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BANKING AND FINANCE IN SOUTH - EASTERN EUROPE: THE ALBANIAN CASE

Kliti Ceca
Bank of Albania

Kelmend Rexha
Bank of Albania

Elsida Orhan
Bank of Albania

ABSTRACT

This paper aims to present the main developments of banking and finance in Albania in a historical perspective. This historical overview might help to better understand not only the great difficulties and obstacles the country faced in the past but also the successes it achieved. It is widely known that the financial system, especially the banking sector, is considered as very important as it serves as a catalyst for the economic development of the country. And this is because financial depth determines economic growth. The paper also highlights the future challenges that the Albanian financial system will face within the context of the country’s European integration and the EU harmonization of the financial policies.

Keywords: Historical perspectives; Financial system; Bank-dominated system; Panics; EU integration

JEL classification: G21, G22, N24

Acknowledgements: All the opinions expressed in this paper belong to the authors and do not necessary represent those of the Bank of Albania.

Correspondence:

Kliti Ceca
Bank of Albania
Statistics Department
e-mail: kceca@bankofalbania.org


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