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Konferenca e Nëntë Ndërkombëtare për Riskun

The role of corruption in economic growth and public debt
Klodian MUÇO & Marsida VISHKURTI

Informal economy in Albania
Drilona MULAJ, Brunilda DURAJ & Greta NDREU

The success of territorial reform implementation in Albania
Bora Isaku & Halit Xhafa

Risk assessment as a professional discipline and risk management in public institutions
Eralda ALHYSA, Fabiola LLAKA & Arjana LLESHAJ

The Capital Structure Determinants (Case of furniture production enterprises in Albania)
Albana Gjoni (Karameta), Florinda Zherri & Flutura Kalemi

Leases: IFRS 16 and its effects
Gledia KOKOSHI & Ardi SUKAJ

Impact of capital structure on banks performance (case study Albanian banks)
Dori RISILIA, Gerta GOGO & Melita ZHERRI

Vulnerability of Albanians to Fall for Investment Scams
Arta SINAMATI

Foreign exchange rates and their connection to macroeconomic indicators in Albania
Elona KECI (FEJZAJ), Ervin DOKU & Egra IBRAHIMI

Tourism impact on economy growth – the case of Albania, Montenegro, Macedonia, Kosovo and Croatia
Ina PAGRIA, Aurora HOXHA & Mirjeta SULA

Euroisation and its impact on Albanian economy compared to nearby countries
Klesenda ZAÇE & Nurieda METKO

Disaster risk in Western Balkan countries, focusing on the financial risk of floods
Enxhi LIRZA & Rozeta PEPA

Technical analysis of foreign exchange markets. Albanian Lek currency pairs
Blisard ZANI, Elda RRAFMANI, Klaudia LILA & Sirius LASKU

Challenges of agricultural entities in financial reporting. Case of Albania
Xhelentiona Mullaymeri, Ervi Kosta & Anxhela Bakiasi

Why is Outsourcing in Albania so fast improving?
Ermela DERMYSHI, Iva GJINOLLARI & Xhonsila HOXHA

Sharing Economy in Albania. Case of Airbnb
Armela YMERI, Bojken EREBARA, Selim BLLIKU & Xhuljan VRAPI

Balkan countries and their market of private investment funds: Unraveling the challenges of this trending topic
Marela ISUFI & Era ÇELMETA

Vocational education in Albania: key findings and challenges
Jona Bezati


Konferenca e Tetë Ndërkombëtare për Riskun

The impact of interest rate and bank size in bank’s earnings in Albania
Dori Risilia, Ina Pagria & Elvis Mehmeti

The banking sector performance analysis in the actual phase of financial development
Anxhela AVRAMUSHI & Iva GJINOLLARI

Economic dependence from a single partner: Case of Albania
Eda HIDA, Erla Kadiu & Jona Bezati

Financial Markets Relation in the Southwestern Balkan Region
Gerta GOGO & Gentjan ÇERA

The implementation of IAS 39 in the banking sector in Albania
Albana Gjoni, Flutura Kalemi & Egra Ibrahimi

Personal budgeting indicated by individual characteristics
Xhonsila Hoxha

The simplicity and efficiency of tax structures in western Balkans: Comparative Analysis
Marsida Kalemaj & Mithat Ejupi

The DuPont model applied in Albanian banking system
Lorena Pashollari, Griselda Madani, Olta Mjekra & Zelejana Mele

Independence of internal auditors at public sector
Bojken Erebara, Eneida Ibrahimi, Ervisa Luca & Xhuljan Vrapi

The recognition of PIFC system principles as an imperative condition for its implementation
Ariana KONOMI

The role of leadership, entrepreneurship and innovation in performance of SMEs in Albania
Adela SHESHI & Donika KËRÇINI

The practical use of Monte Carlo Method in the Regional management within the construction industry in Albania
Arsjola DODOVECI & Elena BARDHAJ

ERP influence on business performance: conceptual framework and literature review
Besiana Lika, Eriselda Sefa & Gisjana Tahiri

Performance determinants of the higher education institutions in Albania: public vs. private
Dafina CENAJ & Edmond ÇERA

Investigation of economic crime
Aldona Doku, Blerta Shehu, Ermir Hoxha, Lorena Doku & Silvia Meto

Evaluation of Operational and Market Risk in Albanian banking sector
Halit Xhafa & Bora Isaku


Konferenca e Shtatë Ndërkombëtare për Riskun

Internal Audit in the Local Government in the Light of the Recent Administrative Reform
Kesjana HALILI

Determinants of non Performing Loans in Albania 2000-13
Olsiana Fekaj & Lorena Kurti

The challenges of regional Development in Albania
Manjola Duli

The new territorial reform and the need to revise the intergovernmental fiscal transfers
Fran BRAHIMI, Elton STAFA & Mariel FRROKU

Capital Adequacy in the Albanian Banking Sector: Short run forecasting through the ARIMA Approach
Gentjan Çera, Edmond Çera & Edlira Dashi

Investment portfolio of insurance companies: its management and comparative analyses
Besiana Lika & Gisjana Tahiri

Bank efficiency analysis: A production DEA approach under CRS
Erjola BARBULLUSHI
Reformation and the main policies and administration of the public sector. The case of Albania
Ariana Konomi, Alketa Bejko

The impact of budget deficit on inflation
Albana GJONI (KARAMETA), Holta KORA (BAKO) & Flutura KALEMI

Transfer pricing regulations and the impact on the economy
Alban ULQINI & Gledia KOKOSHI

Social insurances in Albania in critical position. Berati region
Xhonsila HOXHA

Role of Human Resources in Public Administration in Kosovo
Fadil OSMANI, Mustafë Javori & Kushtrim Gashi

Correlation between the regional and national economy in Albania
M.Sc. Arsjola DODOVECI

Role of Customs Duties in the Formation of Budget Revenues in Albania
MSc. Elena BARDHAJ

Konferenca e Gjashtë Ndërkombëtare për Riskun

Innovative formulations of MEM models: application to ‘STOXX Balkan 50 Equal Weight’ Index
Visar MALAJ & Vincenzo GENTILE

How important are Performance Management Systems to achieve outstanding financial results
Bernd THOMMES & Gordon BOWEN

The risk of material responsibility of decision making of a manager
Sherif BUNDO & Gerdi LITO

Measuring the news impact on EUR/ALL exchange rate volatility using TGARCH model
Gentjan ÇERA, Eda DOKLE & Edmond ÇERA

Progressive taxation on personal income
Alban ULQINI & Gledia KOKOSHI

Evaluation of tax knowledge in Albania
Bora ISAKU

The efficiency of Central Bank monetary policies and its role in economic growth
Klodian MUÇO, Arjola MITAJ & Ermonela RUSPI

Non-economic factors that affect non performing loans in the banking system in Albania
Gisjana TAHIRI

Macroeconomic situation and quality indicators of loan portofolio, its econometric analysis
Esmeralda DOÇI, Dori RISILIA & Ina PAGRIA

Non Performing Loans restrict economic growth of our country
Zamira VEIZI, Robert ÇELO, Irena BOBOLI & Drita LUZO

Internet banking adoption in the emerging markets: the case of Kosovo
Wilson OZUEM & Yllka AZEMI

Good-management financial practices in the context of regional development strategies implementation
Ariana KONOMI, Alketa BEJKO & Daniela QIQI

Stakeholder Networking: Sustainable Community Development in Emerging Countries
Victor A. MAH & Gordon BOWEN

Towards a model for environmental accounting – case of Albania
Rajmonda BIRACAJ, Albana JUPE & Alda TAKA

Application of Markov Chain in the insurance market in Albania using the computer’s program: (VoseMarkovSample)
Arsjola DODOVECI & Elena BARDHAJ

Decision making in Insurance Policies
Burim MEHMETI & Lum GJIKOLLI

Social insurances in Albania in critical position
Drita LUZO (KLLAPI), Zamira VEIZI, Irena BOBOLI & Lorenc KOCIU

Life insurance in Albania: market performance and consumer perception
Besiana LIKA & Lorena KURTI

Improving and increasing the efficiency of public sector
Ola BREGO & Teuta MUSARAJ

Counterfeit parts of vehicles – invisible risk for insurance companies
Viktor HAJDARI


 

Konferenca e Pestë Ndërkombëtare për Riskun

Contagion in the Albanian Euro Denominated Sovereign Debt
Rezart ERINDI, Nertila XHELILI

Balkan Countries: Are They Poor? Under Development or Developed Countries
Anila BOSHNJAKU, Jola HIMCI KEPI

Are Political Budget Cycles Present in Albania?
Aina GEGPRIFTI (JONUZAJ), Gentjan ÇERA

The Risk of Choice of the Optimal Fiscal Structure
Shpresa CELA, Sherif BUNDO

What Do We Know About Debt? A Literature Review
Inida NOGA, Edmond ÇERA, Teuta MUSARAJ

Measurement of Fiscal Vulnerability From Natural Disasters – The Case of Albania
Gerdi LITO

Trade Gravity, Diversification and Correlation Relationship Between Albania and Balkans’ Countries
Arta ASLLANI

Progressive vs. Flat: A Comparative Analysis Between Albania And Usa for Personal Income Taxation
Ilir BINAJ

Vat Refunds: A Review of Albanian Experience
Gledia KOKOSHI, Xheni GJOKRUSHI

Comparative Analysis of Fiscal Legislation and the New Geography of Sustainable Economic Development
Klodian MUCO, Jonida QENDRO, Ermonela RUSPI

Tearing Down the Schengen Wall
Bora ISAKU, Anxhela HAXHI

Impact of Methodology Improvements in the Estimation of Imports at Constant Prices
Eglantina ZYKA, Elena MYFTARAJ (TOMORI), Ledjon SHAHINI

The Influence of Net Exports on the Economic Growth of Albania
Filloreta MADANI, Oltiana MUHARREMI

The Impact of Regulatory Environment on Business Activity (Efforts to Establish a Ria System)
Dorina KOÇI (JANKU), Edlira LUÇI

Venture Capital as a New Dimension of Financial Intermediation. The Possibilities of It’s Application in Albania
Lorena BALILI

Microfinance Impact and Evaluation
Egerta MARKU

The Optimal Capital Structure in Albanian Business
Ingrid KONOMI

Demand for Housing Loans in Albania
Iris SHAHINI

Financing and Facilitating Business Loan-Making Process: A Case Study with SME-s in Albania
Albana LILA

Comparison of Some Key Indicators of Banking System of Western Balkan Countries
Denada HAFIZI, Irjan BUSHI

Development of Internal Audit in Non-Banking Private Institutions, Albanian Case
Nevila KIRI

Basel Accords: The Effect Pre and Post Crisis in South Eastern Countries
Erjola BARBULLUSHI (SAKTI), Eljona MUCA

Financial Resources, Waste Management Cost Recovery and Its Risks: Case of Albania
Oriana ARAPI, Manjola DULI, Eralb ARAPI

Which Are the Direction of Recovery and Encouraging of Economic Growth? Case of Albania, Croatia and FYROM
Lorena Pashollari

The Challenges of Regional Development in Albania in Terms of Country’s Integration into EU
Alketa BEJKO, Arjola MITAJ, Daniela QIQI

Financial – Economic Crisis in European Countries
Zamira VEIZI, Drita LUZO, Irena BOBOLI, Jonida AVDULAJ

Development of Higher Education Private Institutions in Correspondence to EU Requirements
Besa SHAHINI, Yllka AZEMI

Information Technology into Business and Economical Growth
Burim MEHMETI, Lum GJIKOLLI

Development of the System on Public Financial Management in Albania. Performance and Challenges
Ariana KONOMI, Rajmonda BIRACI, Alda TAKA

Human Relations and Work Adjustment
Fetije GJAKU-MURTURI, Mustafë MURTURI


Konferenca e Katërt Ndërkombëtare për Riskun

# DETAILS RELATED TO THE ARTICLE
1 Title Financial and economic crisis in the region and in Albania
Author(s) Sherif Bundo
JEL classification  
Key words  
Abstract  
2 Title The rise of the sovereign debt crisis: the particular case of Eurozone
Author(s) Nertila Xhelili
JEL classification  
Key words sovereign debt crisis, convergence, fiscal compact, budget deficit, imbalances
Abstract During the last years the world has focused on fighting the global economic crisis and this has had implications for the public finances. Especially in the Eurozone, a monetary union without a fiscal one, there have been many developments since the first problems of Greece in 2010. Two years after, all the Eurozone countries have been put in the spotlight with global investors doubting the economic power of the European sovereigns to fix their finances and the private sector as well. In this economic reality where trust is what keeps the markets functioning, sovereign debt has lost some of the charm, bringing to life a massive sovereign debt crisis. This paper tries to analyze what happened in Eurozone on the way to 2012 and how did the sovereign risk spread. With the sovereign debt crisis being the main theme for the new year, it discusses the impact on the Eurozone countries and the survival of the euro as well.
3 Title Determinants of growth in times of crisis: empirical evidence from Albania
Author(s) Persida Spirollari
JEL classification  
Key words GDP, crisis, remittances
Abstract The aim of this study is to examine the main factors that influence the economic growth of Albania. Taking GDP as a proxy of economic growth, we analyze the main determinants of this indicator for the period of early crisis to the post crisis. The data are given a time series interpretation with annual frequency, starting observation year 1991 and ending observation 2010. We use log of GDP as a dependent variable and remittances, foreign direct investments, trade openness and inflation as explanatory variables. Furthermore, we include two dummy variables in the regression: Crisisi,t-1 and Nocrisisi,t-1 in order to examine whether remittances matter more during the last global financial crisis. By running the OLS regression, the results show that trade openness, price stability and remittances influence significantly GDP. Moreover the effect of remittances in GDP is found to be higher in times of crisis.
4 Title Total national debt and economic growth
Author(s) Gerdi Lito
JEL classification  
Key words debt, economic growth, financial institutions, GDP, financial sector
Abstract The debt crisis in Europe has raised several questions about the future of Euro. However public debt is not the only one. Total national debt includes debt of households, businesses and financial institutions. How much debt can an economy afford? Is there any optimum level of debt within an economy? Do we have to change our way of living because of debt? And how is debt connected to economic growth? This paper will try to give some answers to these questions. The paper is based on data collected for several developed and developing countries. A analysis is performed to see the connection between total national debt and economic growth level.
5 Title The economic crisis: Greece and Albania
Author(s) Rovena Bahiti and Erjon Zoto
JEL classification  
Key words sovereign risk, debt crisis, bonds market, expectations, remittances, Eurozone
Abstract This paper presents and critically discusses the origins and causes of the Greek financial crisis and its implications for the euro currency as well as the Albania economy. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the Eurozone that has been in the middle of this ongoing debt crisis, since November 2009 when it was made clear that its budget deficit and mainly its public debt were not sustainable, Greece’s fiscal crisis is not directly linked to the 2007 US subprime mortgage loan market crisis. As a result of this negative downturn the Greek government happily accepted a rescue plan of 110 billion euros designed and financed by the European Union and the IMF. A lengthy austerity programme and a fiscal consolidation plan have been put forward and are to be implemented in the next three years. As for the Albanian economy, being connected to the Greek economy hasn’t put it seriously in danger yet, but there do exist several signs of a future crisis.
6 Title Efficiency of collateral execution in Albania
Author(s) Elsa Kristo
JEL classification G01, G21
Key words Non-performing portfolio, collateral, bailiff, repossession
Abstract Banking sector in Albania even if resulted with profit, has a raising level of non-performing loans by reaching at 18.8% of total portfolio as of December 2011 compared to 14% as by the end of December 2010. The financial crisis has its own impact worldwide as well in Albania however the paper will be focused on the local factors that characterized the increased non-performing loan portfolio and the difficulties during its recovery process such as the efficiency of collateral execution. A special attention will be paid to the functioning of the private Bailiff Offices. They have started to operate as a need since the process of collateral execution in Albania was the longest in the region. As a conclusion the paper will presents the strategy of Albanian banks for year 2012 with regards to the efficiency of collateral execution for non-performing loan and the challenges of Private Bailiff in this process.
7 Title Impact of economic crisis on migration: evidence from Albania
Author(s) Perseta Grabova and Elona Pojani
JEL classification  
Key words migration, economic crisis, public policies, remittances, Albania
Abstract Based on a survey which was conducted during January 2012, this study, aims to find out the main consequences of the current economic crisis on Albanian households and the impact they have had on migration decision. The target groups of the analysis are young students, who are considering the possibility of studying abroad and students/professionals who are currently studying/working abroad or who have studied/worked abroad and now have returned to Albania. The content of the survey addresses issues related to income level, family background, employment possibilities, level of salaries, working conditions, social environment, and public policies. The conclusions of the study are that the most important impacts of the economic crisis are the reduction of the rewards from work and the decline of quality of life. As the effects of the crises affect the migration decision of Albania and thus the future patterns of migration, identifying push and pull factors of migration is crucial for future macroeconomic and social stability.
8 Title Financing and investment opportunities in Southeastern Europe, before and after crisis
Author(s) Fjona Zeneli and Ina Sokoli
JEL classification  
Key words investment, opportunities, activity, management, trade
Abstract Southeastern Europe is now in a moment of change and provocation generated by the new European context. In this new context, this region is a challenge for investors, and also an opportunity. We will primarily present, discuss and analyze data related to the Southeastern Europe region – Albania, Bosnia & Herzegovina, Croatia, Serbia, Macedonia, Kosovo, Montenegro, and Bulgaria and Romania (i.e., EU member states since 2007), also known as the countries of the Western Balkan region.The whole material used is ensured by different World Investment Reports and regional surveys about Financial Statistics made during years. Since all of these countries are to a great extent integrated within the global economy yet struggle with economic, administrative, social and political challenges, development and implementation of reforms there largely depends on their access to foreign capital and the overall performance of their main trading partner and primary funding contributor -the European Union , this paper strives to provide an exhaustive survey of the type, scale, target and origin of investment activity in the region. In this respect, this paper, tries to analyze investment and financing opportunities in this region, taking into account the general economic evolution of countries.
9 Title Solutions for financing public deficit of Albania
Author(s) Evis Gjebrea, Patris Poshnjari and Ermela Kripa
JEL classification  
Key words public deficit, public debt structure, risk evaluation
Abstract International Organizations such as World Bank and IMF, have continuously signalized developing countries for risks posed by huge amount of public debt, including Albania. Based on official statistics Albania records a public debt near the so called Upper Limit, which is 60 % of GDP. After the fall of communism in the 1990s, the CEE countries followed a long and difficult road of reforms and adjustments. Likewise, the Albanian economy experienced many structural and economic policies to support democratic development and market economy. The need for social, political and economic development is one of the reasons that explain high amounts of public debt over the years. This debt has been used primarily to finance public deficit and development projects, which generate low rate of returns. The literature on Public Finance suggests different ways of financing public debt, but in this article our focus is on method of financing public deficit through public debt. Aim of this article is to find out whether there is any optimal structure of public debt composition (domestic and foreign) to finance deficit. Our methodology includes an evaluation of risk derived from domestic and foreign debt and relies on the experience of other countries that have been successful in managing public debt with the final aim of adopting best model to the Albanian case.
10 Title Risks in large scale projects management: Case of industrial parks development in Albania
Author(s) Arbina Sotoni, Arjan Qefalia and Ezmolda Barolli
JEL classification G32, M10
Key words project management, risk analysis, industrial park
Abstract Risks and uncertainties are present in all projects, particularly in large and complex projects. Risks can have a strong influence on all phases of projects including feasibility study, design, planning, construction and even marketing and operation phase. This paper focuses mainly on the particular risks that associate large scale projects, which usually involve immense capital investment, long term government commitment and long construction and operational periods. Large scale projects are complex in term of political, legal, technical, design and organizational aspects, which make them more uncertain and difficult to control compared to conventional projects. So, due to their particular nature and complexity, risk management is more important and significant in complex and large scale projects than conventional projects. Through a vast literature review this paper aims to identify the most common risk factors associated with large scale projects and also, in order to investigate their realism, it analyses the case of development of Industrial Park projects in Albania, which undoubtedly fall under the category of large scale projects. Data collection is achieved through interviews with some of the major stakeholders in IP development. Taking into consideration the strategic importance of industrial estate development in Albania and the problems similar initiatives have faced in the past, impeding their implementation, the prior identification and management of the risks that can endanger the implementation of similar actual and future initiatives, becomes a necessity.
11 Title Strategies of economic development of Macedonia, the opportunity of involvement of the country in regional and world economic trends
  Author(s) Harun Tairi
  JEL classification  
  Key words  
  Abstract  
12 Title The importance of public funds, their management issues
  Author(s) Lorenc Kociu, Drita Luzo and Irena Boboli
  JEL classification  
  Key words audit, public revenues, public expenditures, technological development, the public sector
  Abstract In our country, we already encounter with the phenomenon of mismanagement of public funds. This is a more acute problem, as directly affecting the state budget. This paper will try to show the way public funds are managed by public institutions in Albania, cases of abuse and how to improve the process of their use. This fact because there is a tendency for the abuse of public funds and the abuse reaches substantial monetary value. The audit reports of the High State Control for the period 2005 to 2010 are taken into consideration to set this paper. Through this paper we aim to give the reasons for the improvement of public funds use, the increase of managers’ responsibility in the use of public funds, and some future alternatives and innovations, which the public sector will face in the future due to rapid technological development and crises that may arise in the future.
13 Title The impact of global financial crisis on economic growth in Macedonia and the role of fiscal policy
Author(s) Petrit Pollozhani, Luljeta Sadiku and Blerta Demishai
JEL classification  
Key words global financial crisis, fiscal policy, economic performance
Abstract The purpose of this paper is to examine the impact of global financial crisis in terms of output losses in Macedonia relative to South East European countries as well as the impacts of fiscal policy which have been part of anti-crisis package, in order to stabilize the national economy, i.e. improving the economic performance in the period of recession. Econometric models are employed to analyze the impacts of the crisis on main macroeconomic indicators. By using the panel regression, we found that fixed effects are higher in the period of the crisis rather than in the pre crises period. Particular importance is given to real output, government expenditure current account deficit, trade openness, and investment to GDP ratio.
14 Title Public debt and the challenges of its administration in our country
Author(s) Aurora Hoxha and Ines Dika
JEL classification  
Key words public debt, budget deficit, government borrowing, cost of debt
Abstract Public Debt (also known as Government Debt) is considered a key element as well as an integral part of the macroeconomic development, which includes the stabilization of loans, payments of the debt service and its final repayment. All these serve the purpose of promoting economic growth, the reduction of poverty and a stable economic development. It represents a mean, which if used properly and efficiently gives a positive incentive to the economic growth. In case it is used improperly it might go so far as to bring the country to the limits of a financial crisis. Is the present level of Government Debt in Albania problematic or not? Does the service of Public Debt present threat, considering the financial crisis of the year 2007-2008 which we are still undergoing? This paper seeks to answer these questions as well as other questions related to the challenge of the administration of Public Debt. This paper will be written in the form of an analysis for the economic stability, public debt as well as the determinants of the government borrowing, giving the respective conclusions and recommendations in the end. It will also present the time structure of the debt, the minimization of the debt’s cost and the techniques of identification, measurement as well as the control risks of Government Debt. To enable the presentation of a clear panorama of the situation of Public Debt, as well as its performance in the future, in parallel with the qualitative evaluations, a considerable part of the material consists of ascertainment and quantitative analysis. Thus from our point of view the indices of the deficit as well as of the debt, are an essential index of the limits that a government, already member of International Institutions such as IMF, the World Bank, also aspiring to join the EU, might keep the budget deficit and its monetization.
15 Title Audit problems of information system in public administration
Author(s) Gerta Gogo, Dori Risilia and Ina Pagria
JEL classification  
Key words auditing, information systems, electronic readinesses
Abstract Currently all audit institutions use computer systems for daily operations of the work to prepare and conduct the audit as well as analyzing and processing of audit data. Nowadays more and more there is a tendency of electronization of information systems, and normally that our country could be out of this necessary development. The only problem associated with this development is always security of these systems. We are very focused on this part of the problem. Audit of information systems is a subject still little widespread in our environment. And if we talk about the audit of information systems in public administration problems are even greater. The aim has been to describe and present this problem if such appears and if it is necessary to be or not upgrade. Many times we had theoccasion to deal with tax authorities and their information system and will be important to know what will be the role of the state supreme audit to audit these systems. Answering the questions how protected are the tax authorities from confidentionality, how protected are businesses from confidentiality, and other questions will find space and expansion with the development of this paper. We wanted to look at other information systems used by public administration as safe and protected is it, how qualified are the auditors, and how much is the cost of training. We think that some of these questions has been answered even this is a new area and the situation is still problematic. The method chosen was the first gathering of information from a number of reports presenting the use of existing information and communication technologies in Bangladesh. Secondly, selected specialists contributed their knowledge of various fields to meet the information for this report. Electronic readiness means the current level of usage of information society technologies in the country, and the capacity or willingness of the country for the introduction of these technologies. To evaluate the electronic readiness as a rule there are made two types of evaluation: qualitative assessments (historical analysis, best practices), and quantitative assessments (questionnaires, statistical methods). These two types of electronic readiness assessments, in the true sense of the word, there are never made in Albania. There are a number of reports addressing this issue, so there is nevertheless a reflection of the readiness of Albania, but without filling out quantitatively. Through this paper we aim to present the situation and give our recommendations for further improvement of this part of the broad spectrum of auditing. The information needed for this project was obtained from various statistical publications, articles, studies of experts in the field of finance ministry publications. Also in the conclusions are focused on recommendations for further improvement of these systems in order to walk into the desired shape and be in the order of their users.
16 Title Crisis and liquidity risk management in the banking sector: Albanian case
Author(s) Brunilda Duraj, Juliana Imeraj and Elvana Moci
JEL classification  
Key words liquidity risk management, measures, Albanian Banking System, financial indicators
Abstract The financial crisis that began in 2007 has revealed a need for a new supervisory and regulatory approach aimed at strengthening the system and containing the risk of future financial and economic disruptions. The aim of the paper is to analyze the current liquidity risk management techniques and supervisory approaches, in order to identify how both could be improved in the light of the recent market turmoil caused by the crisis and potential sources of instability directly connected with the “originate-to-distribute” business model. A part of this paper is the analysis of the Albanian banking sector and the measures that the central bank has taken in order to manage the liquidity risk. When banks are facing troubles, authorities often engage in regulatory interventions and/or provide capital support to rescue the bank and reduce the bank’s risk taking. An unintended effect of such actions may be a reduction in bank liquidity creation, with possible adverse consequences for the whole economy. In this perspective, it is also investigated the effort of a regulatory authority to validate the adoption of internal models for liquidity risk management.
17 Title Impact of economic crisis in health care system in Albania
Author(s) Enkelejda Avdi
JEL classification  
Key words crisis, healthcare scheme, HII, health expenditures, health care services
Abstract This paper aims to explore the current and potential impact of the economic crisis on health sector financing, programming and outcomes in Albania. Government and Health Insurance Institute (HII) face the double challenge of limited financial resources and increasing demand for health care services. The Primary health care reform started in 2007, designed to spend more resources at an early stage on prevention and primary health care, in ways that maximize health outcomes. Reforms in health care system and cost control mechanisms are being implemented, with the aim of making primary health care delivery more efficient, sometimes in response to pressure exerted by patients. It will also take a closer look at how health services are organized, to ensure that the necessary treatment is offered at the right level and that there is good coordination between primary, secondary and tertiary care. I’m referring in primary and secondary data from OECD, World Bank, HII, INSTAT, reports and papers related this field. Albania faced with lower expenditures than needed in health, informal payments and increases in the price of health services and pharmaceuticals. The pharmaceutical market is affected because the financial crisis is exerting upward pressure on drug prices. It is important the right balance between public expenditure, social spending and private financing. Need to use the opportunity of crisis to ensure universal access to health services, ensuring social safety nets for the most vulnerable social groups, understanding of the strengths and weaknesses of health system management as a way to ensure a positive contribution from health systems in times of crisis and beyond.
18 Title Risk management in the telecommunication industry. Case study AMC
Author(s) Glediana Foto, Elfrida Manoku and Valentina Sinaj
JEL classification  
Key words risk, risk management, telecommunication industry, financial risk
Abstract Following the events that shocked the global financial system during 2008, all organizations are increasingly paying more attention to risk and risk management. It is understandable that the risk management brings benefits for companies. By undertaking a proactive model for risk management, organizations are able to make improvements in three important areas: operations, processes and strategies. The aim of this paper is to examine and evaluate the advantages and disadvantages of financial risk management in the telecommunication industry. Moreover, we will make an assessment of financial risk management practices for this industry through a case study conducted at AMC Company. Through this paper we aim at satisfying several objectives: to define variables that significantly affect the financial management in the telecommunication industry; to asses if the proper management of financial risk in the telecommunication industry significantly affects its progress; and to present what is the current status of the overall financial performance of telecommunication industry in Albania and if there is a significant connection between risk management and progress of organizations in the telecommunication industry. In this study, the focus will be on the risks in the telecommunication business and financial and non-financial indicators of performance measurement. Descriptive research methods are used, in order to describe, explain and investigate the relationship between different variables dealing with risk management in the telecommunication business. Through this method we will also suggest unanticipated hypotheses. The purpose of using this method is the description of the nature of the current situation at the time the study is conducted to explore the causes and certain phenomena In order to conclude with accurate results and to ensure reliable recommendations we used trusted data from the financial reports of the two largest telecommunication companies in our market, AMC and Vodafone, and data extracted by the Regulatory Authority (TRE) and previous studies over the same subject in the telecommunication industry.
19 Title Impact of financial crisis on the profitability of SME in the Republic of Macedonia – Pollog region
Author(s) Rametulla Ferati, Aida Yzeiri and Elsana Ejupi
JEL classification  
Key words financial crisis, profitability, SME, financing
Abstract SME play a significant role in all economies and are key agents of employment, innovation and growth. A significant number of SME could use funds productively if they were available, but are often denied access to financing, thus impeding their creation, survival and growth. Although SME form a broad spectrum as far as their relative size, sector of activity, seniority, location and performance are concerned, there is a vital need for innovative solutions for their financing in particular for innovative and high growth SME in a globalized knowledge based economy. Through this paper will try to explore the impact of financial crisis in the profitability of SME in the Republic of Macedonia- Pollog region. Given that Macedonia is a small country with an economy not quite developed, small enterprises and medium enterprises play a decisive role in economic development of this country. The sample consist 150 SME operating in the Pollog region. The data used in empirical analysis are obtained from annual reports of business development. From the results of this paper is expected to highlight determinants that have the more impact in the profitability of businesses.
20 Title When to Retire, how is Recessions helping this process and how is the Social Security affected by early retirement
Author(s) Fetije Gjaku-Murturi and Mustafë Murturi
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21 Title Alternatives for improving management of the value chain for greenhouse tomato production in Albania
Author(s) Denisa Pipera, Ina Pagria and Bahri Musabelliu
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