“Bursat e kapitaleve - një sfidë ende për t’u ndërmarrë. Realiteti i Shqiperisë”
Albanian Stock Exchange facing the global crisis: a challenge yet to be undertaken

Summary/Abstract: The financial crisis of Fall 2008, which broke out in USA and was quickly turned into a global financial and economic one, had an irrevocable and substantial impact on the way the financial markets and systems operate, not only in an international but also in a local scale. The astonishing dimensions of financial losses experienced, due to the dramatic free fall of financial titles’ prices throughout stock markets unavoidably give rise to the following questions: o were capital markets and the instruments traded there the main culprits, which caused such a tremendous crisis, or they just served as a simple mechanism, transmitting it to investors? o What would be the future role for the organized securities and other financial instruments markets? Actually, the Albanian financial reality, when faced with this crisis, cannot give an outright and measured answer, in standard terms of price fluctuations of financial titles, as long as it still lacks an active capital market (despite the formal opening of Tirana Stock Exchange in 1996) and continues to be spun-off from financial globalization. The intertwining of the financial and economic crisis, on an international scale, and the identified factors which caused them reveal the answer to the everlasting rethoric whether to activate or not the stock market in Albania: The capital market must be present within Albanian financial system not only to contribute to the economic growth, increased competition, but also to alleviate the factors and premises, which initiated and energized this global crisis.

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