Tregu i kapitaleve në Shqipëri, nevoja për një bursë të re me kapital privat
The Development of the Capital Market in Albania and the necessity for a new Stock Exchange with private capital

Summary/Abstract: Despite the development of the financial system at a relatively considerable level, banking sector remains still the most developed part of the whole system in Albania. On the other side, the country has an underdeveloped non-banking financial sector, with braches which do not have the same level of development. Of them, capital market is the most undeveloped part of the sector, even though during the last decade many important steps have been undertaken towards the improvement of the legal infrastructure and setting up of the key institutions, necessary for the development. Despite this fact, all these efforts could not managed to be realized with the development of the capital market in order to enable the business community to use Tirana Stock Exchange as a potential financing alternative. This study is an attempt to see the ways for the development of the capital market in Albania, taking of course into consideration the nonfunctioning of it so far. At the end we arrive at the conclusion that the appropriate time has come for the development of the capital market in Albania and the establishment of a new stock exchange with private capital, bringing arguments for all the factors which lead to this conclusion, as well as taking into consideration all the risks, challenges necessary to be undertaken for this important initiative.

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