 Branko Uroševic (Bank of Serbia) Globalization, Exchange Rate Regimes and Financial Contagion
20.05.2013 Drini Imami (Agricultural University of Tirana), Endrit Lami (Unversity of Tirana) On other aspects regarding PBC (Political Business Cycles): Political Business Cycles and Expectations
07.06.2013 Gerti Shijaku (Reseach Department, Bank of Albania) The role of money as an important pillar for monetary policy: Case of Albania
21.06.2013 Evelina Çeliku, Gent Hashorva (Monetary Policy Department, Bank of Albania) Performance of inflation forecast and monetary policy decision-making during 2011-2012
28.06.2013 Kliti Ceca, Borana Haxhimusaj
(Reseach Department )
Arlinda Koleniço, Egnis Isaku
(Foreign Relations, European Integration and Communication Department)
Bank of Albania		 Financial literacy in Albania: Survey results on measuring the financial literacy of the population, 2011
26.09.2013 Bledar Hoda (Reseach Department, Bank of Albania) The impact of nominal shocks on business cycles and on the trend of economic growth
04.10.2013 Grid Thoma (Assistant Professor of Economics and Management, Camerino University, Macerata, Italy) Financing innovation and innovation in finance
11.10.2013 Elisa Pazaj (Monetary Operations Department, Bank of Albania) Bidding behavior in albanian treasury auctions
25.10.2013 Dritan Fino Lecturer at University "Marin Barleti", Tirana Applicability of International Financial Reporting Standards in developing countries - the case of Albania
08.11.2013 Lorena Skufi, Enian Çela (Reseach Department, Bank of Albania) Imported inflation of consumer goods and its contribution to the national inflation
19.12.2013 Margerita Topalli (Reseach Department, Bank of Albania) How to write and assess an academic article
   

  AltinTanku, Elona Dushku, Kliti Ceca (Reseach Department, Bank of Albania) Empirical investigation of forecast uncertainty with Monte Carlo simulation
  Gerti Shijaku (Reseach Department, Bank of Albania), Arlind Gjokuta (Monetary Operations Department, Bank of Albania) Fiscal policy and economic growth: The Albanian case
  Erjona Suljoti, Gent Hashorva (Monetary Policy Department, Bank of Albania) House prices and mortgage loan in Albania
  Irini Kalluci (Reseach Department, Bank of Albania) Credit behaviour in Albania: A sign of convergence or a deviation from its long-term trend?
  Bora Angjeli (Winner of first place of Governor Award for Best Diploma Thesis 2011) Pension systems
  Stefan Laséen, Dan Nyberg, Ingvar Strid
(Central Bank of Sweden)		 The use of models in the monetary policy proces
  Esida Abazaj (Reseach Department, Bank of Albania) Fiscal behaviour and yield curve in Albania
  Irini Kalluci, Oriela Kodra, Kliti Ceca
(Reseach Department),
Arzana Haxhiaj
(Human Resources Department),
Lindita Shehi, Besjana Bregasi
(Supervision Department)
Bank of Albania		 Corporate governance in the Albanian banking system: Survey analysis on the corporate governance in the Albanian banking 2011)
  Kliti Ceca, Alban Pllaha (Reseach Department, Bank of Albania) Valentina Semi (Departamenti i Sistemeve të Pagesave, Banka e Shqipërisë) Payment instruments as perceived by Albanian consumers – A public survey
  Olti Mitre (Monetary Policy Department, Bank of Albania) Performance of exports of goods of Albania during the period 2005-2011
  Ermelinda Kristo dhe Delina Ibrahimaj
(Monetary Policy Department, Bank of Albania)		 Construction of a composite leading indicator for Albania
28.09.2012 Gerti Shijaku (Reseach Department), Irini Kalluci (Supervision Department) Bank of Albania Determinants of Bank Credit to Private Sector: Case of Albania
18.10.2012 Kliti Ceca, Alban Pllaha (Reseach Department), Valentina Semi (Payment Systems Department) Bank of Albania Survey report on the use of payment instruments – businesses, February-March 2012
29.10.2012 Enian Çela (Reseach Department, Bank of Albania) Determining the effectiveness of the Danish packaging tax policy: The case of paper and paperboard packaging imports
09.11.2012 Bledar Hoda (Reseach Department, Bank of Albania) Role of exchange rates in international trade models: Does the Marshall-Lerner Condition stand for Albania?
07.12.2012 Enkela Gaçaj (Reseach Department, Bank of Albania) Greek economic crisis and its impact in Albania

Saverio Simonelli (The University of Naples Federico II, Italy) Mafia and public spending: evidence on the fiscal multiplier from a quasi-experiment
Jonel Kristo (Reseach Department, Bank of Albania) Growth effects of international integration in south-eastern Europe – Implications on FDI and trade
Lorena Skufi (Winner of first Governor's Award for the Best Diploma Thesis 2010) Development of sustainable tourism: An empirical approach for Albania
Armando Memushi (Faculty of Economics, University of Tirana) Conspicuous consumption: The effects of social influences on firms’ demand, price and earnings: Conspicuous consumption in Albania
Ilir Vika (Reseach Department, Bank of Albania) Current account deficit in Albania and political implications
Jonel Kristo (Reseach Department, Bank of Albania) Evaluating the tourism-led economic growth in Albania
Esida Abazaj (Reseach Department, Bank of Albania) Macroeconomic determinants of remittances: The case of Albania
Nga Kliti Ceca, Irini Kalluci, Oriela Kodra
(Reseach Department),
Vasilika Kota
(Financial Stability Department),
Arzana Haxhiaj (Human Resources Department)
Bank of Albania		 Corporate governance in the Albanian banking system – Survey analysis on the corporate governance of the Albanian banking system
Drini Imami, Endrit Lame (Agriculture University of Tirana),
Holger Kächelein (Faculty of Economics, Tirana)		 Political cycles in privatization earnings: The case of Albania
Gerti Shijaku (Reseach Department, Bank of Albania) Optimal level of reserve holdings: An empirical investigation in the case of Albania
Franco Bruni
Professor, University of Bocconi, Milan		 After the crisis, new strategies for the European monetary policy and its management
Ismail Beka
Vice Director of GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)		 Can the small agricultural economy of Albania compete amid regional and European agricultural market competition
Evis Kopliku
Third prize winner of Governor’s Award for the Best Diploma of year 2010		 The impact of global financial crisis on the economies of south-eastern Europe
Endrit Yzeiraj (Reseach Department, Bank of Albania) The impact of trade on growth: A gravity model-based instrument approach on postcommunist Europe
Bledar Hoda (Reseach Department, Bank of Albania) Equilibrium exchange rate in a developing economy
Gerti Shijaku (Reseach Department, Bank of Albania) Sustainability of fiscal policy: The case of Albania
Oriela Kodra, Irini Kalluci (Reseach Department, Bank of Albania) How is financial performance of banks in Albania influenced by sound corporate governance
Alban Pllaha (Reseach Department, Bank of Albania) Free trade agreements and trade integration among South Eastern European countries: Gravity model estimations
Vasilika Kota, Arisa Saqe (Financial Stability Department, Bank of Albania) A financial system stress index for Albania

Oriela Kodra (Reseach Department, Bank of Albania) Monetary and financial conditions index: The case of Albania
Dilara Das (PhD, University of Southern Illinois) An investigation of the effects of exchange rate volatility on exports in East Asia
Erjon Luçi (The World Bank), Ilir Vika (Reseach Department, Bank of Albania) The equilibrium of the real Lek-Euro exchange rate: How far from equilibrium?
Doris Ritzberger-Gruenwald, Helmut Stix, Thomas Scheiber
(Research Sector, Bank of Austria)		 The use of the Euro in Central, Eastern and Southeastern Europe: Extent, causes and impacts of the Global Financial Crisis
Oliver Deasy (EU CARD program representative in Albania) The institutional model of socio-economic development: The role of education and training and related issues
Krishna Kamath
(Economist at the Finance Department of the Wharton School of Business)		 Match – making and rent – seeking: An empirical analysis of mergers of Venture – Backed Companies
Arjan Kadareja
(Member of the Supervisory Council of the Bank of Albania)		 Bank credit and GDP
Kliti Ceca (Reseach Department) Hilda Shijaku
(Financial Stability Department) Bank of Albania		 Stress-testing on indirect credit risk in Albania, based on banks’ characteristics
Sonila Biçaku
(Representative of IFC (International Finance CooperationEurope and Central Asia))		 Corporate governance in banks: Why is it important and peculiar? What does it mean?
Alban Pllaha (Reseach Department, Bank of Albania) Stabilization and Association Agreement with EU, trade integration and its economic implications
Armela Mançellari (Reseach Department, Bank of Albania) Macroeconomic effects of fiscal policy in Albania: The SVAR approach
Oriela Kodra, Irini Kalluci (Reseach Department, Bank of Albania) The key macroeconomic factors defining credit risk: The case of Albania
Evelina Çeliku, Iris Metani
(Monetary Policy Department, Bank of Albania)		 The competitive position of the Albanian economy in terms of productivity and labour cost

Irini Kalluci (Reseach Department, Bank of Albania) Determinants of net interest margin in the Albanian Banking System
Drini Imami, Endrit Lame (Agriculture University of Tirana),
Holger Kächelein (Faculty of Economics, Tirana)		 A New View into Political Business Cycles: Household Expenditures in Albania
Nicolaas de Zwager (NEXUS), Ilir Gëdeshi (CESS) DEVINPRO – Consortium Members with Key Findings and Headline Figures related to the Quantitative Surveys of Migrants and Migrants’ Households
Elona Dushku (Reseach Department, Bank of Albania) Financial Development and Economic Growth: The Albanian Case
Altin Tanku, Risan Shllaku (Reseach Department, Bank of Albania) Feasibility of Inflation Targeting in the Case of Albania
Ilir Vika (Reseach Department, Bank of Albania) Assessing Motives Behind Bank of Albania’s Purchase Interventions in the Foreign Exchange Market
Vasil Zaho
(Winner of Governor’s Award for the Best Diploma Thesis 2008)		 Efficiency and productivity growth of Albanian Banks
Murat Karagoz (Professor at Epoka University) Reflections on the late 2000 Recession
Arjan Kadareja
(Member of the Supervisory Council of the Bank of Albania)		 Financial and Real Variables for Euro Area Countries with International Linkages. A Global VAR Approach
Elona Dushku (Reseach Department, Bank of Albania) Gap model
Irini Kalluci (Reseach Department, Bank of Albania) Analysis of the Albanian Banking System from the risk-performance viewpoint
Ilir Vika (Reseach Department, Bank of Albania) Measuring the ALL Exchange Rate Equilibrium
Didar Erdinç (Faculty member at the American University of Bulgaria) Does high crediting increase banking system fragility? Transition challenges in the Bulgarian banking sector for the period 1997-2007
Lorina Green, Rezart Erindi
(Monetary Operations Department, Bank of Albania)		 “Using KMV-Merton model to forecast the likelihood of default of firms when paying off their outstanding debt.”
Rezart Erindi, Valbona Luga
(Monetary Operations Department, Bank of Albania)		 “Choosing a strategic benchmark: theoretical and practical aspects.”
Armela Mançellari (Reseach Department, Bank of Albania) “Short term evaluation of real GDP.”
Zoltan Jakab
( Director of Macroeconomic Analysis in the Office of Fiscal Counseling of the Republic of Hungary)		 “Does the fiscal multiplier exist? Fiscal and monetary reactions, confidence and fiscal multipliers in Hungary.”
Evelina Çeliku, Ermelinda Kristo, Merita Boka
(Monetary Policy Department, Bank of Albania)		 “Modeling quarterly GDP - the role of economic indicators and observations”

Arta Pisha (Financial Statistics Department, Bank of Albania) Euro Area indices: A new model for measuring central bank independence in the Euro Area