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ISSN: 2247-6172;<br />

ISSN-L: 2247-6172<br />

Review <strong>of</strong> Applied Socio- Economic Research<br />

(Volume 5, Issue 1/ 2013 ), pp. 91<br />

URL: http://www.reaser.eu<br />

e-mail: editors@reaser.eu<br />

A central bank cannot avoid its responsibility for ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g f<strong>in</strong>ancial stability, although it is not<br />

def<strong>in</strong>ed as a specific term.<br />

The experience <strong>of</strong> Albania as a country with a develop<strong>in</strong>g economy shows that price stability <strong>and</strong> f<strong>in</strong>ancial<br />

stability are prerequisites for each o<strong>the</strong>r.<br />

Regard<strong>in</strong>g macro-prudential policies, <strong>the</strong> need for <strong>the</strong> development <strong>of</strong> specific anchors was argued,<br />

which would make <strong>the</strong> objective <strong>of</strong> f<strong>in</strong>ancial stability more reliable, more transparent <strong>and</strong> <strong>the</strong>refore more<br />

accessible.<br />

Measurement <strong>of</strong> f<strong>in</strong>ancial stability or <strong>in</strong>stability can be a hard process, but this should not discourage us<br />

from try<strong>in</strong>g to accomplish it.<br />

10. References<br />

[1] Allen, W.A. , Wood, G. , (2006), Def<strong>in</strong><strong>in</strong>g <strong>and</strong> achiev<strong>in</strong>g f<strong>in</strong>ancial stability, Journal <strong>of</strong> F<strong>in</strong>ancial Stability 2,<br />

152-172, Elsevier.<br />

[2] Allen F., Gale D., (2000), Bubbles <strong>and</strong> crisis, Economic Journal, vol. 110, pp. 236-255, Elsevier.<br />

[3] Banca dei Regolamenti Internazionali, 80° Relazione Annuale, 28 June 2010.<br />

[4] Banca dei Regolamenti Internazionali, (2010), Press release: Higher global m<strong>in</strong>imum capital st<strong>and</strong>ards<br />

announced by <strong>the</strong> Group <strong>of</strong> Governors <strong>and</strong> Heads <strong>of</strong> Supervision, 12 September.<br />

[5] Benati, L., Mumtaz, H. , U.S. (2007), Evolv<strong>in</strong>g Macroeconomic Dynamics: A Structural Investigation,<br />

European Central Bank, Work<strong>in</strong>g Paper Series No 746, April.<br />

[6] Bernanke Ben S. (2010), The Economic Outlook <strong>and</strong> Monetary Policy, Speech at <strong>the</strong> Federal Reserve Bank <strong>of</strong><br />

Kansas City Economic Symposium, Jackson Hole, Wyom<strong>in</strong>g, August 27,. (2009b): 79th Annual Report, Basel,<br />

June.<br />

[7] Borio, C (2003): Towards a macroprudential framework for f<strong>in</strong>ancial supervision <strong>and</strong> regulation? BIS<br />

Work<strong>in</strong>g Papers, no 128.<br />

[8] B<strong>in</strong>i Smaghi, L. (2009), Andare avanti: regolamentazione e supervisione dopo la tempesta f<strong>in</strong>anziaria»<br />

presentata al «F<strong>in</strong>lawmetrics 2009 <strong>in</strong> Università Bocconi.<br />

[9] Cecchetti, S, Fender I., McGuire P. (2010), Toward a global risk map, BIS Work<strong>in</strong>g papers n.309, May.<br />

[10] Greenspan A. (1996), The Challenge <strong>of</strong> Central Bank<strong>in</strong>g <strong>in</strong> a Democratic Society, at <strong>the</strong> Annual D<strong>in</strong>ner <strong>and</strong><br />

Francis Boyer Lecture <strong>of</strong> The American Enterprise Institute for Public Policy Research, Wash<strong>in</strong>gton, D.C.<br />

December 5.<br />

[11] Greenspan, Alan (2002), Open<strong>in</strong>g Remarks, <strong>in</strong> Reth<strong>in</strong>k<strong>in</strong>g Stabilization Policy, Federal Reserve Bank <strong>of</strong><br />

Kansas City, Kansas.<br />

[12] International Monetary Fund (2009), Fiscal Implication <strong>of</strong> <strong>the</strong> Global Economic <strong>and</strong> F<strong>in</strong>ancial Crisis, June.<br />

[13] Knight, M. (2006): Marry<strong>in</strong>g <strong>the</strong> micro- <strong>and</strong> macroprudential dimensions <strong>of</strong> f<strong>in</strong>ancial stability: six years on,<br />

BIS Speeches, October 5.<br />

[14] Trichet, J. C (2009), The ECB’s enhanced credit support, Speech at <strong>the</strong> University <strong>of</strong> Munich, Munich, July<br />

13.<br />

[15] White, William, (2008), Past F<strong>in</strong>ancial Crises, <strong>the</strong> Current F<strong>in</strong>ancial Turmoil <strong>and</strong> <strong>the</strong> Need for a New Macro<br />

f<strong>in</strong>ancial Stability Framework, Speech at <strong>the</strong> LSE, F<strong>in</strong>ancial Markets Group, <strong>and</strong> Deutsche Bank Conference<br />

on The Structure <strong>of</strong> Regulation 2007: Lessons from <strong>the</strong> Crisis, London (March 3).

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