Governor Sejko receives journalists, analysts and media representatives in the traditional end-of-year meeting

On 15 December 2017, the Governor of the Bank of Albania, Mr Gent Sejko, received journalists of the print and electronic media, economic analysts, executives and other representatives of the media in Albania in the traditional end-of-year meeting.

Governor Sejko thanked the media representatives for the support provided to the Bank of Albania throughout 2017, in covering the economic and financial developments in Albania.

Governor Sejko guaranteed that the Bank of Albania’s doors will be always open to consult and share opinions about current arguments, with the aim to increase the clarity and understanding of the phenomena.

Concluding, Governor Sejko affirmed his confidence on further enhancing cooperation and better understanding in 2018, and wished the guests a successful and prosperous new year.

During the end-of-year event, the three winners of the Governor's Award for the Best Diploma Thesis 2017 were announced. This annual event is dedicated to Albanian students graduated this year in Albania and abroad, for scientific research on issues related to international monetary economics, price and financial stability, economic integration, etc.

The first prize was awarded to Ms Vasilika Lushka, a student at Tirana University for her scientific master’s thesis on: "Analysis of the insurance market structure in Albania. Regulation and measurement of competition in this market". This award was handed over to her by Mr Gent Sejko, the Governor of the Bank of Albania.

Ms Lushka’s research work contributes to the field of finance, particularly in the financial supervision aspect, and presents a detailed analysis in the insurance market sector, both life and non-life insurance, according to a set of various indicators and indices, based on the contemporary literature. Also, it is a rather contemporary thesis and directs the focus on an important segment of the financial market, related to the well-functioning of the capital market. The assessment methodology and conclusions of the research work may be implemented in the field of financial supervision, particularly in insurance market, which has a rather important role in emerging economies, such as Albania.

The second prize was awarded to Ms Joana Gjinopulli, a student at Tirana University for her scientific master’s thesis on: "Assessment of macroeconomic effects from climate change based on Error Correction Mechanism and 2 Stage Least Square models: the case of Albania". This award was handed over to her by the First Deputy Governor of the Bank of Albania, Ms Elisabeta Gjoni.

The thesis addresses one of the largest global challenges that of climate change. The research focuses on the environmental costs of the fast economic growth - a phenomenon which is being broadly analysed due to the impact of climate change on global economy in the decades to come. The research work analyses in an empirical way the existence of a long-term equilibrium between the economic growth and climate change in the case of Albania.

The third prize was awarded to Ms Denisa Dervishi, a student at Epoka University for her thesis on "Theory of money demand and the application for Albania under an inflation targeting regime". This award was handed over to her by the member of Supervisory Council of the Bank of Albania, Mr Tonin Kola.

This study is of special interest to central banks. It is based on the investigation of the correlation between the long-term demand for money and inflation based on the demand theory. The study based on the time series approach concludes that a positive long-term relationship exists between money demand and inflation in the case of Albania during the period of 2003 - 2016.